§ 6A-9-622. Effect of acceptance of collateral.
(a) Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) Discharges the obligation to the extent consented to by the debtor;
(2) Transfers to the secured party all of a debtor’s rights in the collateral;
(3) Discharges the security interest or agricultural lien that is the subject of the debtor’s consent and any subordinate security interest or other subordinate lien; and
(4) Terminates any other subordinate interest.
(b) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this chapter.
History of Section.P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-9 - Secured Transactions
Subpart 1 - Default and Enforcement of Security Interest
Section 6A-9-602. - Waiver and variance of rights and duties.
Section 6A-9-603. - Agreement on standards concerning rights and duties.
Section 6A-9-604. - Procedure if security agreement covers real property or fixtures.
Section 6A-9-605. - Unknown debtor or secondary obligor.
Section 6A-9-606. - Time of default for agricultural lien.
Section 6A-9-607. - Collection and enforcement by secured party.
Section 6A-9-609. - Secured party’s right to take possession after default.
Section 6A-9-610. - Disposition of collateral after default.
Section 6A-9-611. - Notification before disposition of collateral.
Section 6A-9-612. - Timeliness of notification before disposition of collateral.
Section 6A-9-613. - Contents and form of notification before disposition of collateral — General.
Section 6A-9-615.1. - Security interests — Cross collateral.
Section 6A-9-616. - Explanation of calculation of surplus or deficiency.
Section 6A-9-617. - Rights of transferee of collateral.
Section 6A-9-618. - Rights and duties of certain secondary obligors.
Section 6A-9-619. - Transfer of record or legal title.
Section 6A-9-621. - Notification of proposal to accept collateral.
Section 6A-9-622. - Effect of acceptance of collateral.