2023 Florida Statutes
< Back to Statute SearchTitle XXXIX COMMERCIAL RELATIONS
Chapter 679
UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS
SECTION 622Effect of acceptance of collateral.
679.622 Effect of acceptance of collateral.—
(1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:
(a) Discharges the obligation to the extent consented to by the debtor;
(b) Transfers to the secured party all of a debtor’s rights in the collateral;
(c) 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
(d) Terminates any other subordinate interest.
(2) A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this chapter.
History.—s. 7, ch. 2001-198.