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Idaho Statutes Title 28. Commercial Transactions § 28-9-622. Effect of acceptance of collateral

Current as of January 01, 2023 | Updated by FindLaw Staff

(a) 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) A subordinate interest is discharged or terminated under subsection (a) of this section, even if the secured party fails to comply with this chapter.

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Cite this article: FindLaw.com - Idaho Statutes Title 28. Commercial Transactions § 28-9-622. Effect of acceptance of collateral - last updated January 01, 2023 | https://codes.findlaw.com/id/title-28-commercial-transactions/id-st-sect-28-9-622.html

Read this complete Idaho Statutes Title 28. Commercial Transactions § 28-9-622. Effect of acceptance of collateral on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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