9622 - Effect of acceptance of collateral. - Pennsylvania Statutes

§ 9622. 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 which 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 division. Cross References. Section 9622 is referred to in sections 9102, 9602, 9623 of this title.