N.Y. UCC Law § 9-622
This is the official text of N.Y. UCC Law § 9-622, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Effect of Acceptance of Collateral
Official statutory text
Section 9--622. Effect of Acceptance of Collateral.\n (a) Effect of acceptance. A secured party's acceptance of collateral\nin full or partial satisfaction of the obligation it secures:\n (1) discharges the obligation to the extent consented to by the\n debtor;\n (2) transfers to the secured party all of a debtor's rights in\n the collateral;\n (3) discharges the security interest or agricultural lien that is\n the subject of the debtor's consent and any subordinate\n security interest or other subordinate lien; and\n (4) terminates any other subordinate interest.\n (b) Discharge of subordinate interest notwithstanding noncompliance. A\nsubordinate interest is discharged or terminated under subsection (a),\neven if the secured party fails to comply with this article.\n
Status: in_force · Read it on the official government site
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