Okla. Stat. tit. 12A, § 12A-1-9-622
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-622, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Effect of acceptance of collateral
Official statutory text
EFFECT OF ACCEPTANCE OF COLLATERAL
(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 article.
(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 article.
Status: in_force · Read it on the official government site
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