Section 9.622 - 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), even if the secured party fails to comply with this chapter.Tex. Bus. and Comm. Code § 9.622
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. 7/1/2001.