2010 Georgia Code 11-9-622 Case Law
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One Click Case Law for § 11-9-622
O.C.G.A. § 11-9-621 <-- --> O.C.G.A. §11-9-623



2010 Georgia Code

TITLE 11 - COMMERCIAL CODE
ARTICLE 9 - SECURED TRANSACTIONS
PART 6 - DEFAULT
PART 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST
§ 11-9-622 - Effect of acceptance of collateral

O.C.G.A. 11-9-622 (2010)
11-9-622. 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 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) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a) of this Code section, even if the secured party fails to comply with this article.

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Graham W. Syfert, Esq., P.A.
Phone: 904-383-7448
Fax: 904-638-4726

graham@syfert.com