Florida Statute 679.622 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 679
UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS

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679.622 Effect of acceptance of collateral.—

(1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:

(a) Discharges the obligation to the extent consented to by the debtor;

(b) Transfers to the secured party all of a debtor’s rights in the collateral;

(c) 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

(d) Terminates any other subordinate interest.

(2) A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this chapter.

History.—s. 7, ch. 2001-198.

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Amendments to 679.622

Annotations, Discussions, Cases:

Cases Citing Statute 679.622

Total Results: 2 | Sort by: Relevance | Newest First

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In Re Grubbs Constr. Co., 328 B.R. 873 (Bankr. M.D. Fla. 2005).

Cited 2 times | Published | United States Bankruptcy Court, M.D. Florida | 18 Fla. L. Weekly Fed. B 373, 2005 Bankr. LEXIS 1564, 45 Bankr. Ct. Dec. (CRR) 54, 2005 WL 2001280

...authorizes strict foreclosure, under which a secured creditor can accept collateral in full or partial satisfaction of the debt secured if the debtor consents or does not object within a time certain. U.C.C. §§ 9-620, 9-622 (adopted in Florida as Florida Statutes sections 679.620, 679.622). The secured party's acceptance of collateral in partial satisfaction of an obligation "[t]ransfers to the secured party all of a debtor's rights in the collateral." Fla. Stat. § 679.622....

...Grubbs' proposal of the Grubbs Plan and related disclosure statement constitute both the appropriate acceptance by Grubbs of the surrender and acceptance, and the notifications to other parties required under Section 9-621 of the Uniform Commercial Code. Under section 9-622 of the Uniform Commercial Code and Florida Statutes section 679.622, SouthTrust's acceptance of the Class 3(C) collateral in partial satisfaction of its obligation transferred to SouthTrust all of Grubbs' rights in the Class 3(C) collateral....

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In Re Menasche, 301 B.R. 757 (Bankr. S.D. Fla. 2003).

Cited 1 times | Published | United States Bankruptcy Court, S.D. Florida. | 51 Collier Bankr. Cas. 2d 428, 17 Fla. L. Weekly Fed. B 1, 52 U.C.C. Rep. Serv. 2d (West) 286, 2003 Bankr. LEXIS 1573

...(3) A redemption may occur at any time before a secured party: (a) Has collected collateral under § 679.607; (b) Has disposed of collateral or entered into a contract for its disposition under § 679.610; or (c) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 679.622....

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