Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-9A-622.htm |
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Depth: | 0 singles |
Size: | 1,140 bytes |
Modified: | 2003-01-22 13:21:56 |
Categories: | -None- |
Title: | 7-9A-622 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-9A-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), even if the secured party fails to comply with this article. (Act 2001-481, p. 647, ยง1.) |