11 M.R.S. §9-1622: 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 Article.