GroundRules
Minn. Stat. § 336.9-622: EFFECT OF ACCEPTANCE OF COLLATERAL.
Where this section sits in the code
- TRADE REGULATIONS, CONSUMER PROTECTION
- CHAPTER 336. UNIFORM COMMERCIAL CODE
- SUBPART 2. DUTIES AND OPERATION OF FILING OFFICE
- Part 6 DEFAULT SUBPART 1. DEFAULT AND ENFORCEMENT OF SECURITY INTEREST
(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.
Collected 2026-09-02T22:10:43Z. Source file · JSON