Okla. Stat. tit. 12A, § 12A-1-9-622: Effect of acceptance of collateral

EFFECT OF ACCEPTANCE OF COLLATERAL

(a) 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) A subordinate interest is discharged or terminated under

subsection (a) of this section, even if the secured party fails to

comply with this article.