{"data":{"id":"us-me/11-m.r.s.-9-1622","jurisdiction":"us-me","citation":"11 M.R.S. §9-1622","heading":"Effect of acceptance of collateral","body":"(1).   A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:\n(a).  Discharges the obligation to the extent consented to by the debtor;\n(b).  Transfers to the secured party all of a debtor's rights in the collateral;\n(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\n(d).  Terminates any other subordinate interest.\n(2).   A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this Article.","path":["TITLE 11: UNIFORM COMMERCIAL CODE","PART 6: DEFAULT"],"source_url":"https://legislature.maine.gov/statutes/11/title11sec9-1622.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:25Z","sha256":"464db8c8daf4eeef4fa614c9a84501f9bf51f67c5bc5d9b7aa348e3bc3e825a7","source_id":"us-me","stale":false,"prev":"us-me/11-m.r.s.-9-1621","next":"us-me/11-m.r.s.-9-1623"},"notice":"GroundRules: Original legal text. Not legal advice."}