{"data":{"id":"us-nj/n.j.-stat.-12a-9-622","jurisdiction":"us-nj","citation":"N.J. Stat. § 12A:9-622","heading":"Effect of acceptance of collateral.","body":"Effect of Acceptance of Collateral.\n(a)\tEffect of acceptance.  A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:\n(1)\tdischarges the obligation to the extent consented to by the debtor;\n(2)\ttransfers to the secured party all of a debtor's rights in the collateral;\n(3)\tdischarges 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(4)\tterminates any other subordinate interest.\n(b)\tDischarge 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 chapter.\nL.2001, c.117, s.1; amended 2001, c.386, s.111.","path":["TITLE 12A COMMERCIAL TRANSACTIONS"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"1115571e85cd8a870269e5baf44b05841876c15ebe0213f4ad9862723d862071","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-12a-9-621","next":"us-nj/n.j.-stat.-12a-9-623"},"notice":"GroundRules: Original legal text. Not legal advice."}