The Florida Senate

679.622  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 chapter.

History.--s. 7, ch. 2001-198.