Md. Code, Com. Law § 9-622
Md. Code, Com. Law § 9-622
Maryland · Maryland Code, Commercial Law · Status: effective
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- Citation
- Md. Code, Com. Law § 9-622, Maryland, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1757700
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Full text
(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), even if the secured party fails to comply with this title.