Nev. Rev. Stat. § 104.9622
Effect of acceptance of collateral in satisfaction of obligation
Nevada · Nevada Revised Statutes Chapter 104 — Uniform Commercial Code—Original Articles · Status: effective
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- Citation
- Nev. Rev. Stat. § 104.9622, Effect of acceptance of collateral in satisfaction of obligation, Nevada, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2079711
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Full text
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 article.