California Commercial Code

§ 9622

COM § 9622 Effective Jan 1, 2000Div. 9 · Ch. 6

(a)A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following:

(1)It discharges the obligation to the extent consented to by the debtor.

(2)It transfers to the secured party all of a debtor’s rights in the collateral.

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Legislative history

Added by Stats. 1999, Ch. 991, Sec. 35. Effective January 1, 2000. Operative July 1, 2001, by Sec. 75 of Ch. 991 and Section 9701.