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Georgia State Code
Title      11
Chapter       9  
Section Navigation   101 ... 110       111 ... 209   
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Section<<< 622 623 624 625 626 627 628 701 702 703 >>>  
Title 11, Chapter 9, Section 622 (11-9-622)
Effect of acceptance of collateral.

(a) Effect of acceptance. 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) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a) of this Code section, even if the secured party fails to comply with this article.

Sunday May 24 00:30 EDT


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