Is N.Y. U.C.C. Law § 9-622 — Effect of Acceptance of Collateral still in force?

Statute · New York Uniform Commercial Code

N.Y. U.C.C. Law § 9-622 — Effect of Acceptance of Collateral

N.Y. U.C.C. Law § 9-622

Type: Statute
Source: New York Uniform Commercial Code
Jurisdiction: New York
Current through: Nov 5, 2026 (NY Senate Open Legislation)

Section 9--622. Effect of Acceptance of Collateral.

Citator

N.Y. U.C.C. Law § 9-622 — Effect of Acceptance of Collateral is in force in the current edition of the Code, and nothing recorded condemns it.

Section 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), even if the secured party fails to comply with this article.