Title XXVI TRADE AND COMMERCE Chapter 400 • Effective - 01 Jul 2001, see footnote 400.9-622. Effect of acceptance of collateral. — (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 article. -------- (L. 2001 S.B. 288) Effective 7-01-01
Missouri Legal Code