382-A: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. Source. 2001, 102:25, eff. July 1, 2001.
New Hampshire Legal Code