(a) Effect of acceptance.— A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:\n(1) Discharges the obligation to the extent consented to by the debtor;\n(2) transfers to the secured party all of a debtor's rights in the collateral;\n(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\n(4) terminates any other subordinate interest.\n(b) Discharge of subordinate interest notwithstanding noncompliance.— A subordinate interest is discharged or terminated under subsection (a) of this section, even if the secured party fails to comply with this chapter.\nHistory —Sept. 19, 1996, No. 241, added as § 9-622 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.
Puerto Rico Legal Code