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Can you summarize NVRS 104.9622?
Uniform Commercial CodeOriginal Articles > Effect of acceptance of collateral in satisfaction of obligation.
Short Summary
1.A secured partys acceptance of collateral in full or partial satisfaction of the obligation it secures: (a)Discharges the obligation to the extent consented to by the debtor; (b)Transfers to the secured party all of a debtors rights in the collateral; (c)Discharges the security interest or agricultural lien that is the subject of the debtors consent and any subordinate security interest or other subordinate lien; and (d)Terminates any other subordinate interest. 2.A subordinate interest is discharged or terminated under subsection 1 even if the secured party fails to comply with this article. (Added to NRS by 1999, 358)
Jurisdiction
Nevada