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(a) Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:
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(1) discharges the obligation to the extent consented to by the debtor;
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(2) transfers to the secured party all of a debtor’s rights in the collateral;
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(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
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(4) terminates any other subordinate interest.
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(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.