§ 9–622
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 9-622 (2026)
Title 9. Secured Transactions
Subtitle 6. Default
§ 9–622LinkCopy Citation
(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 title.