Effect of acceptance of collateral.

Miss. Code Ann. § 75-9-622
in effect
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A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: Discharges the obligation to the extent consented to by the debtor; Transfers to the secured party all of a debtor’s rights in the collateral; 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 Terminates any other subordinate interest. A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this article.
Miss. Code Ann. § 75-9-622 — Effect of acceptance of collateral | Mississippi Code Annotated | Corpus