Effect of acceptance of collateral.
Del. Code tit. 6, § 9-622
in effect(a) Effect of acceptance. — 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) 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.
Source: DE Code (Official Site)URL: https://delcode.delaware.gov/title6/c009/sc06/index.htmlFetched: 10/4/2026