Effect of acceptance of collateral.

F.S. 679.622
in effect
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(1) A secured party’s 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 debtor’s rights in the collateral; (c) 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 (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 chapter.
Source: FL Statutes (Official Site)URL: https://www.flsenate.gov/Laws/Statutes/2025/Chapter679/AllFetched: 7/8/2026