679.622

Effect of acceptance of collateral.

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679.622 Effect of acceptance of collateral.—

(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.

History.—s. 7, ch. 2001-198.

Notes of Decisions

Cited in 2 cases, 2003–2005 · leading case: In Re Grubbs Construction Co.

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In Re Grubbs Construction Co. (2005) flmb · cites it 3× “” Fla. Stat. § 679.622 . Both the secured party and the debtor must consent to the acceptance of collateral in satisfaction of the debt.”

In Re Menasche (2003) flsb “610; or (c) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 679.622. The remaining issue is whether the Debtors may exercise their right to redeem the collateral by paying the full Redemption Amount over the course of their Chapter 13…”

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