Ky. Rev. Stat. » Chapter 355
Kentucky Revised Statutes

Ky. Rev. Stat. § 355.9-622 (2026)

Effect of acceptance of collateral

✓ current as of May 2026
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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) of this section, even if the secured party fails to comply with this article. Effective: July 1, 2001 History: Created 2000 Ky. Acts ch. 408, sec. 140, effective July 1, 2001.

Notes of Decisions
Cited in 1 case (1 in the last 5 years), 2021–2021 · leading case: Louisville Galleria, LLC v. Kentucky Pub Investments, LLC (Ky. Ct. App. 2021).
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Louisville Galleria, LLC v. Kentucky Pub Investments, LLC (Ky. Ct. App. 2021). “]” KRS 355.9-622(1)(b). Accordingly, because the circuit court’s conclusion that Galleria’s retention of the Pub’s property waived its claim for any remaining deficiency was in error, we reverse and remand with instructions for the circuit court to determine the amount of…”
— Ky. Rev. Stat. § 355.9-622(1)(b) — 1 case
Louisville Galleria, LLC v. Kentucky Pub Investments, LLC (Ky. Ct. App. 2021). “]” KRS 355.9-622(1)(b). Accordingly, because the circuit court’s conclusion that Galleria’s retention of the Pub’s property waived its claim for any remaining deficiency was in error, we reverse and remand with instructions for the circuit court to determine the amount of…”
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