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Oregon Revised Statutes

Or. Rev. Stat. § 79A.6220 (2026)

UCC 9-622. Effect of acceptance of collateral

✓ current as of May 2026
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      79A.6220 UCC 9-622. 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) of this section, even if the secured party fails to comply with this chapter. [Formerly 79.0622]