Fla. Stat. 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:Discharges the obligation to the extent consented to by the debtor;Transfers to the secured party all of a debtor’s rights in the collateral;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; andTerminates any other subordinate interest.

(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: Section 679.622 — Effect of acceptance of collateral, https://www.­flsenate.­gov/Laws/Statutes/2024/0679.­622 (accessed Aug. 7, 2025).

Current through Fall 2025

§ 679.622. Effect of acceptance of collateral's source at flsenate​.gov