Com. Code, § 9622 · Chapter 6. Default
Com. Code, § 9622
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following:
(1) It discharges the obligation to the extent consented to by the debtor.
(2) It transfers to the secured party all of a debtor’s rights in the collateral.
(3) It 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.
(4) It terminates any other subordinate interest.
(b) A subordinate interest is discharged or terminated under subdivision (a), even if the secured party fails to comply with this division.
Notes and commentary — not statutory text
History
Added by Stats. 1999, Ch. 991, Sec. 35. Effective January 1, 2000. Operative July 1, 2001, by Sec. 75 of Ch. 991 and Section 9701.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=COM§ionNum=9622.
- Text hash
- sha256 0b13e5559fffb50056f66929c4f06a7e37c5ea0686efd32ee4e270e1396ed2e6
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 5 provisions
Provisions in this library whose text cites Com. Code, § 9622. Each shows the citation as that text prints it.
Code of Civil Procedure
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.