NRS 104.9622
Effect of acceptance of collateral in satisfaction of obligation.

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 article.

Source: Section 104.9622 — Effect of acceptance of collateral in satisfaction of obligation., https://www.­leg.­state.­nv.­us/NRS/NRS-104.­html#NRS104Sec9622.

104.9601
Rights after default 104.9602
Waiver and variance of rights and duties of debtor and obligor. 104.9603
Agreement on standards concerning rights and duties of parties. 104.9604
Procedure if security agreement covers real property or fixtures. 104.9605
Duty to unknown debtor or secondary obligor. 104.9606
Time of default for agricultural lien. 104.9607
Collection and enforcement by secured party. 104.9608
Application of proceeds of collection or enforcement 104.9609
Secured party’s right to take possession or dispose of collateral after default. 104.9610
Disposition of collateral after default. 104.9611
Notification before disposition of collateral. 104.9612
Timeliness of notification before disposition of collateral. 104.9613
Contents and form of notification before disposition of collateral: General. 104.9614
Contents and form of notification before disposition of collateral: Consumer-goods transaction. 104.9615
Application of proceeds of disposition 104.9616
Explanation of calculation of surplus or deficiency. 104.9617
Effect of disposition of collateral by secured party after default 104.9618
Rights and duties of certain secondary obligors. 104.9619
Transfer of record or legal title. 104.9620
Acceptance of collateral in full or partial satisfaction of obligation 104.9621
Notification of proposal to accept collateral in satisfaction of obligation. 104.9622
Effect of acceptance of collateral in satisfaction of obligation. 104.9623
Redemption of collateral. 104.9624
Waiver of right to notification of disposition of collateral 104.9625
Remedies for secured party’s failure to comply with article. 104.9626
Action in which deficiency or surplus is in issue. 104.9627
Determination of whether conduct was commercially reasonable. 104.9628
Nonliability and limitation on liability of secured party
Last Updated

Jun. 24, 2021

§ 104.9622’s source at nv​.us