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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; and
Terminates any other subordinate interest.
A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this article.