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Effect of acceptance. 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.
Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this chapter.