Michigan § 440.9622 - Effect of acceptance of collateral.
Full text of Michigan Michigan Compiled Laws § 440.9622 — Effect of acceptance of collateral., with citation guidance and answers to common questions.
§ 440.9622. Effect of acceptance of collateral.
A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following:
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.
Terminates any other subordinate interest.
A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this article.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.9622
What does Michigan Compiled Laws § 440.9622 cover?
Section 440.9622 ("Effect of acceptance of collateral.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 440.9622?
A common citation format is "Michigan Compiled Laws § 440.9622" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.9622 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.