(810 ILCS 5/9-622)
    Sec. 9-622. Effect of acceptance of collateral.
    (a) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
        (1) discharges the obligation to the extent consented
to by the debtor;
        (2) transfers to the secured party all of a debtor's
rights in the collateral;
        (3) 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
        (4) terminates any other subordinate interest.
    (b) 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 Article.
(Source: P.A. 91-893, eff. 7-1-01.)