400.9-622.  Effect of acceptance of collateral. — (a)  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)  A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this article.