(b)__Transfers to the secured party all of a debtor's rights in the collateral;

(c)__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

(d)__Terminates any other subordinate interest.

(2)__ A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this Article.

Official Comment

1. Source. New.

2. Effect of Acceptance. Subsection (a) [Maine cite subsection (1)] specifies the effect of an acceptance of collateral in full or partial satisfaction of the secured obligation. The acceptance to which it refers is an effective acceptance. If a purported acceptance is ineffective under Section 9-620 [Maine cite section 9-1620], e.g., because the secured party receives a timely objection from a person entitled to notification, then neither this subsection nor subsection (b) [Maine cite subsection (2)] applies. Paragraph (1) [Maine cite paragraph (a)] expresses the fundamental consequence of accepting collateral in full or partial satisfaction of the secured obligation-the obligation is discharged to the extent consented to by the debtor. Unless otherwise agreed, the obligor remains liable for any deficiency. Paragraphs (2) through (4) [Maine cite paragraphs (b) to (d)] indicate the effects of an acceptance on various property rights and interests. Paragraph (2) [Maine cite paragraph (b)] follows Section 9-617(a) [Maine cite section 9-1617, subsection (1)] in providing that the secured party acquires "all of a debtor's rights in the collateral." Under paragraph (3) [Maine cite paragraph (c)], the effect of strict foreclosure on holders of junior security interests and other liens is the same regardless of whether the collateral is accepted in full or partial satisfaction of the secured obligation: all junior encumbrances are discharged. Paragraph (4) [Maine cite paragraph (d)] provides for the termination of other subordinate interests.

Subsection (b) [Maine cite subsection (2)] makes clear that subordinate interests are discharged under subsection (a) [Maine cite subsection (1)] regardless of whether the secured party