(1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (a) discharges the obligation to the extent consented to by the debtor; (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 title.
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