1. (a) Effect of acceptance. — A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:

   1. (1) discharges the obligation to the extent consented to by the debtor;
   2. (2) transfers to the secured party all of a debtor’s rights in the collateral;
   3. (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. (4) terminates any other subordinate interest.
2. (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.

72 Del. Laws, c. 401, § 1