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.