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;
(4) terminates any other subordinate interest.
A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this article.