§ 6A-9-618 - Rights and duties of certain secondary obligors.
SECTION 6A-9-618
§ 6A-9-618 Rights and duties of certainsecondary obligors. – (a) Rights and duties of secondary obligor. A secondary obligor acquiresthe rights and becomes obligated to perform the duties of the secured partyafter the secondary obligor:
(1) Receives an assignment of a secured obligation from thesecured party;
(2) Receives a transfer of collateral from the secured partyand agrees to accept the rights and assume the duties of the secured party; or
(3) Is subrogated to the rights of a secured party withrespect to collateral.
(b) Effect of assignment, transfer, or subrogation. Anassignment, transfer, or subrogation described in subsection (a):
(1) Is not a disposition of collateral under § 6A-9-610;and
(2) Relieves the secured party of further duties under thischapter.