Statutes > Wisconsin Statutes > Chapter 409. Uniform commercial code--secured transactions. > 409.618 Rights and duties of certain secondary obligors.

409.618 Rights and duties of certain secondary obligors.

409.618

409.618 Rights and duties of certain secondary obligors.

409.618(1)

(1) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:

409.618(1)(a)

(a) Receives an assignment of a secured obligation from the secured party;

409.618(1)(b)

(b) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or

409.618(1)(c)

(c) Is subrogated to the rights of a secured party with respect to collateral.

409.618(2)

(2) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in sub. (1):

409.618(2)(a)

(a) Is not a disposition of collateral under s. 409.610; and

409.618(2)(b)

(b) Relieves the secured party of further duties under this chapter.

409.618 - ANNOT.

History: 2001 a. 10.