47-9618. Rights and duties of certain secondary obligors
A. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
1. Receives an assignment of a secured obligation from the secured party;
2. Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
3. Is subrogated to the rights of a secured party with respect to collateral.
B. An assignment, transfer or subrogation described in subsection A of this section:
1. Is not a disposition of collateral under section 47-9610; and
2. Relieves the secured party of further duties under this chapter.
Section: Previous 47-9611 47-9612 47-9613 47-9614 47-9615 47-9616 47-9617 47-9618 47-9619 47-9620 47-9621 47-9622 47-9623 47-9624 47-9625 NextLast modified: October 13, 2016