(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):
(1) is not a disposition of collateral under ยง 4-9-610; and
(2) relieves the secured party of further duties under this chapter.
Section: Previous 4-9-611 4-9-612 4-9-613 4-9-614 4-9-615 4-9-616 4-9-617 4-9-618 4-9-619 4-9-620 4-9-621 4-9-622 4-9-623 4-9-624 NextLast modified: November 15, 2016