(a) 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:
(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) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a) of this Code section:
(1) Is not a disposition of collateral under Code Section 11-9-610; and
(2) Relieves the secured party of further duties under this article.
Section: Previous 11-9-611 11-9-612 11-9-613 11-9-614 11-9-615 11-9-616 11-9-617 11-9-618 11-9-619 11-9-620 11-9-621 11-9-622 11-9-623 11-9-624 NextLast modified: October 14, 2016