Section 9--618. Rights and Duties of Certain Secondary Obligors.(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):
(1) is not a disposition of collateral under Section 9--610; and
(2) relieves the secured party of further duties under this
article.
Last modified: February 3, 2019