(1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(a) Receives an assignment of a secured obligation from the secured party;
(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
(c) Is subrogated to the rights of a secured party with respect to collateral.
(2) An assignment, transfer or subrogation described in subsection (1) of this section:
(a) Is not a disposition of collateral under ORS 79.0610; and
(b) Relieves the secured party of further duties under this chapter. [2001 c.445 §116]Section: Previous 79.0611 79.0612 79.0613 79.0614 79.0615 79.0616 79.0617 79.0618 79.0619 79.0620 79.0621 79.0622 79.0623 79.0624 79.0625 Next
Last modified: August 7, 2008