Oregon Statutes - Chapter 79 - Secured Transactions - Section 79.0618 - UCC 9-618. Rights and duties of certain secondary obligors.

(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]

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Last modified: August 7, 2008