13 Pennsylvania Consolidated Statutes § 9618 - Rights And Duties Of Certain Secondary Obligors

§ 9618. 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 9610 (relating to disposition of collateral after default); and

(2) relieves the secured party of further duties under this division.

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Last modified: October 8, 2016