§ 62A.9A-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) of this section:
(1) Is not a disposition of collateral under RCW 62A.9A-610; and
(2) Relieves the secured party of further duties under this Article.
[2000 c 250 § 9A-618.]
Sections: Previous 62A.9A-611 62A.9A-612 62A.9A-613 62A.9A-614 62A.9A-615 62A.9A-616 62A.9A-617 62A.9A-618 62A.9A-619 62A.9A-620 62A.9A-621 62A.9A-622 62A.9A-623 62A.9A-624 62A.9A-625 NextLast modified: April 7, 2009