Section 45.29.618 - Rights and duties of certain secondary obligors(a) 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) An assignment, transfer, or subrogation described in (a) of this section (1) is not a disposition of collateral under AS 45.29.610; and(2) relieves the secured party of further duties under this chapter.