Ariz. Rev. Stat. § 47-9618

Current through L. 2024, ch. 202
Section 47-9618 - 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 subsection A of this section:
1. Is not a disposition of collateral under section 47-9610; and
2. Relieves the secured party of further duties under this chapter.

A.R.S. § 47-9618