Del. Code tit. 6 § 9-618

Current through 2024 Legislative Session Act Chapter 269
Section 9-618 - 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):
(1) is not a disposition of collateral under Section 9-610; and
(2) relieves the secured party of further duties under this Article.

6 Del. C. § 9-618

72 Del. Laws, c. 401, § 1.;