Section 25-9-618 - 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) of this section:(1) Is not a disposition of collateral under G.S. 25-9-610; and(2) Relieves the secured party of further duties under this Article.N.C. Gen. Stat. § 25-9-618
1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.