La. Stat. tit. 10 § 9-618

Current with changes from the 2024 legislative session effective on or before 7/1/2024, from Acts 2,3, 6-535, and 580-647

Section 10:9-618 - 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 R.S. 10:9-610; and

(2) relieves the secured party of further duties under this Chapter.

La. R.S. § 10:9-618

Acts 2001, No. 128, §1, eff. 7/1/2001.