Section 9-1618 - Rights and duties of certain secondary obligors(1). A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a). Receives an assignment of a secured obligation from the secured party; [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).](b). Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).](c). Is subrogated to the rights of a secured party with respect to collateral. [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).] [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]
(2). An assignment, transfer or subrogation described in subsection (1):(a). Is not a disposition of collateral under section 9-1610; and [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).](b). Relieves the secured party of further duties under this Article. [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).] [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]
1999, c. 699, §A2 (NEW) . 1999, c. 699, §A4 (AFF) .