Section 75-9-618 - 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):(1) Is not a disposition of collateral under Section 75-9-610; and(2) Relieves the secured party of further duties under this article.Derived from former 1972 Code § 75-9-504 [Codes, 1942, § 41A:9-504; Laws, 1966, ch. 316, § 9-504; Laws, 1970, ch. 272, § 1; Laws, 1977, ch. 452, § 34, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.