Section 55-9-618 - 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) of this section: (1) is not a disposition of collateral under Section 55-9-610 NMSA 1978; and(2) relieves the secured party of further duties under Chapter 55, Article 9 NMSA 1978.1978 Comp., § 55-9-618, enacted by Laws 2001, ch. 139, § 115.