Section 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 9.610; and(2) relieves the secured party of further duties under this chapter.Tex. Bus. and Comm. Code § 9.618
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. 7/1/2001.