Section 34.1-9-618 - 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: (i) Receives an assignment of a secured obligation from the secured party;(ii) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or(iii) Is subrogated to the rights of a secured party with respect to collateral.(b) An assignment, transfer or subrogation described in subsection (a): (i) Is not a disposition of collateral under section 34.1-9-610; and(ii) Relieves the secured party of further duties under this article.