47-9618. Rights and duties of certain secondary obligors
108 words·~1 min read·
/az/title-47/47-9618A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 47-9610; and
2. Relieves the secured party of further duties under this chapter.