NRS 104.9618 Rights and duties of certain secondary obligors.
115 words·~1 min read·
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NRS 104.9618 Rights and duties of certain secondary obligors.
1. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(a)Receives an assignment of a secured obligation from the secured party;
(b)Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(c)Is subrogated to the rights of a secured party with respect to collateral.
2. An assignment, transfer or subrogation described in subsection 1:
(a)Is not a disposition of collateral under NRS 104.9610 ; and
(b)Relieves the secured party of further duties under this article.