§ 36-9-618. Rights and duties of certain secondary obligors.
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§ 36-9-618. 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 36-9-610; and
(2)relieves the secured party of further duties under this chapter.