§ 9—618.
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/vt/9-124A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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)of this section:
(1)is not a disposition of collateral under section 9—610 of this title; and
(2)relieves the secured party of further duties under this article. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)