RCW 62A.9A-618
126 words·~1 min read·
/wa/title-62a/chapter-62a-9a/62a-9a-618·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Rights and duties of secondary obligor. 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)Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection
(a)of this section:
(1)Is not a disposition of collateral under RCW 62A.9A-610 ; and
(2)Relieves the secured party of further duties under this Article.
[2000 c 250 s 9A-618.]