Sec. 42a-9-618. Rights and duties of certain secondary obligors.
Sec. 42a-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 42a-9-610; and
(2) Relieves the secured party of further duties under this article.
(P.A. 01-132, S. 115.)
Annotations to former section 42a-9-504(5):
Cited. 18 CA 265. Cited. 24 CA 455.