11 §9-1618. Rights and duties of certain secondary obligors
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Part 6: DEFAULT HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
§9-1618. 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; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(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 [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(c). Is subrogated to the rights of a secured party with respect to collateral. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
(2). An assignment, transfer or subrogation described in subsection (1):
(a). Is not a disposition of collateral under section 9-1610; and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). Relieves the secured party of further duties under this Article. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
SECTION HISTORY
1999, c. 699, §A2 (NEW). 1999, c. 699, §A4 (AFF).