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;
(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
(c) Is subrogated to the rights of a secured party with respect to collateral.
2. An assignment, transfer or subrogation described in subsection 1:
(a) Is not a disposition of collateral under NRS 104.9610; and
(b) Relieves the secured party of further duties under this article.
(Added to NRS by 1999, 356)
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