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 1-9-610 of this title; and
(2) relieves the secured party of further duties under this article.
Added by Laws 2000, c. 371, § 125, eff. July 1, 2001.
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