34.1-9-618. 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:
(i) Receives an assignment of a secured obligation from the secured party;
(ii) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(iii) Is subrogated to the rights of a secured party with respect to collateral.
(b) An assignment, transfer or subrogation described in subsection (a):
(i) Is not a disposition of collateral under section 34.1-9-610; and
(ii) Relieves the secured party of further duties under this article.
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