2000 Minnesota Statutes

     336.9-618 Rights and duties of certain secondary 
  obligors. 

    (a)    Rights and duties of secondary obligor.  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)    Effect of assignment, transfer, or subrogation.  
 An assignment, transfer, or subrogation described in subsection 
 (a): 

    (1) is not a disposition of collateral under section 
 336.9-610; and 

    (2) relieves the secured party of further duties under this 
 article. 

    HIST: 2000 c 399 art 1 s 119 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 119, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130.