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
(2) relieves the secured party of further duties under this article.
History: 2000 c 399 art 1 s 119