§ 70A-9a-618. Rights and duties of certain secondary obligors.

Latest version.

(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 Section 70A-9a-610; and

(b)	relieves the secured party of further duties under this chapter.

Enacted by Chapter 252, 2000 General Session

                    
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