30-9-618. (Effective July 1, 2001) Rights and duties of certain secondary obligors. (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 30-9-610; and
     (b) relieves the secured party of further duties under this chapter.

     History: En. Sec. 115, Ch. 305, L. 1999.