Rights and duties of certain secondary obligors

4-9-618. 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: (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) An assignment, transfer, or subrogation described in subsection (a) of this section: (1) Is not a disposition of collateral under section 4-9-610; and (2) Relieves the secured party of further duties under this article. Source: L. 2001: Entire article R&RE, p. 1413, � 1, effective July 1. Editor's note: This section is similar to former � 4-9-504 (5) as it existed prior to 2001.