(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.
(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):(1) is not a disposition of collateral under § 4-9-610; and(2) relieves the secured party of further duties under this chapter.
(1) is not a disposition of collateral under § 4-9-610; and
(2) relieves the secured party of further duties under this chapter.