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 30-9A-610; and (b) relieves the secured party of further duties under this chapter.