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 1-9-610 of this title; and (2) relieves the secured party of further duties under this article. Added by Laws 2000, c. 371, § 125, eff. July 1, 2001.