70A-9a-618. 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: receives an assignment of a secured obligation from the secured party; receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or is subrogated to the rights of a secured party with respect to collateral.
(2) An assignment, transfer, or subrogation described in Subsection: (1) is not a disposition of collateral under Section; and 70A-9a-610 relieves the secured party of further duties under this chapter.