Rights and duties of certain secondary obligors

409.618 Rights and duties of certain secondary obligors. (1) RIGHTS AND DUTIES OF SECONDARY OBLIGOR. 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) EFFECT OF ASSIGNMENT, TRANSFER, OR SUBROGATION. An assignment, transfer, or subrogation described in sub. (1): (a) Is not a disposition of collateral under s. 409.610; and (b) Relieves the secured party of further duties under this chapter. History: 2001 a. 10.