47-9618. 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 47-9610; and 2. Relieves the secured party of further duties under this chapter.
Arizona Legal Code