(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):(1) Is not a disposition of collateral under section 42a-9-610; and(2) Relieves the secured party of further duties under this article.(P.A. 01-132, S. 115.)Annotations to former section 42a-9-504(5):Cited. 18 CA 265; 24 CA 455.
Connecticut Legal Code