554.9618 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 subsection 1: a. is not a disposition of collateral under section 554.9610; andb. relieves the secured party of further duties under this Article.2000 Acts, ch 1149, §116, 187 Sat Dec 23 11:02:27 2023 Iowa Code 2024, Section 554.9618 (24, 0)
Iowa Legal Code