Title XXVI TRADE AND COMMERCE Chapter 400 • Effective - 01 Jul 2001, see footnote 400.9-618. 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): (1) Is not a disposition of collateral under section 400.9-610; and (2) Relieves the secured party of further duties under this article. -------- (L. 2001 S.B. 288) Effective 7-01-01
Missouri Legal Code