Statute 104 9618

1. 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. An assignment, transfer or subrogation described in subsection 1: (a) Is not a disposition of collateral under NRS 104.9610; and (b) Relieves the secured party of further duties under this article. (Added to NRS by 1999, 356)