Effective: July 1, 2001 Latest Legislation: Senate Bill 74 - 124th General Assembly (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 division (A) of this section:(1) Is not a disposition of collateral under section 1309.610 of the Revised Code; and(2) Relieves the secured party of further duties under this chapter.
Ohio Legal Code