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) of this section:(1) is not a disposition of collateral under Section 1-9-610 of this title; and(2) relieves the secured party of further duties under this article.Added by Laws 2000, c. 371, § 125, eff. July 1, 2001.
Oklahoma Legal Code