(1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:\n(a) Receives an assignment of a secured obligation from the secured party;\n(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\n(c) Is subrogated to the rights of a secured party with respect to collateral.\n(2) An assignment, transfer or subrogation described in subsection (1) of this section:\n(a) Is not a disposition of collateral under ORS 79.0610; and\n(b) Relieves the secured party of further duties under this chapter. [2001 c.445 §116]
Oregon Legal Code