57A-9-618. Rights and duties of secondary obligor.(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 §57A-9-610; and(2)Relieves the secured party of further duties under this chapter. Source: SL 2000, ch 231.
South Dakota Legal Code