§ 34-1-9-618

34.1-9-618. 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: (i) Receives an assignment of a secured obligation from the secured party; (ii) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or (iii) Is subrogated to the rights of a secured party with respect to collateral. (b) An assignment, transfer or subrogation described in subsection (a): (i) Is not a disposition of collateral under section 34.1-9-610; and (ii) Relieves the secured party of further duties under this article.