§490:9-618 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: (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 section 490:9-610; and (2) Relieves the secured party of further duties under this article. [L 2000, c 241, pt of §1]
‹ Prev All Hawaii sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.