(a) Rights and duties of secondary obligor. 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) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a): (1) is not a disposition of collateral under Section 9-610; and (2) relieves the secured party of further duties under this Article. from the secured party; secured party and agrees to accept the rights and assume the duties of the secured party; or with respect to collateral. 9-610; and under this Article.
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