1. 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: a. receives an assignment of a secured obligation from the secured party; 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 c. issubrogated to the rights of a secured party with respect to collateral. 2. Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection 1: a. is not a disposition of collateral under section 554.9610; and b. relieves the secured party of further duties under this Article.
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