D.C. Code § 28:9-618

Current through codified legislation effective October 30, 2024
Section 28:9-618 - 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 § 28:9-610; and
(2) Relieves the secured party of further duties under this article.

D.C. Code § 28:9-618

Oct. 26, 2000, D.C. Law 13-201, § 101, 47 DCR 7576.