Haw. Rev. Stat. § 490:9-618

Current through the 2024 Legislative Session
Section 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.

HRS § 490:9-618

L 2000, c 241 , pt of §1