Section 355.9-618 - Rights and duties of certain secondary obligors(1) 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) Is subrogated to the rights of a secured party with respect to collateral.(2) An assignment, transfer, or subrogation described in subsection (1) of this section: (a) Is not a disposition of collateral under KRS 355.9-610; and(b) Relieves the secured party of further duties under this article.Effective:7/1/2001
Created 2000, Ky. Acts ch. 408, sec. 136, effective7/1/2001.