Section 440.9618 - 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 all of the following: (a) The secondary obligor receives an assignment of a secured obligation from the secured party.(b) The secondary obligor receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party.(c) The secondary obligor is subrogated to the rights of a secured party with respect to collateral.(2) An assignment, transfer, or subrogation described in subsection (1) results in both of the following: (a) It is not a disposition of collateral under section 9610.(b) It relieves the secured party of further duties under this article.Add. 2000, Act 348, Eff. 7/1/2001.