Section 12A:9-618 - Rights and duties of certain secondary obligors(a) 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: (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) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a):(1) is not a disposition of collateral under 12A:9-610; and(2) relieves the secured party of further duties under this chapter.Enacted c. 117, s. 1, eff. 6/26/2001, op. 7/1/2001; amended c. 386, s. 107, eff. 1/8/2002. P.L. 2001, c. 386, s. 127 provides: "This act, P.L. 2001, c. 386, amends and supplements P.L. 2001, c. 117 and shall take effect immediately and shall be applied retroactively to July 1, 2001."