1. (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:

   1. (1) receives an assignment of a secured obligation from the secured party;
   2. (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. (3) is subrogated to the rights of a secured party with respect to collateral.

2. (b) An assignment, transfer, or subrogation described in subsection (a):

   1. (1) is not a disposition of collateral under IC 26-1-9.1-610 ; and
   2. (2) relieves the secured party of further duties under IC 26-1-9.1 .

As added by P.L.57-2000, SEC.45.