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 § 9-610; and
   2. (2) Relieves the secured party of further duties under this title.

Added by Acts 1999, c. 282, § 2, eff. July 1, 2001.