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: a. Is not a disposition of collateral under section 41-09-107; and b. Relieves the secured party of further duties under this chapter.