(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. (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.

(b) Effect of assignment, transfer or subrogation.— An assignment, transfer or subrogation described in subsection (a):

1. (1) is not a disposition of collateral under section 9610 (relating to disposition of collateral after default); and
2. (2) relieves the secured party of further duties under this division.