§ 36-9-618

S.C. Code Ann. § 36-9-618

Rights and duties of certain secondary obligors

2001 Act No. 67, SECTION 12.

  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 Section 36-9-610; and
    2. (2) relieves the secured party of further duties under this chapter.

HISTORY: 2001 Act No. 67, SECTION 12.

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