(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.

(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.