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 9.610; and
   2. (2) relieves the secured party of further duties under this chapter.

Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.