(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) of this section:

1. (1) Is not a disposition of collateral under section 9-610; and
2. (2) Relieves the secured party of further duties under this article.