Title 70A - Uniform Commercial Code - Chapter 9a - Uniform Commercial Code - Secured Transactions - Part 6 - Default - Section 618 - Rights and duties of certain secondary obligors.

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Utah Code

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70A-9a-618 Rights and duties of certain secondary obligors. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the

secured party after the secondary obligor: (a) receives an assignment of a secured obligation from the secured party; (b) receives a transfer of collateral from the secured party and agrees to accept the rights and

assume the duties of the secured party; or (c) is subrogated to the rights of a secured party with respect to collateral.

(2) An assignment, transfer, or subrogation described in Subsection (1): (a) is not a disposition of collateral under Section 70A-9a-610; and (b) relieves the secured party of further duties under this chapter.

Enacted by Chapter 252, 2000 General Session