IC 26-1-9.1-618 — Rights and duties of certain secondary obligors
Chapter 9.1. Secured Transactions
Section text
Sec. 618. (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (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) is subrogated to the rights of a secured party with respect to collateral. (b) An assignment, transfer, or subrogation described in subsection (a): (1) is not a disposition of collateral under IC 26-1-9.1-610; and (2) relieves the secured party of further duties under IC 26-1-9.1.
As added by P.L.57-2000, SEC.45.
Source: official publisher (2026 edition)