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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 12A. UNIFORM COMMERCIAL CODE

  § 12A-1-9-618. Rights and duties of certain secondary obligors.  

Latest version.

  • RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS

    (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) of this section:

    (1)  is not a disposition of collateral under Section 1-9-610 of this title; and

    (2)  relieves the secured party of further duties under this article.

Added by Laws 2000, c. 371, § 125, eff. July 1, 2001.