Sec. 42a-9-618. Rights and duties of certain secondary obligors. - Connecticut Statutes

      Sec. 42a-9-618. 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):

      (1) Is not a disposition of collateral under section 42a-9-610; and

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

      (P.A. 01-132, S. 115.)

      Annotations to former section 42a-9-504(5):

      Cited. 18 CA 265. Cited. 24 CA 455.