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FLORIDA STATUTES AND CODES

679.618 Rights and duties of certain secondary obligors.

679.618 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 s. 679.610; and

   (b) Relieves the secured party of further duties under this chapter.

History. s. 7, ch. 2001-198.

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