§490:9-618 - Rights and duties of certain secondary obligors. - Hawaii Statutes

     §490:9-618  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 490:9-610; and

     (2)  Relieves the secured party of further duties under this article. [L 2000, c 241, pt of §1]