RS 10:9-618 Rights and duties of certain secondary obligors - Louisiana Statutes

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

(a)  Rights and duties of secondary obligor.  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)  Effect of assignment, transfer, or subrogation.  An assignment, transfer, or subrogation described in subsection (a):

(1)  is not a disposition of collateral under R.S. 10:9-610; and

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

Acts 2001, No. 128, §1, eff. July 1, 2001.