Section 9-618 - Rights and duties of certain secondary obligors. - Maryland Statutes

§ 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 § 9-610; and 

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

[1999, ch. 282, § 2.]