400.9-618. Rights and duties of certain secondary obligors. - Missouri Statutes

Rights and duties of certain secondary obligors.

400.9-618. (a) A secondary obligor acquires the rights and becomesobligated to perform the duties of the secured party after the secondaryobligor:

(1) Receives an assignment of a secured obligation from the securedparty;

(2) Receives a transfer of collateral from the secured party andagrees 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 tocollateral.

(b) An assignment, transfer, or subrogation described in subsection(a):

(1) Is not a disposition of collateral under section 400.9-610; and

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

(L. 2001 S.B. 288)

Effective 7-01-01