Section 382-A:9-618 Rights and Duties of Certain Secondary Obligors. - New Hampshire Statutes

      (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 Section 9-610; and
         (2) relieves the secured party of further duties under this article.

Source. 2001, 102:25, eff. July 1, 2001.