9618 - Rights and duties of certain secondary obligors. - Pennsylvania Statutes

§ 9618. 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 section 9610 (relating to disposition of collateral after default); and (2) relieves the secured party of further duties under this division.