§ 6A-9-618 - Rights and duties of certain secondary obligors. - Rhode Island Statutes

SECTION 6A-9-618

   § 6A-9-618  Rights and duties of certainsecondary obligors. – (a) Rights and duties of secondary obligor. A secondary obligor acquiresthe rights and becomes obligated to perform the duties of the secured partyafter the secondary obligor:

   (1) Receives an assignment of a secured obligation from thesecured party;

   (2) Receives a transfer of collateral from the secured partyand agrees to accept the rights and assume the duties of the secured party; or

   (3) Is subrogated to the rights of a secured party withrespect to collateral.

   (b) Effect of assignment, transfer, or subrogation. Anassignment, transfer, or subrogation described in subsection (a):

   (1) Is not a disposition of collateral under § 6A-9-610;and

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