409.618 Rights and duties of certain secondary obligors. - Wisconsin Statutes

409.618

409.618 Rights and duties of certain secondary obligors.

409.618(1)

(1) 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:

409.618(1)(a)

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

409.618(1)(b)

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

409.618(1)(c)

(c) Is subrogated to the rights of a secured party with respect to collateral.

409.618(2)

(2) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in sub. (1):

409.618(2)(a)

(a) Is not a disposition of collateral under s. 409.610; and

409.618(2)(b)

(b) Relieves the secured party of further duties under this chapter.

409.618 - ANNOT.

History: 2001 a. 10.