(A) 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) An assignment, transfer, or subrogation described in division (A) of this section:
(2) Relieves the secured party of further duties under this chapter.
Effective Date: 07-01-2001 .