Section 1309.618 | Rights and duties of certain secondary obligors - UCC 9-618.
(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:
(1) Is not a disposition of collateral under section 1309.610 of the Revised Code; and
(2) Relieves the secured party of further duties under this chapter.
Available Versions of this Section
- July 1, 2001 – Senate Bill 74 - 124th General Assembly [ View July 1, 2001 Version ]