Iowa Code Title XIII. Commerce [Chs. 505-554D] § 554.9618. Rights and duties of certain secondary obligors
Current as of January 01, 2020 | Updated by FindLaw Staff
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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:
a. receives an assignment of a secured obligation from the secured party;
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
c. is subrogated to the rights of a secured party with respect to collateral.
2. Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection 1:
a. is not a disposition of collateral under section 554.9610; and
b. relieves the secured party of further duties under this Article.
Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 554.9618. Rights and duties of certain secondary obligors - last updated January 01, 2020 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-554-9618.html
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