Maryland Code, Commercial Law § 9-618
Current as of December 31, 2021 | Updated by FindLaw Staff
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(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 subsection (a):
(1) Is not a disposition of collateral under § 9-610; and
(2) Relieves the secured party of further duties under this title.
Cite this article: FindLaw.com - Maryland Code, Commercial Law § 9-618 - last updated December 31, 2021 | https://codes.findlaw.com/md/commercial-law/md-code-coml-sect-9-618/
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