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Maryland Code, Commercial Law § 9-618

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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: - Maryland Code, Commercial Law § 9-618 - last updated December 31, 2021 |

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