North Carolina General Statutes Chapter 25. Uniform Commercial Code § 25-9-618. Rights and duties of certain secondary obligors

(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.

(1) Is not a disposition of collateral under G.S. 25-9-610;  and

(2) Relieves the secured party of further duties under this Article.