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(a) 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:
(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) Effect of assignment, transfer or subrogation.--An assignment, transfer or subrogation described in subsection (a):
(1) is not a disposition of collateral under section 9610 (relating to disposition of collateral after default); and
(2) relieves the secured party of further duties under this division.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 13 Pa.C.S.A. Commercial Code § 9618. Rights and duties of certain secondary obligors - last updated January 01, 2019 | https://codes.findlaw.com/pa/title-13-pacsa-commercial-code/pa-csa-sect-13-9618.html
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