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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 § 47-9-610; and
(2) relieves the secured party of further duties under this chapter.
Cite this article: FindLaw.com - Tennessee Code Title 47. Commercial Instruments and Transactions § 47-9-618 - last updated January 01, 2020 | https://codes.findlaw.com/tn/title-47-commercial-instruments-and-transactions/tn-code-sect-47-9-618/
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