(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 the secured party with respect to collateral.
(b. An assignment, transfer, or subrogation described in subsection (a):
(1. is not a disposition of collateral under § 8.9A-610; and
(2. relieves the secured party of further duties under this title.
History
1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.
