§490:9-618  Rights and duties of certain
secondary obligors.  (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 section
490:9-610; and



(2)  Relieves the secured party of further duties
under this article. [L 2000, c 241, pt of §1]