State Codes and Statutes
Statutes > Missouri > T26 > C400 > 400_9-618Rights and duties of certain secondary obligors.
400.9-618. (a) A secondary obligor acquires the rights and becomesobligated to perform the duties of the secured party after the secondaryobligor:
(1) Receives an assignment of a secured obligation from the securedparty;
(2) Receives a transfer of collateral from the secured party andagrees 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 tocollateral.
(b) An assignment, transfer, or subrogation described in subsection(a):
(1) Is not a disposition of collateral under section 400.9-610; and
(2) Relieves the secured party of further duties under this article.
(L. 2001 S.B. 288)Effective 7-01-01
