§ 6A-9-618 - Rights and duties of certain secondary obligors. - Rhode-island Statutes

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-618

SECTION 6A-9-618

§ 6A-9-618 Rights and duties of certainsecondary obligors. – (a) Rights and duties of secondary obligor. A secondary obligor acquiresthe rights and becomes obligated to perform the duties of the secured partyafter the secondary obligor:

(1) Receives an assignment of a secured obligation from thesecured party;

(2) Receives a transfer of collateral from the secured partyand agrees to accept the rights and assume the duties of the secured party; or

(3) Is subrogated to the rights of a secured party withrespect to collateral.

(b) Effect of assignment, transfer, or subrogation. Anassignment, transfer, or subrogation described in subsection (a):

(1) Is not a disposition of collateral under § 6A-9-610;and

(2) Relieves the secured party of further duties under thischapter.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-618

SECTION 6A-9-618

§ 6A-9-618 Rights and duties of certainsecondary obligors. – (a) Rights and duties of secondary obligor. A secondary obligor acquiresthe rights and becomes obligated to perform the duties of the secured partyafter the secondary obligor:

(1) Receives an assignment of a secured obligation from thesecured party;

(2) Receives a transfer of collateral from the secured partyand agrees to accept the rights and assume the duties of the secured party; or

(3) Is subrogated to the rights of a secured party withrespect to collateral.

(b) Effect of assignment, transfer, or subrogation. Anassignment, transfer, or subrogation described in subsection (a):

(1) Is not a disposition of collateral under § 6A-9-610;and

(2) Relieves the secured party of further duties under thischapter.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-618

SECTION 6A-9-618

§ 6A-9-618 Rights and duties of certainsecondary obligors. – (a) Rights and duties of secondary obligor. A secondary obligor acquiresthe rights and becomes obligated to perform the duties of the secured partyafter the secondary obligor:

(1) Receives an assignment of a secured obligation from thesecured party;

(2) Receives a transfer of collateral from the secured partyand agrees to accept the rights and assume the duties of the secured party; or

(3) Is subrogated to the rights of a secured party withrespect to collateral.

(b) Effect of assignment, transfer, or subrogation. Anassignment, transfer, or subrogation described in subsection (a):

(1) Is not a disposition of collateral under § 6A-9-610;and

(2) Relieves the secured party of further duties under thischapter.