Section 45.29.618. 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 (a) of this section
        (1) is not a disposition of collateral under AS 45.29.610; and
        (2) relieves the secured party of further duties under this chapter.

Notes

History

(Sec. 1 ch 113 SLA 2000)