§ 47-9618 — Rights and duties of certain secondary obligors

Arizona § 47-9618

• Jurisdiction: Arizona
• Title 47: Arizona Revised Statutes
• Ch. 9: SECURED TRANSACTIONS
• Art. 6: Default

Text

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 of this section:

1. Is not a disposition of collateral under section 47-9610; and

2. Relieves the secured party of further duties under this chapter.