Georgia Statutes
§ 11-9-618 — Rights and duties of certain secondary obligors
Georgia·Title 11
(a)Rights and duties of secondary obligor. 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)Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a) of this Code section:
(1)Is not a disposition of collateral under Code Section 11-9-610 ; and (2) Relieves the secured party of further duties under this article.
Free access — add to your briefcase to read the full text and ask questions with AI
Georgia § 11-9-618 (Rights and duties of certain secondary obligors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by 2001 Ga. Laws 191, § 1, eff. 7/1/2001.
Nearby Sections
15
§ 11-1-101
Short titles§ 11-1-102
Scope of article§ 11-1-104
Construction against implicit repeal§ 11-1-105
Severability§ 11-1-106
Use of singular and plural; gender§ 11-1-107
Section captions§ 11-1-201
General definitions§ 11-1-202
Notice; knowledge§ 11-1-204
Value§ 11-1-205
Reasonable time; seasonableness§ 11-1-206
Presumptions