Idaho § 28-9-618 RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS

Idaho Statutes

§ 28-9-618 — RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS

Idaho·Title 28 COMMERCIAL TRANSACTIONS·Part 6. DEFAULT·Ch. 9 SECURED TRANSACTIONS

(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 28-9-610; and

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

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(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 28-9-610; and
(2) Relieves the secured party of further duties under this chapter.

Idaho § 28-9-618 (RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.