Indiana § 26-1-9.1-618 Rights and duties of certain secondary obligors

Indiana Statutes

§ 26-1-9.1-618 — Rights and duties of certain secondary obligors

Indiana § 26-1-9.1-618

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-618 (Rights and duties of certain secondary obligors) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-9.1-618 (2026).

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):

(1)is not a disposition of collateral under IC 26-1-9.1-610; and

(2)relieves the secured party of further duties under IC 26-1-9.1.

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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):
(1) is not a disposition of collateral under IC 26-1-9.1-610; and
(2) relieves the secured party of further duties under IC 26-1-9.1.