Kansas § 84-9-618 Rights and duties

Kansas Statutes

§ 84-9-618 — Rights and duties

Kansas·Ch. 84 UNIFORM COMMERCIAL CODE·Art. 9 SECURED TRANSACTIONS

(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):

(1)Is not a disposition of collateral under K.S.A. 2024 Supp. 84-9-610, and amendments thereto; and

(2)relieves the secured party of further duties under this article.

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(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):
(1) Is not a disposition of collateral under K.S.A. 2024 Supp. 84-9-610, and amendments thereto; and
(2) relieves the secured party of further duties under this article.

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