Montana § 30-9A-618 Rights And Duties Of Certain Secondary Obligors

Montana Statutes

§ 30-9A-618 — Rights And Duties Of Certain Secondary Obligors

Montana·Title 30 TRADE AND COMMERCE·Ch. 9A UNIFORM COMMERCIAL CODE SECURED TRANSACTIONS·Part 6 Default

30-9A-618 . Rights and duties of certain secondary obligors.

(1)A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:

(a)receives an assignment of a secured obligation from the secured party;

(b)receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or

(c)is subrogated to the rights of a secured party with respect to collateral.

(2)An assignment, transfer, or subrogation described in subsection (1):

(a)is not a disposition of collateral under 30-9A-610 ; and

(b)relieves the secured party of further duties under this chapter.

Free access — add to your briefcase to read the full text and ask questions with AI

30-9A-618 . Rights and duties of certain secondary obligors. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(a) receives an assignment of a secured obligation from the secured party;
(b) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(c) is subrogated to the rights of a secured party with respect to collateral.
(2) An assignment, transfer, or subrogation described in subsection (1):
(a) is not a disposition of collateral under 30-9A-610 ; and
(b) relieves the secured party of further duties under this chapter.

Montana § 30-9A-618 (Rights And Duties Of Certain Secondary Obligors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.