North Dakota § 41-09-113 (9-618) Rights and duties of certain secondary obligors

North Dakota Statutes

§ 41-09-113 — (9-618) Rights and duties of certain secondary obligors

North Dakota § 41-09-113

Title 41Uniform Commercial Code

Ch. 41-09Secured Transactions

This text of North Dakota § 41-09-113 ((9-618) Rights and duties of certain secondary obligors) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-09-113 (2026).

Text

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 section 41-09-107; and

b.Relieves the secured party of further duties under this chapter.

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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 section 41-09-107; and
b. Relieves the secured party of further duties under this chapter.