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·Title 41 Uniform Commercial Code·Ch. 41-09 Secured Transactions

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.

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