New Jersey Statutes
§ 12A:9-618 — Rights and duties of certain secondary obligors.
New Jersey·Title 12A COMMERCIAL TRANSACTIONS
12A:9-618. Rights and Duties of Certain Secondary Obligors.
(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 12A:9-610; and (2) relieves the secured party of further duties under this chapter. L.2001, c.117, s.1
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Nearby Sections
15
§ 12A:9-101
Short title§ 12A:9-102
Definitions and index of definitions.§ 12A:9-104
Control of deposit account.§ 12A:9-105
Control of electronic chattel paper.§ 12A:9-106
Control of investment property.§ 12A:9-107
Control of letter-of-credit right§ 12A:9-108
Sufficiency of description.§ 12A:9-109
Scope.§ 12A:9-201
General effectiveness of security agreement.§ 12A:9-202
Title to collateral immaterial§ 12A:9-204
After-acquired property, future advances.