Nevada § 104.9618 Rights and duties of certain secondary obligors

Nevada Statutes

§ 104.9618 — Rights and duties of certain secondary obligors

Nevada·Title 8 COMMERCIAL INSTRUMENTS AND TRANSACTIONS·Ch. 104 Uniform· Default

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 NRS 104.9610 ; and

(b)Relieves the secured party of further duties under this article.

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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 NRS 104.9610 ; and
(b) Relieves the secured party of further duties under this article.

Nevada § 104.9618 (Rights and duties of certain secondary obligors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.