Oklahoma Statutes
§ 12A-1-9-618 — Rights and duties of certain secondary obligors.
Oklahoma·Title 12A Uniform Commercial Code
RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS (a) 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)An assignment, transfer, or subrogation described in subsection (a) of this section:
(1)is not a disposition of collateral under Section 1-9-610 of this title; and (2) relieves the secured party of further duties under this article.
Free access — add to your briefcase to read the full text and ask questions with AI
Oklahoma § 12A-1-9-618 (Rights and duties of certain secondary obligors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Laws 2000, c. 371, § 125, eff. July 1, 2001.
Nearby Sections
15
§ 12A-1-101
Short titles.§ 12A-1-102
Scope of article.§ 12A-1-104
Construction against implicit repeal.§ 12A-1-106
Use of singular and plural - Gender.§ 12A-1-107
Section captions.§ 12A-1-108
Repealed§ 12A-1-108.1
Relationship to Electronic Signatures in Global and§ 12A-1-202
Notice - Knowledge.§ 12A-1-203
Lease distinguished from security interest.§ 12A-1-204
"Value".§ 12A-1-205
Reasonable time - Seasonableness.§ 12A-1-206
Presumptions.