Pennsylvania § 9618 Rights and duties of certain secondary obligors

Pennsylvania Statutes

§ 9618 — Rights and duties of certain secondary obligors

Pennsylvania § 9618

Title 13COMMERCIAL CODE

Ch. 96DEFAULT

Subch.DEFAULT AND ENFORCEMENT OF SECURITY INTEREST

This text of Pennsylvania § 9618 (Rights and duties of certain secondary obligors) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

13 Pa. Cons. Stat. § 9618 (2026).

Text

(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 section 9610 (relating to disposition of collateral after default); and

(2)relieves the secured party of further duties under this division.

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(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 section 9610 (relating to disposition of collateral after default); and

(2) relieves the secured party of further duties under this division.