South Carolina Statutes
§ 36-9-618 — 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):
(1)is not a disposition of collateral under Section 36-9-610; and (2) relieves the secured party of further duties under this chapter.
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South Carolina § 36-9-618 (Rights and duties of certain secondary obligors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2001 Act No. 67, SECTION 12.
Nearby Sections
15
§ 36-9-101
Short title.§ 36-9-102
Definitions and index of definitions.§ 36-9-104
Control of deposit account.§ 36-9-106
Control of investment property.§ 36-9-107
Control of letter-of-credit right.§ 36-9-108
Sufficiency of description.§ 36-9-109
Scope.§ 36-9-111
UCC lien satisfaction.§ 36-9-202
Title to collateral immaterial.