South Dakota Statutes
§ 57A-9-618 — Rights and duties of secondary obligor.
(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 § 57A-9-610 ; and (2) Relieves the secured party of further duties under this chapter.
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South Dakota § 57A-9-618 (Rights and duties of secondary obligor.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 2000, ch 231.
Nearby Sections
15
§ 57A-1-101
Short title.§ 57A-1-102
Scope of chapter.§ 57A-1-104
Construction against implied repeal.§ 57A-1-105
Severability.§ 57A-1-106
Use of singular and plural--Gender.§ 57A-1-107
Section captions.§ 57A-1-201
General definitions.§ 57A-1-202
Notice--Knowledge.§ 57A-1-203
Lease distinguished from security interest.§ 57A-1-204
Value.§ 57A-1-205
Reasonable time--Seasonableness.§ 57A-1-206
Presumptions.§ 57A-1-207
Central bank digital currency.