Tennessee § 47-9-618 Rights and duties of certain secondary obligors

Tennessee Statutes

§ 47-9-618 — Rights and duties of certain secondary obligors

(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 § 47-9-610 ; and (2) relieves the secured party of further duties under this chapter.

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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 § 47-9-610 ; and (2) relieves the secured party of further duties under this chapter.

Tennessee § 47-9-618 (Rights and duties of certain secondary obligors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.