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

Tennessee Statutes

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

Tennessee § 47-9-618

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This text of Tennessee § 47-9-618 (Rights and duties of certain secondary obligors) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 47-9-618 (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 § 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.