Utah Statutes
§ 70A-9a-618 — Rights and duties of certain secondary obligors.
Utah·Title 70A Uniform Commercial Code·Ch. 70A-9a Uniform Commercial Code - Secured Transactions·Part 70A-9a-6 Default
(1)A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1)(a) receives an assignment of a secured obligation from the secured party;
(1)(b) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(1)(c) is subrogated to the rights of a secured party with respect to collateral.
(2)An assignment, transfer, or subrogation described in Subsection (1):
(2)(a) is not a disposition of collateral under Section 70A-9a-610; and
(2)(b) relieves the secured party of further duties under this chapter.
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Utah § 70A-9a-618 (Rights and duties of certain secondary obligors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Chapter 252, 2000 General Session
Nearby Sections
15
§ 70A-10-101
Effective date.§ 70A-10-102
Specific repealer -- Provision for transition.§ 70A-10-103
General repealer.§ 70A-10-104
Laws not repealed.§ 70A-1a-101
Title.§ 70A-1a-102
Scope of chapter.§ 70A-1a-104
Construction against implied repeal.§ 70A-1a-105
Severability.§ 70A-1a-106
Use of singular and plural -- Gender.§ 70A-1a-107
Section captions.§ 70A-1a-201
General definitions.§ 70A-1a-202
Notice -- Knowledge.§ 70A-1a-203
Lease distinguished from security interest.