West Virginia § 46-9-618 Rights and duties of certain secondary obligors

West Virginia Statutes

§ 46-9-618 — Rights and duties of certain secondary obligors

West Virginia·Ch. 46 UNIFORM COMMERCIAL CODE·Art. 9 SECURED TRANSACTIONS; SALES OF ACCOUNTS AND CHATTEL PAPER

(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) of this section:

(1)Is not a disposition of collateral under section 9-610; and

(2)Relieves the secured party of further duties under this article.

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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) of this section:

(1) Is not a disposition of collateral under section 9-610; and

(2) Relieves the secured party of further duties under this article.

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