§ 34.1-9-618 — Rights and duties of certain secondary obligors

(a) A secondary obligor acquires the rights and becomes
obligated to perform the duties of the secured party after the
secondary obligor:
(i) Receives an assignment of a secured obligation
from the secured party;
(ii) Receives a transfer of collateral from the
secured party and agrees to accept the rights and assume the
duties of the secured party; or
(iii) Is subrogated to the rights of a secured party
with respect to collateral.
(b) An assignment, transfer or subrogation described in
subsection (a):
(i) Is not a disposition of collateral under section
34.1-9-610; and
(ii) Relieves the secured party of further duties
under this article.