Rights and duties of certain secondary obligors.

  1. Law
  2. Colorado Revised Statutes
  3. Uniform Commercial Code
  4. Secured Transactions
  5. Rights and duties of certain secondary obligors.

Checkout our iOS App for a better way to browser and research.

(a) 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) An assignment, transfer, or subrogation described in subsection (a) of this section:

  1. Is not a disposition of collateral under section 4-9-610; and

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

Source: L. 2001: Entire article R&RE, p. 1413, § 1, effective July 1.

Editor's note: This section is similar to former § 4-9-504 (5) as it existed prior to 2001.


Download our app to see the most-to-date content.