Rights and duties of certain secondary obligors

  1. Law
  2. Mississippi Code
  3. Regulation of Trade, Commerce and Investments
  4. Uniform Commercial Code-Secured Transactions
  5. Default
  6. Default and Enforcement of Security Interest
  7. Rights and duties of certain secondary obligors

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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.

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

Is not a disposition of collateral under Section 75-9-610; and

Relieves the secured party of further duties under this article.


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