30-9A-618. Rights and duties of certain secondary obligors. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(a) receives an assignment of a secured obligation from the secured party;
(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
(c) is subrogated to the rights of a secured party with respect to collateral.
(2) An assignment, transfer, or subrogation described in subsection (1):
(a) is not a disposition of collateral under 30-9A-610; and
(b) relieves the secured party of further duties under this chapter.
History: En. Sec. 115, Ch. 305, L. 1999; Sec. 30-9-618, MCA 1999; redes. 30-9A-618 by Code Commissioner, 2001.