Rights and duties of certain secondary obligors.

  1. Law
  2. Utah Code
  3. Uniform Commercial Code
  4. Uniform Commercial Code - Secured Transactions
  5. Default
  6. Rights and duties of certain secondary obligors.

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  • (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 Section 70A-9a-610; and
    • (b) relieves the secured party of further duties under this chapter.




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