- Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
- Receives an assignment of a secured obligation from the secured party;
- Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
- Is subrogated to the rights of a secured party with respect to collateral.
- Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a) of this Code section:
- Is not a disposition of collateral under Code Section 11-9-610; and
- Relieves the secured party of further duties under this article.
History. Code 1981, § 11-9-618 , enacted by Ga. L. 2001, p. 362, § 1.