2013 Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS
11 §9-1618. Rights and duties of certain secondary obligors

Part 6: DEFAULT
Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST

9-1618. 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; [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

(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 [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

(c). Is subrogated to the rights of a secured party with respect to collateral. [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]

(2). An assignment, transfer or subrogation described in subsection (1):

(a). Is not a disposition of collateral under section 9-1610; and [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

(b). Relieves the secured party of further duties under this Article. [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]

SECTION HISTORY

1999, c. 699, A2 (NEW). 1999, c. 699, A4 (AFF).