Maryland Commercial Law Section 9-618

Article - Commercial Law

§ 9-618.

      (a)      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.

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

            (1)      Is not a disposition of collateral under § 9-610; and

            (2)      Relieves the secured party of further duties under this title.



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