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2017 Arizona Revised Statutes
Title 47 - Uniform Commercial Code
§ 47-9618 Rights and duties of certain secondary obligors
Universal Citation: AZ Rev Stat § 47-9618 (2017)
47-9618. Rights and duties of certain secondary obligors
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 of this section:
1. Is not a disposition of collateral under section 47-9610; and
2. Relieves the secured party of further duties under this chapter.
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