2010 Florida Code
TITLE XXXIX COMMERCIAL RELATIONS
Chapter 679 UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS
PART VII DEFAULT(ss. 679.601-679.628)
679.618 Rights and duties of certain secondary obligors.
679.618 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;
(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 s. 679.610; and
(b) Relieves the secured party of further duties under this chapter.
History. s. 7, ch. 2001-198.
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