2006 New York Code - Rights And Duties Of Certain Secondary Obligors

  Section 9--618. Rights and Duties of Certain Secondary Obligors.
    (a) 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:
         (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) Effect  of  assignment,  transfer,  or subrogation. An assignment,
  transfer, or subrogation described in subsection (a):
         (1) is not a disposition of collateral under Section 9--610; and
         (2) relieves the secured  party  of  further  duties  under  this

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