There is a newer version
of
this Section
2018 Ohio Revised Code
Title [13] XIII COMMERCIAL TRANSACTIONS - OHIO UNIFORM COMMERCIAL CODE
Chapter 1309 - SECURED TRANSACTIONS
Section 1309.618 - Rights and duties of certain secondary obligors - UCC 9-618.
Universal Citation: Ohio Rev Code § 1309.618 (2018)
(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 division (A) of this section:
(1) Is not a disposition of collateral under section 1309.610 of the Revised Code; and
(2) Relieves the secured party of further duties under this chapter.
Effective Date: 07-01-2001 .
Disclaimer: These codes may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
