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2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 079 - Secured Transactions
Section 79.0618 - UCC 9-618. Rights and duties of certain secondary obligors.
Universal Citation: OR Rev Stat § 79.0618 (2017)
(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) of this section:
(a) Is not a disposition of collateral under ORS 79.0610; and
(b) Relieves the secured party of further duties under this chapter. [2001 c.445 §116]
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