2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 96 - Default
Section 9618 - Rights and duties of certain secondary obligors

     § 9618.  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
        9610 (relating to disposition of collateral after default);
        and
            (2)  relieves the secured party of further duties under
        this division.