There Is a Newer Version
of
this Section
2018 Tennessee Code
Title 47 - Commercial Instruments and Transactions
Chapter 9 - Secured Transactions
Part 6 - Default
1. Default and Enforcement of Security Interest
§ 47-9-618. Rights and duties of certain secondary obligors.
Universal Citation:
TN Code § 47-9-618 (2018)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
(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 § 47-9-610; and
(2) relieves the secured party of further duties under this chapter.
Disclaimer: These codes may not be the most recent version. Tennessee 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.
