N.Y. UCC Law § 9-618
This is the official text of N.Y. UCC Law § 9-618, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Rights and Duties of Certain Secondary Obligors
Official statutory text
Section 9--618. Rights and Duties of Certain Secondary Obligors.\n (a) Rights and duties of secondary obligor. A secondary obligor\nacquires the rights and becomes obligated to perform the duties of the\nsecured party after the secondary obligor:\n (1) receives an assignment of a secured obligation from the\n secured party;\n (2) receives a transfer of collateral from the secured party and\n agrees to accept the rights and assume the duties of the secured\n party; or\n (3) is subrogated to the rights of a secured party with respect\n to collateral.\n (b) Effect of assignment, transfer, or subrogation. An assignment,\ntransfer, or subrogation described in subsection (a):\n (1) is not a disposition of collateral under Section 9--610; and\n (2) relieves the secured party of further duties under this\n article.\n
Status: in_force · Read it on the official government site
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