Okla. Stat. tit. 12A, § 12A-1-9-618
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-618, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." 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
RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS
(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;
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 152
(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
subsection (a) of this section:
(1) is not a disposition of collateral under Section 1-9-610 of
this title; and
(2) relieves the secured party of further duties under this
article.
(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;
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 152
(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
subsection (a) of this section:
(1) is not a disposition of collateral under Section 1-9-610 of
this title; and
(2) relieves the secured party of further duties under this
article.
Status: in_force · Read it on the official government site
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