Wisconsin Statutes 409.618 – Rights and duties of certain secondary obligors
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Terms Used In Wisconsin Statutes 409.618
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1) 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:
(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) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in sub. (1):
(a) Is not a disposition of collateral under s. 409.610; and
(b) Relieves the secured party of further duties under this chapter.