Oregon Statutes 79.0618 – UCC 9-618. Rights and duties of certain secondary obligors
(1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
Terms Used In Oregon Statutes 79.0618
- Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
- 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.
- Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral:
(i) Owes payment or other performance of the obligation;
(ii) Has provided property other than the collateral to secure payment or other performance of the obligation; or
(iii) Is otherwise accountable in whole or in part for payment or other performance of the obligation. See Oregon Statutes 79.0102
- Secondary obligor: means an obligor to the extent that:
(A) The obligor's obligation is secondary; or
(B) The obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either. See Oregon Statutes 79.0102
(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) An assignment, transfer or subrogation described in subsection (1) of this section:
(a) Is not a disposition of collateral under ORS § 79.0610; and
(b) Relieves the secured party of further duties under this chapter. [2001 c.445 § 116]