Illinois Compiled Statutes 810 ILCS 5/9-618 – Rights and duties of certain secondary obligors
Current as of: 2024 | Check for updates
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(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
(1) receives an assignment of a secured obligation
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from the secured party;
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(2) receives a transfer of collateral from the
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secured party and agrees to accept the rights and assume the duties of the secured party; or
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(3) is subrogated to the rights of a secured party
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with respect to collateral.
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(b) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a):
(1) is not a disposition of collateral under Section
(1) is not a disposition of collateral under Section
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9-610; and
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(2) relieves the secured party of further duties
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under this Article.
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