Indiana Code 26-1-9.1-618. Rights and duties of certain secondary obligors
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Sec. 618. (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(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
(1) receives an assignment of a secured obligation from the secured party;
Terms Used In Indiana Code 26-1-9.1-618
- 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.
(3) is subrogated to the rights of a secured party with respect to collateral.
(b) An assignment, transfer, or subrogation described in subsection (a):
(1) is not a disposition of collateral under IC 26-1-9.1-610; and
(2) relieves the secured party of further duties under IC 26-1-9.1.
As added by P.L.57-2000, SEC.45.