Kansas Statutes 84-9-618. Rights and duties
(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 from the secured party;
Terms Used In Kansas Statutes 84-9-618
- 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.
(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) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a):
(1) Is not a disposition of collateral under Kan. Stat. Ann. 2023 Supp. 84-9-610, and amendments thereto; and
(2) relieves the secured party of further duties under this article.