Arkansas Code
Subpart 1 - Default and Enforcement of Security Interest
§ 4-9-618. Rights and duties of certain secondary obligors

(a) 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;
(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) An assignment, transfer, or subrogation described in subsection (a):
(1) is not a disposition of collateral under § 4-9-610; and
(2) relieves the secured party of further duties under this chapter.

Structure Arkansas Code

Arkansas Code

Title 4 - Business and Commercial Law

Subtitle 1 - Uniform Commercial Code

Chapter 9 - Secured Transactions

Part 6 - Default

Subpart 1 - Default and Enforcement of Security Interest

§ 4-9-601. Rights after default — Judicial enforcement — Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

§ 4-9-602. Waiver and variance of rights and duties

§ 4-9-603. Agreement on standards concerning rights and duties

§ 4-9-604. Procedure if security agreement covers real property or fixtures

§ 4-9-605. Unknown debtor or secondary obligor

§ 4-9-606. Time of default for agricultural lien

§ 4-9-607. Collection and enforcement by secured party

§ 4-9-608. Application of proceeds of collection or enforcement — Liability for deficiency and right to surplus

§ 4-9-609. Secured party's right to take possession after default

§ 4-9-610. Disposition of collateral after default

§ 4-9-611. Notification before disposition of collateral

§ 4-9-612. Timeliness of notification before disposition of collateral

§ 4-9-613. Contents and form of notification before disposition of collateral: General

§ 4-9-614. Contents and form of notification before disposition of collateral: Consumer-goods transaction

§ 4-9-615. Application of proceeds of disposition — Liability for deficiency and right to surplus

§ 4-9-616. Explanation of calculation of surplus or deficiency

§ 4-9-617. Rights of transferee of collateral

§ 4-9-618. Rights and duties of certain secondary obligors

§ 4-9-619. Transfer of record or legal title

§ 4-9-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral

§ 4-9-621. Notification of proposal to accept collateral

§ 4-9-622. Effect of acceptance of collateral

§ 4-9-623. Right to redeem collateral

§ 4-9-624. Waiver