(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
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 9 - Secured Transactions
Subpart 1 - Default and Enforcement of Security Interest
§ 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
§ 4-9-609. 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
§ 4-9-615. 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
§ 4-9-621. Notification of proposal to accept collateral
§ 4-9-622. Effect of acceptance of collateral