(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;
(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 Section 9-610; and
(2) relieves the secured party of further duties under this Article.
Structure Delaware Code
Article 9. Secured Transactions
§ 9-602. Waiver and variance of rights and duties.
§ 9-603. Agreement on standards concerning rights and duties.
§ 9-604. Procedure if security agreement covers real property or fixtures.
§ 9-605. Unknown debtor or secondary obligor.
§ 9-606. Time of default for agricultural lien.
§ 9-607. Collection and enforcement by secured party.
§ 9-609. Secured party's right to take possession after default.
§ 9-610. Disposition of collateral after default.
§ 9-611. Notification before disposition of collateral.
§ 9-612. Timeliness of notification before disposition of collateral.
§ 9-613. Contents and form of notification before disposition of collateral: general.
§ 9-615. Application of proceeds of disposition; liability for deficiency and right to surplus.
§ 9-616. Explanation of calculation of surplus or deficiency.
§ 9-617. Rights of transferee of collateral.
§ 9-618. Rights and duties of certain secondary obligors.
§ 9-619. Transfer of record or legal title.
§ 9-621. Notification of proposal to accept collateral.
§ 9-622. Effect of acceptance of collateral.
§ 9-623. Right to redeem collateral.
§ 9-625. Remedies for secured party's failure to comply with article.
§ 9-626. Action in which deficiency or surplus is in issue.
§ 9-627. Determination of whether conduct was commercially reasonable.
§ 9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor.