Maine Revised Statutes
Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST
11 §9-1618. Rights and duties of certain secondary obligors

§9-1618. Rights and duties of certain secondary obligors
(1).  A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:  
(a). Receives an assignment of a secured obligation from the secured party;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Is subrogated to the rights of a secured party with respect to collateral.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).  An assignment, transfer or subrogation described in subsection (1):  
(a). Is not a disposition of collateral under section 9-1610; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Relieves the secured party of further duties under this Article.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).

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