(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 § 9-610; and
(2) Relieves the secured party of further duties under this title.
Structure Maryland Statutes
Title 9 - Secured Transactions
Section 9-602 - Waiver and Variance of Rights and Duties
Section 9-603 - Agreement on Standards Concerning Rights and Duties
Section 9-604 - Procedure if Security Agreement Covers Real Property or Fixtures
Section 9-605 - Unknown Debtor or Secondary Obligor
Section 9-606 - Time of Default for Agricultural Lien
Section 9-607 - Collection and Enforcement by Secured Party
Section 9-609 - Secured Party's Right to Take Possession After Default
Section 9-610 - Disposition of Collateral After Default
Section 9-611 - Notification Before Disposition of Collateral
Section 9-612 - Timeliness of Notification Before Disposition of Collateral
Section 9-613 - Contents and Form of Notification Before Disposition of Collateral: General
Section 9-616 - Explanation of Calculation of Surplus or Deficiency
Section 9-617 - Rights of Transferee of Collateral
Section 9-618 - Rights and Duties of Certain Secondary Obligors
Section 9-619 - Transfer of Record or Legal Title
Section 9-621 - Notification of Proposal to Accept Collateral
Section 9-622 - Effect of Acceptance of Collateral
Section 9-623 - Right to Redeem Collateral
Section 9-625 - Remedies for Secured Party's Failure to Comply With Title
Section 9-626 - Action in Which Deficiency or Surplus Is in Issue
Section 9-627 - Determination of Whether Conduct Was Commercially Reasonable