30-9A-618. 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;
(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
(c) is subrogated to the rights of a secured party with respect to collateral.
(2) An assignment, transfer, or subrogation described in subsection (1):
(a) is not a disposition of collateral under 30-9A-610; and
(b) relieves the secured party of further duties under this chapter.
History: En. Sec. 115, Ch. 305, L. 1999; Sec. 30-9-618, MCA 1999; redes. 30-9A-618 by Code Commissioner, 2001.
Structure Montana Code Annotated
Chapter 9A. Uniform Commercial Code Secured Transactions
30-9A-602. Waiver and variance of rights and duties
30-9A-603. Agreement on standards concerning rights and duties
30-9A-604. Procedure if security agreement covers real property or fixtures
30-9A-605. Unknown debtor or secondary obligor
30-9A-606. Time of default for agricultural lien
30-9A-607. Collection and enforcement by secured party
30-9A-609. Secured party's right to take possession after default
30-9A-610. Disposition of collateral after default
30-9A-611. Notification before disposition of collateral
30-9A-612. Timeliness of notification before disposition of collateral
30-9A-613. Contents and form of notification before disposition of collateral -- general
30-9A-615. Application of proceeds of disposition -- liability for deficiency and right to surplus
30-9A-616. Explanation of calculation of surplus or deficiency
30-9A-617. Rights of transferee of collateral
30-9A-618. Rights and duties of certain secondary obligors
30-9A-619. Transfer of record or legal title
30-9A-621. Notification of proposal to accept collateral
30-9A-622. Effect of acceptance of collateral
30-9A-623. Right to redeem collateral
30-9A-625. Remedies for secured party's failure to comply with chapter
30-9A-626. Action in which deficiency or surplus is in issue
30-9A-627. Determination of whether conduct was commercially reasonable