§ 9618. Rights and duties of certain secondary obligors.
(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 9610 (relating to disposition of collateral after default); and
(2) relieves the secured party of further duties under this division.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Section 9602 - Waiver and variance of rights and duties
Section 9603 - Agreement on standards concerning rights and duties
Section 9604 - Procedure if security agreement covers real property or fixtures
Section 9605 - Unknown debtor or secondary obligor
Section 9606 - Time of default for agricultural lien
Section 9607 - Collection and enforcement by secured party
Section 9609 - Secured party's right to take possession after default
Section 9610 - Disposition of collateral after default
Section 9611 - Notification before disposition of collateral
Section 9612 - Timeliness of notification before disposition of collateral
Section 9613 - Contents and form of notification before disposition of collateral: general
Section 9615 - Application of proceeds of disposition; liability for deficiency and right to surplus
Section 9616 - Explanation of calculation of surplus or deficiency
Section 9617 - Rights of transferee of collateral
Section 9618 - Rights and duties of certain secondary obligors
Section 9619 - Transfer of record or legal title
Section 9621 - Notification of proposal to accept collateral
Section 9622 - Effect of acceptance of collateral
Section 9623 - Right to redeem collateral
Section 9625 - Remedies for secured party's failure to comply with division
Section 9626 - Action in which deficiency or surplus is in issue
Section 9627 - Determination of whether conduct was commercially reasonable