Statute · New York Uniform Commercial Code

N.Y. U.C.C. Law § 9-618 — Rights and Duties of Certain Secondary Obligors

N.Y. U.C.C. Law § 9-618

Type: Statute
Source: New York Uniform Commercial Code
Jurisdiction: New York
Current through: Nov 5, 2026 (NY Senate Open Legislation)

Section 9--618. Rights and Duties of Certain Secondary Obligors.

Citator

N.Y. U.C.C. Law § 9-618 — Rights and Duties of Certain Secondary Obligors is in force in the current edition of the Code, and nothing recorded condemns it.

Section 9--618. 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 9--610; and

(2) relieves the secured party of further duties under this

article.