N.Y. Uniform Commercial Code Law Section 9-618
Rights and Duties of Certain Secondary Obligors


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.

Source: Section 9-618 — Rights and Duties of Certain Secondary Obligors, https://www.­nysenate.­gov/legislation/laws/UCC/9-618 (updated Sep. 22, 2014; accessed Jul. 13, 2024).

Accessed:
Jul. 13, 2024

Last modified:
Sep. 22, 2014

§ 9-618’s source at nysenate​.gov

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