Missouri Laws 400.9-618 – Rights and duties of certain secondary obligors
Current as of: 2024 | Check for updates
|
Other versions
(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;
Terms Used In Missouri Laws 400.9-618
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(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 section 400.9-610; and
(2) Relieves the secured party of further duties under this article.