2010 Georgia Code
TITLE 11 - COMMERCIAL CODE
ARTICLE 9 - SECURED TRANSACTIONS
PART 6 - DEFAULT
PART 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST
§ 11-9-618 - Rights and duties of certain secondary obligors
. 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) of this Code section:
(1) Is not a disposition of collateral under Code Section 11-9-610
(2) Relieves the secured party of further duties under this article.
Graham Syfert - Jacksonville Lawyer