TITLE 11 COMMERCIAL CODE

Section 9. Secured Transactions, 11-9-101 through 11-9-809.

ARTICLE 9 SECURED TRANSACTIONS

PART 1 DEFAULT AND ENFORCEMENT OF SECURITY INTEREST

11-9-618. Rights and duties of certain secondary obligors.

1. 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.
2. 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; and
   2. Relieves the secured party of further duties under this article.

(Code 1981, §11-9-618, enacted by Ga. L. 2001, p. 362, § 1.)