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§ 1-9-618. Rights and duties of certain secondary obligors

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 6. Default
12A Okl.St.Ann. § 1-9-618
§ 1-9-618. Rights and duties of certain secondary obligors
Currentness
Rights and duties of certain secondary obligors
(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;
(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) of this section:
(1) is not a disposition of collateral under Section 1-9-610 of this title; and
(2) relieves the secured party of further duties under this article.

Credits

Laws 2000, c. 371, § 125, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-618, OK ST T. 12A § 1-9-618
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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