The Vermont Statutes Online
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NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 9A : Uniform Commercial Code
Article 009 : Secured Transactions
(Cite as: 9A V.S.A. § 9-618)-
§ 9—618. 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 9—610 of this title; and
(2) relieves the secured party of further duties under this article. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
