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Searching 2021-2022 Session

The Vermont Statutes Online

 

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.)