Can you summarize IACO 554.9618?

Short Summary

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: a.receives an assignment of a secured obligation from the secured party; b.receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or c.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 1: a.is not a disposition of collateral under section 554.9610; and b.relieves the secured party of further duties under this Article. 2000 Acts, ch 1149, 116, 187

Jurisdiction

Iowa

Source

• Banking