☰ Revisor of Missouri


Chapter 400

< > Effective - 01 Jul 2001, see footnote bottom

  400.9-618.  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):

  (1)  Is not a disposition of collateral under section 400.9-610; and

  (2)  Relieves the secured party of further duties under this article.


(L. 2001 S.B. 288)

Effective 7-01-01

---- end of effective  01 Jul 2001 ----

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