Secured Transactions

ORS 79.0618
UCC 9-618


A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:


Receives an assignment of a secured obligation from the secured party;


Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or


Is subrogated to the rights of a secured party with respect to collateral.


An assignment, transfer or subrogation described in subsection (1) of this section:


Is not a disposition of collateral under ORS 79.0610 (UCC 9-610); and


Relieves the secured party of further duties under this chapter. [2001 c.445 §116]


Last accessed
May 30, 2023