Secured Transactions

ORS 79.0618
UCC 9-618

(1)

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)

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

(a)

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

(b)

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

Last accessed
May 30, 2023

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