A.R.S. § 47-9618: 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 47-9610; and

2. Relieves the secured party of further duties under this chapter.