11 M.R.S. §9-1618: Rights and duties of certain secondary obligors

(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):

(a). Is not a disposition of collateral under section 9‑1610; and

(b). Relieves the secured party of further duties under this Article.