Mich. Comp. Laws § 440.9618: Rights and duties of certain secondary obligors.

Sec. 9618.

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

The secondary obligor receives an assignment of a secured obligation from the secured party.

The secondary obligor receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party.

The secondary obligor is subrogated to the rights of a secured party with respect to collateral.

An assignment, transfer, or subrogation described in subsection (1) results in both of the following:

It is not a disposition of collateral under section 9610.

It relieves the secured party of further duties under this article.