GroundRules
Minn. Stat. § 336.9-618: RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS.
Where this section sits in the code
- TRADE REGULATIONS, CONSUMER PROTECTION
- CHAPTER 336. UNIFORM COMMERCIAL CODE
- SUBPART 2. DUTIES AND OPERATION OF FILING OFFICE
- Part 6 DEFAULT SUBPART 1. DEFAULT AND ENFORCEMENT OF SECURITY INTEREST
(a) Rights and duties of secondary obligor. 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) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a):
(1) is not a disposition of collateral under section 336.9-610; and
(2) relieves the secured party of further duties under this article.
Collected 2026-09-02T22:10:43Z. Source file · JSON