ORS 79A.6180: UCC 9-618. 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) of this section:

      (a) Is not a disposition of collateral under ORS 79A.6100; and

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