Sec. 9.618.  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):
(1)  is not a disposition of collateral under Section 9.610;  and
(2)  relieves the secured party of further duties under this chapter.
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.