Section 11-9-618. Rights and duties of certain secondary obligors.

   (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) of this Code section:

   (1) Is not a disposition of collateral under Code Section 11-9-610; and

   (2) Relieves the secured party of further duties under this article.

Code 1981, § 11-9-618, enacted by Ga. L. 2001, p. 362, § 1.