N.C. Gen. Stat. § 25-9-618
Rights and duties of certain secondary obligors
North Carolina · North Carolina General Statutes Chapter 25 — Chapter 25. · Status: effective
Cite this
- Citation
- N.C. Gen. Stat. § 25-9-618, Rights and duties of certain secondary obligors, North Carolina, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1310554
- Permanent ID
ys:prov:1310554@1- SHA-256
98a6f8186932b94a77903df5764d62dd801fcd00b0e9342579b53069433cc79d
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
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 section:
(1) Is not a disposition of collateral under G.S. 25-9-610; and (2) Relieves the secured party of further duties under this Article. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)