Tex. Business & Commerce Code § 9.618
RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS
Texas · Texas Business & Commerce Code · Status: effective
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- Citation
- Tex. Business & Commerce Code § 9.618, RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/630346
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Full text
(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.