California Commercial Code

§ 9618

COM § 9618 Effective Jan 1, 2000Div. 9 · Ch. 6

Statute text

(a)A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after any of the following occurs:

(1)The secondary obligor receives an assignment of a secured obligation from the secured party.

(2)The secondary obligor receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party.

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Legislative history

Added by Stats. 1999, Ch. 991, Sec. 35. Effective January 1, 2000. Operative July 1, 2001, by Sec. 75 of Ch. 991 and Section 9701.