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Rights and duties of certain secondary obligors

9A V.S.A. § 9—618
in effect
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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) of this section: (1) is not a disposition of collateral under section 9—610 of this title; and (2) relieves the secured party of further duties under this article. Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.
Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/section/09A/009/00618Fetched: 10/21/2026

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