Corpus

Rights and duties of certain secondary obligors.

Miss. Code Ann. § 75-9-618
in effect
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A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: Receives an assignment of a secured obligation from the secured party; Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or Is subrogated to the rights of a secured party with respect to collateral. An assignment, transfer, or subrogation described in subsection (a): Is not a disposition of collateral under Section 75-9-610; and Relieves the secured party of further duties under this article.