The Florida Senate

679.618  Rights and duties of certain secondary obligors.--

(1)  A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:

(a)  Receives an assignment of a secured obligation from the secured party;

(b)  Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or

(c)  Is subrogated to the rights of a secured party with respect to collateral.

(2)  An assignment, transfer, or subrogation described in subsection (1):

(a)  Is not a disposition of collateral under s. 679.610; and

(b)  Relieves the secured party of further duties under this chapter.

History.--s. 7, ch. 2001-198.