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2010 Florida Statutes
SECTION 618
Rights and duties of certain secondary obligors.
Rights and duties of certain secondary obligors.
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.