Skip to content
Georgia Commons
Menu

Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 9. · Article 9. SECURED TRANSACTIONS · Part 6. DEFAULT

11-9-618. Rights and duties of certain secondary obligors.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:#

    1. (1)

      Receives an assignment of a secured obligation from the secured party;#

    2. (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. (3)

      Is subrogated to the rights of a secured party with respect to collateral.#

  2. (b)

    Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a) of this Code section:#

    1. (1)

      Is not a disposition of collateral under Code Section 11-9-610; and#

    2. (2)

      Relieves the secured party of further duties under this article.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-9-618, enacted by Ga. L. 2001, p. 362, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 932 to 933; merge action: carried; file SHA-256 ad397fccbf21.