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.

(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.#
(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.

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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.

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