Rights and duties of certain secondary obligors.

(1) Receives an assignment of a secured obligation from the secured party; (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) Is subrogated to the rights of a secured party with respect to collateral. (b) An assignment, transfer or subrogation described in subsection (a): (1) Is not a disposition of collateral under section 42a-9-610 ; and (2) Relieves the secured party of further duties under this article. Annotations to former section 42a-9-504(5): Cited. 18 CA 265; 24 CA 455.