554.9618  Rights and duties of certain secondary obligors.
  1.  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:
  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.  Effect of assignment, transfer, or subrogation.  An assignment, transfer, or subrogation described in subsection 1:
  a.  is not a disposition of collateral under section 554.9610; and
  b.  relieves the secured party of further duties under this Article.
2000 Acts, ch 1149, §116, 187