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.