A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(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.
An assignment, transfer, or subrogation described in subsection (a):
Is not a disposition of collateral under Section 75-9-610; and
Relieves the secured party of further duties under this article.