N.Y. U.C.C. 9-618

Section 9--618. Rights and Duties of Certain Secondary Obligors.\n (a) Rights and duties of secondary obligor. A secondary obligor\nacquires the rights and becomes obligated to perform the duties of the\nsecured party after the secondary obligor:\n (1) receives an assignment of a secured obligation from the\n secured party;\n (2) receives a transfer of collateral from the secured party and\n agrees to accept the rights and assume the duties of the secured\n party; or\n (3) is subrogated to the rights of a secured party with respect\n to collateral.\n (b) Effect of assignment, transfer, or subrogation. An assignment,\ntransfer, or subrogation described in subsection (a):\n (1) is not a disposition of collateral under Section 9--610; and\n (2) relieves the secured party of further duties under this\n article.\n