Tenn. Code Ann. § 47-9-618

Rights and duties of certain secondary obligors

Known as the Uniform Commercial Code

The act spans §§ 47–47 (578 sections).

Acts 2000, ch. 846, § 1.

(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: 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.

(4) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a): is not a disposition of collateral under § 47-9-610; and

(5) relieves the secured party of further duties under this chapter.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.