Section 9618 - Rights and duties of certain secondary obligors(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after any of the following occurs:(1) The secondary obligor receives an assignment of a secured obligation from the secured party.(2) The secondary obligor receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party.(3) The secondary obligor is subrogated to the rights of a secured party with respect to collateral.(b) Both of the following rules apply with respect to an assignment, transfer, or subrogation described in subdivision (a):(1) It is not a disposition of collateral under Section 9610.(2) It relieves the secured party of further duties under this division.EFFECTIVE 7/01/2001. Added10/10/1999 (Bill Number: SB 45) (Chapter 991).