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     Idaho Statutes

Idaho Statutes are updated to the website July 1 following the legislative session.

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TITLE 28
COMMERCIAL TRANSACTIONS
CHAPTER 9
SECURED TRANSACTIONS
PART 6.
DEFAULT
28-9-618.  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 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.
(b)  An assignment, transfer or subrogation described in subsection (a) of this section:
(1)  Is not a disposition of collateral under section 28-9-610; and
(2)  Relieves the secured party of further duties under this chapter.

History:
[28-9-618, added 2001, ch. 208, sec. 2, p. 791.]


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