§ 8.9A-618 Rights and duties of certain secondary obligors
a. 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:
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 the secured party with respect to collateral.
b. Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a):
1. is not a disposition of collateral under § 8.9A-610; and
2. relieves the secured party of further duties under this title.
History
This law was first created in 1964. The record of its establishment is cataloged in chapter 219 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1964 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1973, chapter 509; in 2000, chapter 1007.
1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.