24.47.160 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):
(1) Is not a disposition of collateral under Section 24.47.100; and
(2) Relieves the secured party of further duties under Chapters 24.42 through 24.48.