§ 9–618

Statutes in effect as of October 1, 2026.

Md. Code Ann., Com. Law § 9-618 (2026)

Title 9. Secured Transactions

Subtitle 6. Default

(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 § 9-610; and

(2)

Relieves the secured party of further duties under this title.