Com. Code, § 9618 · Chapter 6. Default
Com. Code, § 9618
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(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.
Notes and commentary — not statutory text
History
Added by Stats. 1999, Ch. 991, Sec. 35. Effective January 1, 2000. Operative July 1, 2001, by Sec. 75 of Ch. 991 and Section 9701.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=COM§ionNum=9618.
- Text hash
- sha256 112c94782b53eddf1e5d93d436db3c82905b8ad624d3a8f08985e4a8c2fa832b
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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Commercial Code
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