Fla. Stat. § 679.618 : Commercial Relations — Uniform Commercial Code: Secured Transactions — Rights and duties of certain secondary obligors Date: 29 Mar 2016 TEXT PDF Current through Chapter 269 of the 2016 Legislative Session (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a) Receives an assignment of a secured obligation from the secured party; (b) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or (c) Is subrogated to the rights of a secured party with respect to collateral. (2) An assignment, transfer, or subrogation described in subsection (1): (a) Is not a disposition of collateral under s. 679.610; and (b) Relieves the secured party of further duties under this chapter. Fla. Stat. § 679.618 s.7, ch. 2001-198.