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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 a secured party with respect to collateral.

B. Effect of Assignment, Transfer, or Subrogation. An assignment, transfer, or subrogation described in subsection (A) of this section:

1. Is not a disposition of collateral under 27A ONC § 9-610; and

2. Relieves the secured party of further duties under this Osage Nation Secured Transactions Act. ONCA 07-22, eff. June 18, 2007.