(810 ILCS 5/9-618)
Rights and duties of certain secondary obligors.
(a) Rights and duties of secondary obligor. A secondary obligor
acquires the rights and becomes obligated to perform the duties of the secured
after the secondary obligor:
(1) receives an assignment of a secured obligation
(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):
(1) is not a disposition of collateral under Section
(2) relieves the secured party of further duties
(Source: P.A. 91-893, eff. 7-1-01.)