When does an obligor acquire the rights of the secured party?

An obligor acquires the rights of the secured party after receiving a transfer of rights because this transfer is a legal mechanism through which the rights held by the secured party are officially conveyed to the obligor. This process can occur in various circumstances, such as when the secured party sells or assigns the rights under a security agreement. The essential aspect is that the obligor must have received a formal transfer in order to obtain those rights.

The other options focus on different scenarios such as the disposal of collateral, making full payment, or forced liquidation of assets, but these do not inherently lead to the obligor acquiring the secured party's rights directly. The acquisition of rights is specifically tied to the formal transfer process.