TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 6.

DEFAULT

28-9-602.  Waiver and variance of rights and duties. Except as otherwise provided in section 28-9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:

(1)  Section 28-9-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;

(2)  Section 28-9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;

(3)  Section 28-9-607(c), which deals with collection and enforcement of collateral;

(4)  Sections 28-9-608(a) and 28-9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;

(5)  Sections 28-9-608(a) and 28-9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;

(6)  Section 28-9-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;

(7)  Sections 28-9-610(b), 28-9-611, 28-9-613 and 28-9-614, which deal with disposition of collateral;

(8)  Section 28-9-615(f), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;

(9)  Section 28-9-616, which deals with explanation of the calculation of a surplus or deficiency;

(10) Sections 28-9-620, 28-9-621 and 28-9-622, which deal with acceptance of collateral in satisfaction of obligation;

(11) Section 28-9-623, which deals with redemption of collateral;

(12) Section 28-9-624, which deals with permissible waivers; and

(13) Sections 28-9-625 and 28-9-626, which deal with the secured party’s liability for failure to comply with this chapter.

History:

[28-9-602, added 2001, ch. 208, sec. 2, p. 780.]