§ 7-9A-602 — Waiver and Variance of Rights and Duties

Alabama § 7-9A-602

• Jurisdiction: Alabama
• Title 7: Commercial Code
• Art. 9A: Secured Transactions
• Div. 1: Default and Enforcement of Security Interest
• Part 6: Default

Text

Except as otherwise provided in Section 7-9A-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 7-9A-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;
(2) Section 7-9A-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) Section 7-9A-607(c), which deals with collection and enforcement of collateral;
(4) Sections 7-9A-608(a) and 7-9A-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) Sections 7-9A-608(a) and 7-9A-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) Section 7-9A-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 7-9A-610(b), 7-9A-611, 7-9A-613, and 7-9A-614, which deal with disposition of collateral;
(8) Section 7-9A-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 7-9A-616, which deals with explanation of the calculation of a surplus or deficiency;
(10) Sections 7-9A-620, 7-9A-621, and 7-9A-622, which deal with acceptance of collateral in satisfaction of obligation;
(11) Section 7-9A-623, which deals with redemption of collateral;
(12) Section 7-9A-624, which deals with permissible waivers; and
(13) Sections 7-9A-625 and 7-9A-626, which deal with the secured party’s liability for failure to comply with this article.

Legislative History

(Act 2001-481, p. 647, §1.)