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Session Laws, 1999
Volume 796, Page 2118   View pdf image
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MEANING OF THIS SECTION. A SECURED PARTY MAY PURCHASE AT THE SALE AND
THEREAFTER HOLD THE COLLATERAL FREE OF ANY OTHER REQUIREMENTS OF THIS
TITLE.

(G) EXCEPT AS OTHERWISE PROVIDED IN § 9-607(C), THIS SUBTITLE IMPOSES
NO DUTIES UPON A SECURED PARTY THAT IS A CONSIGNOR OR IS A BUYER OF
ACCOUNTS, CHATTEL PAPER PAYMENT INTANGIBLES, OR PROMISSORY NOTES.

9-602. WAIVER AND VARIANCE OF RIGHTS AND DUTIES.

EXCEPT AS OTHERWISE PROVIDED IN § 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) § 9-207(B)(4)(C), WHICH DEALS WITH USE AND OPERATION OF THE
COLLATERAL BY THE SECURED PARTY;

(2) § 9-210, WHICH DEALS WITH REQUESTS FOR AN ACCOUNTING AND
REQUESTS CONCERNING A LIST OF COLLATERAL AND STATEMENT OF ACCOUNT;

(3) § 9-607(C), WHICH DEALS WITH COLLECTION AND ENFORCEMENT OF
COLLATERAL;

(4) §§ 9_608(A) AND 9-615(C) TO THE EXTENT THAT THEY DEAL WITH
APPLICATION OR PAYMENT OF NONCASH PROCEEDS OF COLLECTION,
ENFORCEMENT, OR DISPOSITION;

(5) §§ 9-608(A) AND 9-615(D) TO THE EXTENT THAT THEY REQUIRE
ACCOUNTING FOR OR PAYMENT OF SURPLUS PROCEEDS OF COLLATERAL;

(6) § 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) §§ 9-610(B), 9-611, 9-613, AND 9-614, WHICH DEAL WITH DISPOSITION
OF COLLATERAL;

(8) § 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) § 9-616, WHICH DEALS WITH EXPLANATION OF THE CALCULATION OF
A SURPLUS OR DEFICIENCY;

(10) §§ 9-620, 9-621, AND 9-622, WHICH DEAL WITH ACCEPTANCE OF
COLLATERAL IN SATISFACTION OF OBLIGATION;

(11) § 9-623, WHICH DEALS WITH REDEMPTION OF COLLATERAL;

(12) § 9-624, WHICH DEALS WITH PERMISSIBLE WAIVERS; AND

(13) §§ 9-625 AND 9-626, WHICH DEAL WITH THE SECURED PARTY'S
LIABILITY FOR FAILURE TO COMPLY WITH THIS ARTICLE.

 

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Session Laws, 1999
Volume 796, Page 2118   View pdf image
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