Waiver and Variance of Rights and Duties

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Secured Transactions
  5. Default
  6. Waiver and Variance of Rights and Duties

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Except as otherwise provided in Code Section 11-9-624, 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. Subparagraph (b)(4)(C) of Code Section 11-9-207, which deals with use and operation of the collateral by the secured party;
  2. Code Section 11-9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
  3. Subsection (c) of Code Section 11-9-607, which deals with collection and enforcement of collateral;
  4. Subsection (a) of Code Section 11-9-608 and subsection (c) of Code Section 11-9-615 to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
  5. Subsection (a) of Code Section 11-9-608 and subsection (d) of Code Section 11-9-615 to the extent that they require accounting for or payment of surplus proceeds of collateral;
  6. Code Section 11-9-609 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. Subsection (b) of Code Section 11-9-610 and Code Sections 11-9-611, 11-9-613, and 11-9-614, which deal with disposition of collateral;
  8. Subsection (f) of Code Section 11-9-615, 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. Code Section 11-9-616, which deals with explanation of the calculation of a surplus or deficiency;
  10. Code Sections 11-9-620, 11-9-621, and 11-9-622, which deal with acceptance of collateral in satisfaction of obligation;
  11. Code Section 11-9-623, which deals with redemption of collateral;
  12. Code Section 11-9-624, which deals with permissible waivers; and
  13. Code Sections 11-9-625 and 11-9-626, which deal with the secured party's liability for failure to comply with this article.

(Code 1981, §11-9-602, enacted by Ga. L. 2001, p. 362, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 68A Am. Jur. 2d, Secured Transactions, §§ 109, 160 et seq., 192 et seq., 556-575, 581, 590 et seq., 637, 734.

C.J.S.

- 72 C.J.S., Pledges, §§ 49, 50.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 9-602.

ALR.

- Rights and remedies as between parties to a conditional sale after the seller has repossessed himself of the property, 37 A.L.R. 91; 83 A.L.R. 959; 99 A.L.R. 1288; 49 A.L.R.2d 15.

Right, upon buyer's default in payment of installment due, to recover amount not due, in absence of acceleration clause, 57 A.L.R. 825.

Right to attorneys' fees on enforcing chattel mortgage, 63 A.L.R. 1314.

Attachment as affected by release or modification of lien to which property was subject when attachment was levied, 128 A.L.R. 1392.

Right of conditional seller to retake property without legal process, 146 A.L.R. 1331.

Payment or discharge of principal obligation as affecting right of the pledgee to sue or continue pending suit against the maker of the collateral pledged, or judgment previously recovered on the collateral obligation, 157 A.L.R. 261.

Construction of §§ 301 and 700 of Soldiers' and Sailors' Civil Relief Act of 1940, as amended, relating to instalment contracts for purchase of property, 24 A.L.R.2d 1074.


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