Waiver and variance of rights and duties

  1. Law
  2. Mississippi Code
  3. Regulation of Trade, Commerce and Investments
  4. Uniform Commercial Code-Secured Transactions
  5. Default
  6. Default and Enforcement of Security Interest
  7. Waiver and variance of rights and duties

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Except as otherwise provided in Section 75-9-624, 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 75-9-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;
  2. Section 75-9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
  3. Section 75-9-607(c), which deals with collection and enforcement of collateral;
  4. Sections 75-9-608(a) and 75-9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
  5. Sections 75-9-608(a) and 75-9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
  6. Section 75-9-609 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 75-9-610(b), 75-9-611, 75-9-613, and 75-9-614, which deal with disposition of collateral;
  8. Section 75-9-615(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 75-9-616, which deals with explanation of the calculation of a surplus or deficiency;
  10. Sections 75-9-620, 75-9-621, and 75-9-622, which deal with acceptance of collateral in satisfaction of obligation;
  11. Section 75-9-623, which deals with redemption of collateral;
  12. Section 75-9-624, which deals with permissible waivers; and
  13. Sections 75-9-625 and 75-9-626, which deal with the secured party's liability for failure to comply with this article.


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