Waiver and Variance of Rights and Duties

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

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Except as otherwise provided in §47-9-624, 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 47-9-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;
  2. Section 47-9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
  3. Section 47-9-607(c), which deals with collection and enforcement of collateral;
  4. Sections 47-9-608(a) and 47-9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
  5. Sections 47-9-608(a) and 47-9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
  6. Section 47-9-609 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 47-9-610(b), 47-9-611, 47-9-613, and 47-9-614, which deal with disposition of collateral;
  8. Section 47-9-615(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 47-9-616, which deals with explanation of the calculation of a surplus or deficiency;
  10. Sections 47-9-620, 47-9-621, and 47-9-622, which deal with acceptance of collateral in satisfaction of obligation;
  11. Section 47-9-623, which deals with redemption of collateral;
  12. Section 47-9-624, which deals with permissible waivers; and
  13. Sections 47-9-625 and 47-9-626, which deal with the secured party's liability for failure to comply with this chapter.


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