N.J. Stat. § 12A:9-602

Current through L. 2023, c. 320.

Section 12A:9-602 - Waiver and variance of rights and duties

Except as otherwise provided in 12A: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) 12A:9-207 (b) (4) (C), which deals with use and operation of the collateral by the secured party;

(2) 12A:9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;

(3) 12A:9-607 (c), which deals with collection and enforcement of collateral;

(4) 12A:9-608 (a), and 12A:9-615 (c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;

(5) 12A:9-608 (a) and 12A:9-615 (d) to the extent that they require accounting for or payment of surplus proceeds of collateral;

(6) 12A: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) 12A:9-610 (b), 12A:9-611, 12A:9-613 and 12A:9-614, which deal with disposition of collateral;

(8) 12A: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) 12A:9-616, which deals with explanation of the calculation of a surplus or deficiency;

(10) 12A:9-620, 12A:9-621 and 12A:9-622, which deal with acceptance of collateral in satisfaction of obligation;

(11) 12A:9-623, which deals with redemption of collateral;

(12) 12A:9-624, which deals with permissible waivers; and

(13) 12A:9-625 and 12A:9-626, which deal with the secured party's liability for failure to comply with this chapter.

N.J.S. § 12A:9-602

Enacted c. 117, s. 1, eff. 6/26/2001, op. 7/1/2001; amended c. 386, s. 92, eff. 1/8/2002.

P.L. 2001, c. 386, s. 127 provides: "This act, P.L. 2001, c. 386, amends and supplements P.L. 2001, c. 117 and shall take effect immediately and shall be applied retroactively to July 1, 2001."