A. A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 47-9611 only by an agreement to that effect entered into and authenticated after default.

Terms Used In Arizona Laws 47-9624

  • Collateral: means the property subject to a security interest or agricultural lien. See Arizona Laws 47-9102
  • Consumer goods: means goods that are used or bought for use primarily for personal, family or household purposes. See Arizona Laws 47-9102
  • Debtor: means :

    (a) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;

    (b) A seller of accounts, chattel paper, payment intangibles or promissory notes; or

    (c) A consignee. See Arizona Laws 47-9102

  • Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, owes payment or other performance of the obligation, has provided property other than the collateral to secure payment or other performance of the obligation or is otherwise accountable in whole or in part for payment or other performance of the obligation. See Arizona Laws 47-9102
  • Secondary obligor: means an obligor to the extent that:

    (a) The obligor's obligation is secondary; or

    (b) The obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor or property of either. See Arizona Laws 47-9102

B. A debtor may waive the right to require disposition of collateral under section 47-9620, subsection E only by an agreement to that effect entered into and authenticated after default.

C. Except in a consumer goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 47-9623 only by an agreement to that effect entered into and authenticated after default.

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