New Jersey Statutes 12A:9-602. Waiver and variance of rights and duties
Terms Used In New Jersey Statutes 12A:9-602
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
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.
L.2001, c.117, s.1; amended 2001, c.386, s.92.