Except as otherwise provided in N.C. Gen. Stat. § 25-9-624, 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) N.C. Gen. Stat. § 25-9-207(b)(4)c., which deals with use and operation of the collateral by the secured party;

Terms Used In North Carolina General Statutes 25-9-602

  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • 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.

(2) N.C. Gen. Stat. § 25-9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;

(3) N.C. Gen. Stat. § 25-9-607(c), which deals with collection and enforcement of collateral;

(4) N.C. Gen. Stat. § 25-9-608(a) and N.C. Gen. Stat. § 25-9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;

(5) N.C. Gen. Stat. § 25-9-608(a) and N.C. Gen. Stat. § 25-9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;

(6) N.C. Gen. Stat. § 25-9-609 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) N.C. Gen. Stat. § 25-9-610(b), 25-9-611, 25-9-613, and 25-9-614, which deal with disposition of collateral;

(8) N.C. Gen. Stat. § 25-9-615(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) N.C. Gen. Stat. § 25-9-616, which deals with explanation of the calculation of a surplus or deficiency;

(10) N.C. Gen. Stat. § 25-9-620, 25-9-621, and 25-9-622, which deal with acceptance of collateral in satisfaction of obligation;

(11) N.C. Gen. Stat. § 25-9-623, which deals with redemption of collateral;

(12) N.C. Gen. Stat. § 25-9-624, which deals with permissible waivers; and

(13) N.C. Gen. Stat. § 25-9-625 and N.C. Gen. Stat. § 25-9-626, which deal with the secured party’s liability for failure to comply with this Article. (1866-7, c. 1, s. 2; 1872-3, c. 133, s. 2; 1883, c. 88; Code, s. 1800; 1893, c. 9; Rev., s. 2054; C.S., s. 2488; 1961, c. 574; 1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)

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