Arizona Laws 47-9602. Waiver and variance of rights and duties
Except as otherwise provided in section 47-9624, to the extent that the rules 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:
Terms Used In Arizona Laws 47-9602
- accounting for: means a record:
(a) Authenticated by a secured party;
(b) Indicating the aggregate unpaid secured obligations as of a date not more than thirty-five days earlier or thirty-five days later than the date of the record; and
(c) Identifying the components of the obligations in reasonable detail. See Arizona Laws 47-9102
- Collateral: means the property subject to a security interest or agricultural lien. 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
- Noncash proceeds: means proceeds other than cash proceeds. See Arizona Laws 47-9102
- 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.
- 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
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- 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
- Secured party: means :
(a) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;
(b) A person that holds an agricultural lien;
(c) A consignor;
(d) A person to which accounts, chattel paper, payment intangibles or promissory notes have been sold;
(e) A trustee, indenture trustee, agent, collateral agent or other representative in whose favor a security interest or agricultural lien is created or provided for; or
(f) A person that holds a security interest arising under section 47-2401, 47-2505, 47-2711, 47-2A508, 47-4210 or 47-5118. See Arizona Laws 47-9102
1. Section 47-9207, subsection B, paragraph 4, subdivision (c), which deals with use and operation of the collateral by the secured party;
2. Section 47-9210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
3. Section 47-9607, subsection C, which deals with collection and enforcement of collateral;
4. Section 47-9608, subsection A and section 47-9615, subsection C to the extent that they deal with application or payment of noncash proceeds of collection, enforcement or disposition;
5. Section 47-9608, subsection A and section 47-9615, subsection D to the extent that they require accounting for or payment of surplus proceeds of collateral;
6. Section 47-9609 to the extent that it imposes on a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
7. Section 47-9610, subsection B and sections 47-9611, 47-9613 and 47-9614, which deal with disposition of collateral;
8. Section 47-9615, subsection 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 47-9616, which deals with explanation of the calculation of a surplus or deficiency;
10. Sections 47-9620, 47-9621 and 47-9622, which deal with acceptance of collateral in satisfaction of obligation;
11. Section 47-9623, which deals with redemption of collateral;
12. Section 47-9624, which deals with permissible waivers; and
13. Sections 47-9625 and 47-9626, which deal with the secured party’s liability for failure to comply with this chapter.