Kentucky Statutes 355.9-602 – Waiver and variance of rights and duties
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Except as otherwise provided in KRS § 355.9-624, 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) KRS § 355.9-207(2)(d)3., which deals with use and operation of the collateral by the secured party;
(2) KRS § 355.9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) KRS § 355.9-607(3), which deals with collection and enforcement of collateral;
(4) KRS § 355.9-608(1) and 355.9-615(3) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) KRS § 355.9-608(1) and 355.9-615(4) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) KRS § 355.9-609 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) KRS § 355.9-610(2), 355.9-611, 355.9-613, and 355.9-614, which deal with disposition of collateral;
(8) KRS § 355.9-615(6), 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) KRS § 355.9-616, which deals with explanation of the calculation of a surplus or deficiency;
(10) KRS § 355.9-620, 355.9-621, and 355.9-622, which deal with acceptance of collateral in satisfaction of obligation;
(11) KRS § 355.9-623, which deals with redemption of collateral; (12) KRS § 355.9-624, which deals with permissible waivers; and
(13) KRS § 355.9-625 and KRS § 355.9-626, which deal with the secured party’s liability for failure to comply with this article.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 120, effective July 1, 2001.
(1) KRS § 355.9-207(2)(d)3., which deals with use and operation of the collateral by the secured party;
Terms Used In Kentucky Statutes 355.9-602
- 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.
(2) KRS § 355.9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) KRS § 355.9-607(3), which deals with collection and enforcement of collateral;
(4) KRS § 355.9-608(1) and 355.9-615(3) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) KRS § 355.9-608(1) and 355.9-615(4) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) KRS § 355.9-609 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) KRS § 355.9-610(2), 355.9-611, 355.9-613, and 355.9-614, which deal with disposition of collateral;
(8) KRS § 355.9-615(6), 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) KRS § 355.9-616, which deals with explanation of the calculation of a surplus or deficiency;
(10) KRS § 355.9-620, 355.9-621, and 355.9-622, which deal with acceptance of collateral in satisfaction of obligation;
(11) KRS § 355.9-623, which deals with redemption of collateral; (12) KRS § 355.9-624, which deals with permissible waivers; and
(13) KRS § 355.9-625 and KRS § 355.9-626, which deal with the secured party’s liability for failure to comply with this article.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 120, effective July 1, 2001.