Ohio Code 1309.624 – Waiver – UCC 9-624
(A) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 1309.611 of the Revised Code only by an agreement to that effect entered into and authenticated after default.
Terms Used In Ohio Code 1309.624
- Collateral: means the property subject to a security interest or agricultural lien, including:
(a) Proceeds to which a security interest attaches;
(b) Accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and
(c) Goods that are the subject of a consignment. See Ohio Code 1309.102
- Consumer-goods transaction: means a consumer transaction in which:
(a) An individual incurs an obligation primarily for personal, family, or household purposes; and
(b) A security interest in consumer goods secures the obligation. See Ohio Code 1309.102
- 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 Ohio Code 1309.102
- Obligor: means a person who, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, (i) owes payment or other performance of the obligation, (ii) has provided property other than the collateral to secure payment or other performance of the obligation, or (iii) is otherwise accountable in whole or in part for payment or other performance of the obligation. See Ohio Code 1309.102
- 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 Ohio Code 1309.102
(B) A debtor may waive the right to require disposition of collateral under division (E) of section 1309.620 of the Revised Code 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 1309.623 of the Revised Code only by an agreement to that effect entered into and authenticated after default.