Oregon Statutes 79.0624 – UCC 9-624. Waiver
(1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under ORS § 79.0611 only by an agreement to that effect entered into and authenticated after default.
Terms Used In Oregon Statutes 79.0624
- Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
- 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 Oregon Statutes 79.0102
- Obligor: means a person that, 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 Oregon Statutes 79.0102
- 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 Oregon Statutes 79.0102
(2) A debtor may waive the right to require disposition of collateral under ORS § 79.0620 (5) only by an agreement to that effect entered into and authenticated after default.
(3) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under ORS § 79.0623 only by an agreement to that effect entered into and authenticated after default. [2001 c.445 § 122]
(Noncompliance With Chapter)