Virginia Code 8.9A-602: Waiver and variance of rights and duties
Except as otherwise provided in § 8.9A-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:
Terms Used In Virginia Code 8.9A-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.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
(1) § 8.9A-207 (b) (4) (C), which deals with use and operation of the collateral by the secured party;
(2) § 8.9A-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) § 8.9A-607 (c), which deals with collection and enforcement of collateral;
(4) §§ 8.9A-608 (a) and 8.9A-615 (c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) §§ 8.9A-608 (a) and 8.9A-615 (d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) § 8.9A-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) §§ 8.9A-610 (b), 8.9A-611, 8.9A-613, and 8.9A-614, which deal with disposition of collateral;
(8) § 8.9A-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) § 8.9A-616, which deals with explanation of the calculation of a surplus or deficiency;
(10) §§ 8.9A-620, 8.9A-621, and 8.9A-622, which deal with acceptance of collateral in satisfaction of obligation;
(11) § 8.9A-623, which deals with redemption of collateral;
(12) § 8.9A-624, which deals with permissible waivers; and
(13) §§ 8.9A-625 and 8.9A-626, which deal with the secured party’s liability for failure to comply with this title.
1964, c. 219, § 8.9-501; 1973, c. 509; 2000, c. 1007.