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Can you summarize IACO 554.9602?
UNIFORM COMMERCIAL CODE > Waiver and variance of rights and duties.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and duties of debtors, obligors, and secured parties in commercial transactions. It outlines the rules that cannot be waived or varied by the debtor or obligor, including provisions related to the use and operation of collateral, requests for accounting and information about collateral, collection and enforcement of collateral, application and payment of noncash proceeds, accounting for surplus proceeds, taking possession of collateral without judicial process, disposition of collateral, calculation of deficiency or surplus, explanation of surplus or deficiency calculation, acceptance of collateral in satisfaction of obligation, redemption of collateral, permissible waivers, and secured party’s liability for non-compliance. However, Section 554.9624 provides exceptions to these rules where waivers or variations may be allowed. No specific penalties are mentioned in this document.
Whom does it apply to?
Debtors, obligors, and secured parties in commercial transactions
What does it govern?
Rights and duties of debtors, obligors, and secured parties in commercial transactions
What are exemptions?
Section 554.9624 provides exceptions where the debtor or obligor may waive or vary certain rules
What are the Penalties?
No specific penalties mentioned in this document
Jurisdiction
Iowa