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Can you summarize MNST 336.9-602?
UNIFORM COMMERCIAL CODE > WAIVER AND VARIANCE OF RIGHTS AND DUTIES.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the rights and duties of debtors, obligors, and secured parties in relation to collateral. It specifies that certain rules cannot be waived or varied by the debtor or obligor if they give rights to the debtor or obligor and impose duties on the secured party. The document lists the specific sections that cannot be waived or varied, including those related to the use and operation of collateral, requests for accounting and information about collateral, collection and enforcement of collateral, application or 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 failure to comply with the article. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Debtors, obligors, and secured parties
What does it govern?
Rights and duties of debtors, obligors, and secured parties in relation to collateral
What are exemptions?
None mentioned
What are the Penalties?
No penalties mentioned
Jurisdiction
Minnesota