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Can you summarize NVRS 104.9602?
Uniform Commercial CodeOriginal Articles > Waiver and variance of rights and duties of debtor and obligor.
Short Summary
This legal document pertains to the waiver and variance of rights and duties of debtors and obligors. It specifies that, except as otherwise provided in NRS 104.9624, debtors or obligors may not waive or vary certain rules that give them rights and impose duties on secured parties. The listed sections that cannot be waived or varied include provisions related to the use and operation of collateral by the secured party, requests for accounting and information about collateral, collection and enforcement of collateral, application or payment of noncash proceeds of collection or disposition, accounting for or payment of surplus proceeds of collateral, duty to take possession of collateral without breach of the peace, 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 this 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 debtor and obligor
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Nevada