Okla. Stat. tit. 12A § 1-9-603

Current through Laws 2024, c. 453.

Section 1-9-603 - Agreement on standards concerning rights and duties

(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Section 1-9-602 of this title if the standards are not manifestly unreasonable.

(b) Subsection (a) of this section does not apply to the duty under Section 1-9-609 of this title to refrain from breaching the peace.

Okla. Stat. tit. 12A, § 1-9-603

Added by Laws 2000 , SB 1519, c. 371, § 110, eff. 7/1/2001.

Oklahoma Code Comment

New section 9-603 is drawn from a part of former section 9-501(3) and permits the parties to agree concerning the standards to govern the non-waivable rights of a debtor or obligor, and non-waivable duties of a secured party, so long as the agreed upon standards are not manifestly unreasonable. Notably, under this revised section, neither the debtor nor any other party can waive its right of redemption except under new section 9-624, which permits a debtor or obligor to waive its right of redemption only by an agreement that is authenticated after default and never in a consumer goods transaction. The revision makes clear that a secured party must avoid breaching the peace, and no agreement setting standards for what would constitute a breach of peace may be made.