Nebraska Uniform Commercial Code 9-603

UCC 9-603

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 9-602 if the standards are not manifestly unreasonable.

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

Annotations

  • COMMENT

  • 1. Source. Former section 9-501(3).

  • 2. Limitation on Ability to Set Standards. Subsection (a), like former section 9-501(3), permits the parties to set standards for compliance with the rights and duties under this part if the standards are not "manifestly unreasonable". Under subsection (b), the parties are not permitted to set standards measuring fulfillment of the secured party's duty to take collateral without breaching the peace.