554.9603 Agreement on standards concerning rights and duties.
74 words·~1 min read·
/ia/chapter-554-uniform-commercial-code/554-9603A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Agreed standards. 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 554.9602 if the standards are not manifestly unreasonable.
2. Agreed standards inapplicable to breach of peace. Subsection 1 does not apply to the duty under section 554.9609 to refrain from breaching the peace.
2000 Acts, ch 1149, §101, 187