| Debtor, secondary obligor; waiver. Section 9-602 [Maine cite |
section 9-1602] clarifies the identity of persons who have rights |
and persons to whom a secured party owes specified duties under |
Part 6. Under that section, the rights and duties are enjoyed by |
and run to the "debtor," defined in Section 9-102 [Maine cite |
section 9-1102] to mean any person with a non-lien property |
interest in collateral, and to any "obligor." However, with one |
exception (Section 9-616 [Maine cite section 9-1616], as it |
relates to a consumer obligor), the rights and duties concerned |
affect non-debtor obligors only if they are "secondary obligors." |
"Secondary obligor" is defined in Section 9-102 [Maine cite |
section 9-1102] to include one who is secondarily obligated on |
the secured obligation, e.g., a guarantor, or one who has a right |
of recourse against the debtor or another obligor with respect to |
an obligation secured by collateral. However, under Section 9- |
628 [Maine cite section 9-1628], the secured party is relieved |
from any duty or liability to any person unless the secured party |
knows that the person is a debtor or obligor. Resolving an issue |
on which courts disagreed under former Article 9, this Article |
generally prohibits waiver by a secondary obligor of its rights |
and a secured party's duties under Part 6. See Section 9-602 |
[Maine cite section 9-1602]. However, Section 9-624 [Maine cite |
section 9-1624] permits a secondary obligor or debtor to waive |
the right to notification of disposition of collateral and, in a |
non-consumer transaction, the right to redeem collateral, if the |
secondary obligor or debtor agrees to do so after default. |