This section provides generally that the specified rights and duties "may not be waived or varied" However, it does not restrict the ability of parties to agree to settle, compromise, or renounce claims for past conduct that may have constituted a violation or breach of those rights and duties, even if the settlement involves an express "waiver."

4. Waiver by Debtors and Obligors. The restrictions on waiver contained in this section apply to obligors as well as debtors. This resolves a question under former Article 9 as to whether secondary obligors, assuming that they were "debtors" for purposes of former Part 5, were permitted to waive, under the law of suretyship, rights and duties under that Part.

5. Certain Post-Default Waivers. Section 9-624 [Maine cite section 9-1624] permits post-default waivers in limited circumstances. These waivers must be made in agreements that are authenticated. Under Section 1-201, an "'agreement' means the bargain of the parties in fact." In considering waivers under Section 9-624 [Maine cite section 9-1624] and analogous agreements in other contexts, courts should carefully scrutinize putative agreements that appear in records that also address many additional or unrelated matters.