Agreement on standards concerning rights and duties

810 ILCS 5/9-603 — under Uniform Commercial Code.

810 ILCS 5/9-603

(810 ILCS 5/9-603)

Sec. 9-603. Agreement on standards concerning rights and duties.

(a) 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 9-602 if the standards are not manifestly unreasonable.

(b) Agreed standards inapplicable to breach of peace. Subsection (a) does not apply to the duty under Section 9-609 to refrain from breaching the peace.

(Source: P.A. 91-893, eff. 7-1-01.)