Waiver or Agreement to Forego

(1)Except as provided in Subsection (2), a debtor may not waive or agree to forego rights or benefits under this Title.

(2)After his default in payment and apart from or in connection with a deferment (§ 2204 or § 3204), a refinancing (§ 2205 or § 3205), or a COL070307 CH. 1 GENERAL PROVISIONS AND DEFINITIONS consolidation (§ 2206 or § 3206), the debtor may waive or agree to forego rights and benefits under:

(a)the provisions of Chapter 2 (Sales) with respect to balloon payments (§ 2405), liability on consumer leases (§ 2406), security in sales (§ 2407), cross-collateral (§§ 2408-9) and assignment of earnings (§ 2410); and

(b)the provisions of Chapter 3 (Loans) with respect to assignment of earnings (§ 3403), real property security (§ 3511) and maximum loan term (§ 3513).