§ 1-9-608. Application of proceeds of collection or enforcement; liability for deficiency and r...
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 1-9-608
§ 1-9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
(C) the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under subparagraph (C) of paragraph (1) of this subsection.
(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under this section unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
Credits
Laws 2000, c. 371, § 115, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-608, OK ST T. 12A § 1-9-608
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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