§ 1-9-615. Application of proceeds of disposition; liability for deficiency and right to surplu...
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 1-9-615
§ 1-9-615. Application of proceeds of disposition; liability for deficiency and right to surplus
(a) A secured party shall apply or pay over for application the cash proceeds of disposition pursuant to Section 1-9-610 of this title in the following order to:
(b) 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 does so, the secured party need not comply with the holder's demand under paragraph (3) of subsection ( a) of this section.
(c) A secured party need not apply or pay over for application noncash proceeds of disposition pursuant to Section 1-9-610 of this title 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.
Laws 2000, c. 371, § 122, eff. July 1, 2001; Laws 2001, c. 354, § 3, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-615, OK ST T. 12A § 1-9-615
Current with legislation of the First Regular Session of the 59th Legislature (2023) and the First Extraordinary Session of the 59th Legislature (2023). Some sections may be more current, see credits for details.
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