§ 1-9-626. Action in which deficiency or surplus is in issue
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 1-9-626
§ 1-9-626. Action in which deficiency or surplus is in issue
Action in which deficiency or surplus is in issue
(3) Except as otherwise provided in Section 1-9-628 of this title, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
(5) If a deficiency or surplus is calculated under subsection (f) of Section 1-9-615 of this title, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
(b) The limitation of the rules in subsection (a) of this section to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.
Credits
Laws 2000, c. 371, § 133, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-626, OK ST T. 12A § 1-9-626
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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