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§ 2-326. Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 2. Sales (Refs & Annos)
Part 3. General Obligation and Construction of Contract
12A Okl.St.Ann. § 2-326
§ 2-326. Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors
Currentness
Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors.
(1) Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is
(a) a “sale on approval” if the goods are delivered primarily for use, and
(b) a “sale or return” if the goods are delivered primarily for resale.
(2) Goods held on approval are not subject to the claims of the buyer's creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer's possession.
(3) Any “or return” term of a contract for sale is to be treated as a separate contract for sale within the statute of frauds section of this article (Section 2-201 of this title) and as contradicting the sale aspect of the contract within the provisions of this article on parole or extrinsic evidence (Section 2-202 of this title).

Credits

Laws 1961, p. 85, § 2-326; Laws 2000, c. 371, § 150, eff. July 1, 2001.
12A Okl. St. Ann. § 2-326, OK ST T. 12A § 2-326
Current with emergency effective legislation through Chapter 329 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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