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§ 2-502. Buyer's Right to Goods on Seller's Insolvency

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 2. Sales (Refs & Annos)
Part 5. Performance
12A Okl.St.Ann. § 2-502
§ 2-502. Buyer's Right to Goods on Seller's Insolvency
Currentness
Buyer's Right to Goods on Seller's Insolvency.
(1) Subject to paragraphs (2) and (3) of this section and even though the goods have not been shipped a buyer who has paid a part or all of the price of goods in which the buyer has a special property under the provisions of Section 2-501 of this title may on making and keeping good a tender of any unpaid portion of their price recover them from the seller if:
(a) in the case of goods bought for personal, family, or household purposes, the seller repudiates or fails to deliver as required by the contract; or
(b) in all cases, the seller becomes insolvent within ten (10) days after receipt of the first installment on their price.
(2) The buyer's right to recover the goods under subparagraph (a) of paragraph (1) vests upon acquisition of a special property, even if the seller had not then repudiated or failed to deliver.
(3) If the identification creating his special property has been made by the buyer he acquires the right to recover the goods only if they conform to the contract for sale.

Credits

Laws 1961, p. 88, § 2-502; Laws 2000, c. 371, § 151, eff. July 1, 2001.
12A Okl. St. Ann. § 2-502, OK ST T. 12A § 2-502
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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