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§ 2A-406. Procedure on Excused Performance

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 2a. Leases (Refs & Annos)
12A Okl.St.Ann. § 2A-406
§ 2A-406. Procedure on Excused Performance
Currentness
(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under Section 45 of this act,1 the lessee, by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (Section 57 of this act)2 may:
(a) terminate the lease contract (subsection (2) of Section 52 of this act);3 or
(b) except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.
(2) If, after receipt of a notification from the lessor under Section 45 of this act, the lessee fails so to modify the lease agreement within a reasonable time not exceeding thirty (30) days, the lease contract lapses with respect to any deliveries affected.

Credits

Laws 1988, c. 86, § 46, eff. Nov. 1, 1988.

Footnotes

1
Title 12A, § 2A-405.
2
Title 12A, § 2A-510.
3
Title 12A, § 2A-505.
12A Okl. St. Ann. § 2A-406, OK ST T. 12A § 2A-406
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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