§ 2A-504. Liquidation of Damages
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 2A-504
§ 2A-504. Liquidation of Damages
(1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission.
(3) If the lessor justifiably withholds or stops delivery of goods because of the lessee's default or insolvency (Section 72 or 73 of this act),1 the lessee is entitled to restitution of any amount by which the sum of his payments exceeds:
Credits
Laws 1988, c. 86, § 51, eff. Nov. 1, 1988.
Footnotes
Title 12A, §§ 2A-525 or 2A-526.
12A Okl. St. Ann. § 2A-504, OK ST T. 12A § 2A-504
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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