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§ 2A-512. Lessee's Duties as to Rightfully Rejected Goods

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-512
§ 2A-512. Lessee's Duties as to Rightfully Rejected Goods
Currentness
(1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (Section 58 of this act)1 and subject to any security interest of a lessee (subsection (5) of Section 55 of this act):2
(a) the lessee, after rejection of goods in the lessee's possession, shall hold them with reasonable care at the lessor's or the supplier's disposition for a reasonable time after the lessee's seasonable notification of rejection;
(b) if the lessor or the supplier gives no instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor's or the supplier's account or ship them to the lessor or the supplier or dispose of them for the lessor's or the supplier's account with reimbursement in the manner provided in Section 58 of this act; but
(c) the lessee has no further obligations with regard to goods rightfully rejected.
(2) Action by the lessee pursuant to subsection (1) of this section is not acceptance or conversion.

Credits

Laws 1988, c. 86, § 59, eff. Nov. 1, 1988.

Footnotes

1
Title 12A, § 2A-511.
2
Title 12A, § 2A-508.
12A Okl. St. Ann. § 2A-512, OK ST T. 12A § 2A-512
Current with emergency effective legislation through Chapter 29 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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