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§ 2A-524. Lessor's Right to Identify Goods to Lease Contract

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-524
§ 2A-524. Lessor's Right to Identify Goods to Lease Contract
LESSOR'S RIGHT TO IDENTIFY GOODS TO LEASE CONTRACT
(1) After default by the lessee under the lease contract of the type described in either subsection (1) of Section 2A-523 of this title or paragraph (a) of subsection (3) of Section 2A-523 of this title, or, if agreed, after other default by the lessee, the lessor may:
(a) identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor's or the supplier's possession or control; and
(b) dispose of goods (subsection (1) of Section 2A-527 of this title) that demonstrably have been intended for the particular lease contract even though those goods are unfinished.
(2) If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract or cease manufacture and lease, sell, or otherwise dispose of the goods for scrap or salvage value or proceed in any other reasonable manner.

Credits

Laws 1988, c. 86, § 71, eff. Nov. 1, 1988; Laws 1991, c. 117, § 135, eff. Jan. 1, 1992.
12A Okl. St. Ann. § 2A-524, OK ST T. 12A § 2A-524
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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