§ 2A-525. Lessor's Right to Possession of Goods
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 2A-525
§ 2A-525. Lessor's Right to Possession of Goods
(1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.
(2) After a default by the lessee under the lease contract of the type described in subsection (1) of Section 2A-523 or paragraph (a) of subsection (3) of Section 2A-523 of this title or, if agreed, after other default by the lessee, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee's premises (Section 2A-527 of this title).
Credits
Laws 1988, c. 86, § 72, eff. Nov. 1, 1988; Laws 1991, c. 117, § 21, eff. Jan. 1, 1992.
12A Okl. St. Ann. § 2A-525, OK ST T. 12A § 2A-525
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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