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§ 1-9-205. Use or disposition of collateral permissible

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement (Refs & Annos)
12A Okl.St.Ann. § 1-9-205
§ 1-9-205. Use or disposition of collateral permissible
Currentness
Use or disposition of collateral permissible
(a) A security interest is not invalid or fraudulent against creditors solely because:
(1) the debtor has the right or ability to:
(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;
(B) collect, compromise, enforce, or otherwise deal with collateral;
(C) accept the return of collateral or make repossessions; or
(D) use, commingle, or dispose of proceeds; or
(2) the secured party fails to require the debtor to account for proceeds or replace collateral.
(b) This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.

Credits

Laws 2000, c. 371, § 15, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-205, OK ST T. 12A § 1-9-205
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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