§ 1-9-207. Rights and duties of secured party having possession or control of collateral
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 1-9-207
§ 1-9-207. Rights and duties of secured party having possession or control of collateral
RIGHTS AND DUTIES OF SECURED PARTY HAVING POSSESSION OR CONTROL OF COLLATERAL
(a) Except as otherwise provided in subsection (d) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.
Credits
Laws 2000, c. 371, § 17, eff. July 1, 2001; Laws 2005, c. 140, § 61, eff. Jan. 1, 2006.
12A Okl. St. Ann. § 1-9-207, OK ST T. 12A § 1-9-207
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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