Okla. Stat. tit. 12A, § 12A-1-9-610
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-610, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Disposition of collateral after default
Official statutory text
DISPOSITION OF COLLATERAL AFTER DEFAULT
(a) After default, a secured party may sell, lease, license, or
otherwise dispose of any or all of the collateral in its present
condition or following any commercially reasonable preparation or
processing.
(b) Every aspect of a disposition of collateral, including the
method, manner, time, place, and other terms, must be commercially
reasonable. If commercially reasonable, a secured party may dispose
of collateral by public or private proceedings, by one or more
contracts, as a unit or in parcels, and at any time and place and on
any terms.
(c) A secured party may purchase collateral:
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a
kind that is customarily sold on a recognized market or the subject
of widely distributed standard price quotations.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 142
(d) A contract for sale, lease, license, or other disposition
includes the warranties relating to title, possession, quiet
enjoyment, and the like which by operation of law accompany a
voluntary disposition of property of the kind subject to the
contract.
(e) A secured party may disclaim or modify warranties under
subsection (d) of this section:
(1) in a manner that would be effective to disclaim or modify
the warranties in a voluntary disposition of property of the kind
subject to the contract of disposition; or
(2) by communicating to the purchaser a record evidencing the
contract for disposition and including an express disclaimer or
modification of the warranties.
(f) A record is sufficient to disclaim warranties under
subsection (e) of this section if it indicates “There is no warranty
relating to title, possession, quiet enjoyment, or the like in this
disposition” or uses words of similar import.
(a) After default, a secured party may sell, lease, license, or
otherwise dispose of any or all of the collateral in its present
condition or following any commercially reasonable preparation or
processing.
(b) Every aspect of a disposition of collateral, including the
method, manner, time, place, and other terms, must be commercially
reasonable. If commercially reasonable, a secured party may dispose
of collateral by public or private proceedings, by one or more
contracts, as a unit or in parcels, and at any time and place and on
any terms.
(c) A secured party may purchase collateral:
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a
kind that is customarily sold on a recognized market or the subject
of widely distributed standard price quotations.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 142
(d) A contract for sale, lease, license, or other disposition
includes the warranties relating to title, possession, quiet
enjoyment, and the like which by operation of law accompany a
voluntary disposition of property of the kind subject to the
contract.
(e) A secured party may disclaim or modify warranties under
subsection (d) of this section:
(1) in a manner that would be effective to disclaim or modify
the warranties in a voluntary disposition of property of the kind
subject to the contract of disposition; or
(2) by communicating to the purchaser a record evidencing the
contract for disposition and including an express disclaimer or
modification of the warranties.
(f) A record is sufficient to disclaim warranties under
subsection (e) of this section if it indicates “There is no warranty
relating to title, possession, quiet enjoyment, or the like in this
disposition” or uses words of similar import.
Status: in_force · Read it on the official government site
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