Okla. Stat. tit. 12A, § 12A-1-9-620

satisfaction of obligation; compulsory disposition of collateral.

Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 153

ACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION

OF OBLIGATION; COMPULSORY DISPOSITION OF COLLATERAL

(a) Except as otherwise provided in subsection (g) of this

section, a secured party may accept collateral in full or partial

satisfaction of the obligation it secures only if:

(1) the debtor consents to the acceptance under subsection (c)

of this section;

(2) the secured party does not receive, within the time set

forth in subsection (d) of this section, a notification of objection

to the proposal signed by:

(A) a person to which the secured party was required to

send a proposal under Section 1-9-621 of this title;

or

(B) any other person, other than the debtor, holding an

interest in the collateral subordinate to the security

interest that is the subject of the proposal;

(3) if the collateral is consumer goods, the collateral is not

in the possession of the debtor when the debtor consents to the

acceptance; and

(4) subsection (e) of this section does not require the secured

party to dispose of the collateral or the debtor waives the

requirement pursuant to Section 1-9-624 of this title.

(b) A purported or apparent acceptance of collateral under this

section is ineffective unless:

(1) the secured party consents to the acceptance in a signed

record or sends a proposal to the debtor; and

(2) the conditions of subsection (a) of this section are met.

(c) For purposes of this section:

(1) a debtor consents to an acceptance of collateral in partial

satisfaction of the obligation it secures only if the debtor agrees

to the terms of the acceptance in a record signed after default; and

(2) a debtor consents to an acceptance of collateral in full

satisfaction of the obligation it secures only if the debtor agrees

to the terms of the acceptance in a record signed after default or

the secured party:

(A) sends to the debtor after default a proposal that is

unconditional or subject only to a condition that

collateral not in the possession of the secured party

be preserved or maintained;

(B) in the proposal, proposes to accept collateral in full

satisfaction of the obligation it secures; and

(C) does not receive a notification of objection signed by

the debtor within twenty (20) days after the proposal

is sent.

(d) To be effective under paragraph (2) of subsection (a) of

this section, a notification of objection must be received by the

secured party:

Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 154

(1) in the case of a person to which the proposal was sent

pursuant to Section 1-9-621 of this title, within twenty (20) days

after notification was sent to that person; and

(2) in other cases:

(A) within twenty (20) days after the last notification

was sent pursuant to Section 1-9-621 of this title; or

(B) if a notification was not sent, before the debtor

consents to the acceptance under subsection (c) of

this section.

(e) A secured party that has taken possession of collateral

shall dispose of the collateral pursuant to Section 1-9-610 of this

title within the time specified in subsection (f) of this section

if:

(1) Sixty percent (60%) of the cash price has been paid in the

case of a purchase-money security interest in consumer goods; or

(2) Sixty percent (60%) of the principal amount of the

obligation secured has been paid in the case of a non-purchase-money

security interest in consumer goods.

(f) To comply with subsection (e) of this section, the secured

party shall dispose of the collateral:

(1) within ninety (90) days after taking possession; or

(2) within any longer period to which the debtor and all

secondary obligors have agreed in an agreement to that effect

entered into and signed after default.
paid in the case of a non-purchase-money

security interest in consumer goods.

(f) To comply with subsection (e) of this section, the secured

party shall dispose of the collateral:

(1) within ninety (90) days after taking possession; or

(2) within any longer period to which the debtor and all

secondary obligors have agreed in an agreement to that effect

entered into and signed after default.

(g) In a consumer transaction, a secured party may not accept

collateral in partial satisfaction of the obligation it secures.