Okla. Stat. tit. 12A, § 12A-2-505
This is the official text of Okla. Stat. tit. 12A, § 12A-2-505, 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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Seller's shipment under reservation
Official statutory text
Seller's Shipment Under Reservation.
(1) Where the seller has identified goods to the contract by or
before shipment:
(a) his procurement of a negotiable bill of lading to his own
order or otherwise reserves in him a security interest in the goods.
His procurement of the bill to the order of a financing agency or of
the buyer indicates in addition only the seller's expectation of
transferring that interest to the person named.
(b) a nonnegotiable bill of lading to himself or his nominee
reserves possession of the goods as security but except in a case of
conditional delivery (subsection (2) of Section 2-507) a
nonnegotiable bill of lading naming the buyer as consignee reserves
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 211
no security interest even though the seller retains possession or
control of the bill of lading.
(2) When shipment by the seller with reservation of a security
interest is in violation of the contract for sale it constitutes an
improper contract for transportation within the preceding section
but impairs neither the rights given to the buyer by shipment and
identification of the goods to the contract nor the seller's powers
as a holder of a negotiable document of title.
(1) Where the seller has identified goods to the contract by or
before shipment:
(a) his procurement of a negotiable bill of lading to his own
order or otherwise reserves in him a security interest in the goods.
His procurement of the bill to the order of a financing agency or of
the buyer indicates in addition only the seller's expectation of
transferring that interest to the person named.
(b) a nonnegotiable bill of lading to himself or his nominee
reserves possession of the goods as security but except in a case of
conditional delivery (subsection (2) of Section 2-507) a
nonnegotiable bill of lading naming the buyer as consignee reserves
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 211
no security interest even though the seller retains possession or
control of the bill of lading.
(2) When shipment by the seller with reservation of a security
interest is in violation of the contract for sale it constitutes an
improper contract for transportation within the preceding section
but impairs neither the rights given to the buyer by shipment and
identification of the goods to the contract nor the seller's powers
as a holder of a negotiable document of title.
Status: in_force · Read it on the official government site
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