Okla. Stat. tit. 12A, § 12A-2A-218
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-218, 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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Insurance and proceeds
Official statutory text
INSURANCE AND PROCEEDS
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 247
(1) A lessee obtains an insurable interest when existing goods
are identified to the lease contract even though the goods
identified are nonconforming and the lessee has an option to reject
them.
(2) If a lessee has an insurable interest only by reason of the
lessor's identification of the goods, the lessor, until default or
insolvency or notification to the lessee that identification is
final, may substitute other goods for those identified.
(3) Notwithstanding a lessee's insurable interest under
subsections (1) and (2) of this section, the lessor retains an
insurable interest until an option to buy has been exercised by the
lessee and risk of loss has passed to the lessee.
(4) Nothing in this section impairs any insurable interest
recognized under any other statute or rule of law.
(5) The parties by agreement may determine that one or more
parties have an obligation to obtain and pay for insurance covering
the goods and by agreement may determine the beneficiary of the
proceeds of the insurance.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 247
(1) A lessee obtains an insurable interest when existing goods
are identified to the lease contract even though the goods
identified are nonconforming and the lessee has an option to reject
them.
(2) If a lessee has an insurable interest only by reason of the
lessor's identification of the goods, the lessor, until default or
insolvency or notification to the lessee that identification is
final, may substitute other goods for those identified.
(3) Notwithstanding a lessee's insurable interest under
subsections (1) and (2) of this section, the lessor retains an
insurable interest until an option to buy has been exercised by the
lessee and risk of loss has passed to the lessee.
(4) Nothing in this section impairs any insurable interest
recognized under any other statute or rule of law.
(5) The parties by agreement may determine that one or more
parties have an obligation to obtain and pay for insurance covering
the goods and by agreement may determine the beneficiary of the
proceeds of the insurance.
Status: in_force · Read it on the official government site
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