Okla. Stat. tit. 12A, § 12A-2A-220
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-220, 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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Effect of default on risk of loss
Official statutory text
EFFECT OF DEFAULT ON RISK OF LOSS
(1) Where risk of loss is to pass to the lessee and the time of
passage is not stated:
(a) If a tender or delivery of goods so fails to
conform to the lease contract as to give a right of rejection, the
risk of their loss remains with the lessor, or, in the case of a
finance lease, the supplier, until cure or acceptance.
(b) If the lessee rightfully revokes acceptance, he,
to the extent of any deficiency in his effective insurance coverage,
may treat the risk of loss as having remained with the lessor from
the beginning.
(2) Whether or not risk of loss is to pass to the lessee, if
the lessee as to conforming goods already identified to a lease
contract repudiates or is otherwise in default under the lease
contract, the lessor, or, in the case of a finance lease, the
supplier, to the extent of any deficiency in his effective insurance
coverage may treat the risk of loss as resting on the lessee for a
commercially reasonable time.
(1) Where risk of loss is to pass to the lessee and the time of
passage is not stated:
(a) If a tender or delivery of goods so fails to
conform to the lease contract as to give a right of rejection, the
risk of their loss remains with the lessor, or, in the case of a
finance lease, the supplier, until cure or acceptance.
(b) If the lessee rightfully revokes acceptance, he,
to the extent of any deficiency in his effective insurance coverage,
may treat the risk of loss as having remained with the lessor from
the beginning.
(2) Whether or not risk of loss is to pass to the lessee, if
the lessee as to conforming goods already identified to a lease
contract repudiates or is otherwise in default under the lease
contract, the lessor, or, in the case of a finance lease, the
supplier, to the extent of any deficiency in his effective insurance
coverage may treat the risk of loss as resting on the lessee for a
commercially reasonable time.
Status: in_force · Read it on the official government site
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