Okla. Stat. tit. 12A, § 12A-2A-308
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-308, 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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Special rights of creditors
Official statutory text
SPECIAL RIGHTS OF CREDITORS
(1) A creditor of a lessor in possession of goods subject to a
lease contract may treat the lease contract as void if as against
the creditor retention of possession by the lessor is fraudulent
under any statute or rule of law, but retention of possession in
good faith and current course of trade by the lessor for a
commercially reasonable time after the lease contract becomes
enforceable is not fraudulent.
(2) Nothing in this article impairs the rights of creditors of
a lessor if the lease contract:
(a) becomes enforceable, not in current course of
trade but in satisfaction of or as security for a preexisting claim
for money, security, or the like, and
(b) is made under circumstances which under any
statute or rule of law apart from this article would constitute the
transaction a fraudulent transfer or voidable preference.
(3) A creditor of a seller may treat a sale or an
identification of goods to a contract for sale as void if as against
the creditor retention of possession by the seller is fraudulent
under any statute or rule of law, but retention of possession of the
goods pursuant to a lease contract entered into by the seller as
lessee and the buyer as lessor in connection with the sale or
identification of the goods is not fraudulent if the buyer bought
for value and in good faith.
(1) A creditor of a lessor in possession of goods subject to a
lease contract may treat the lease contract as void if as against
the creditor retention of possession by the lessor is fraudulent
under any statute or rule of law, but retention of possession in
good faith and current course of trade by the lessor for a
commercially reasonable time after the lease contract becomes
enforceable is not fraudulent.
(2) Nothing in this article impairs the rights of creditors of
a lessor if the lease contract:
(a) becomes enforceable, not in current course of
trade but in satisfaction of or as security for a preexisting claim
for money, security, or the like, and
(b) is made under circumstances which under any
statute or rule of law apart from this article would constitute the
transaction a fraudulent transfer or voidable preference.
(3) A creditor of a seller may treat a sale or an
identification of goods to a contract for sale as void if as against
the creditor retention of possession by the seller is fraudulent
under any statute or rule of law, but retention of possession of the
goods pursuant to a lease contract entered into by the seller as
lessee and the buyer as lessor in connection with the sale or
identification of the goods is not fraudulent if the buyer bought
for value and in good faith.
Status: in_force · Read it on the official government site
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