Okla. Stat. tit. 12A, § 12A-2A-401
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-401, 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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Insecurity; adequate assurance of performance
Official statutory text
INSECURITY; ADEQUATE ASSURANCE OF PERFORMANCE
(1) A lease contract imposes an obligation on each party that
the other's expectation of receiving due performance will not be
impaired.
(2) If reasonable grounds for insecurity arise with respect to
the performance of either party, the insecure party may demand in
writing adequate assurance of due performance. Until the insecure
party receives that assurance, if commercially reasonable the
insecure party may suspend any performance for which he has not
already received the agreed return.
(3) A repudiation of the lease contract occurs if assurance of
due performance adequate under the circumstances of the particular
case is not provided to the insecure party within a reasonable time,
not to exceed thirty (30) days after receipt of a demand by the
other party.
(4) Between merchants, the reasonableness of grounds for
insecurity and the adequacy of any assurance offered must be
determined according to commercial standards.
(5) Acceptance of any nonconforming delivery or payment does
not prejudice the aggrieved party's right to demand adequate
assurance of future performance.
(1) A lease contract imposes an obligation on each party that
the other's expectation of receiving due performance will not be
impaired.
(2) If reasonable grounds for insecurity arise with respect to
the performance of either party, the insecure party may demand in
writing adequate assurance of due performance. Until the insecure
party receives that assurance, if commercially reasonable the
insecure party may suspend any performance for which he has not
already received the agreed return.
(3) A repudiation of the lease contract occurs if assurance of
due performance adequate under the circumstances of the particular
case is not provided to the insecure party within a reasonable time,
not to exceed thirty (30) days after receipt of a demand by the
other party.
(4) Between merchants, the reasonableness of grounds for
insecurity and the adequacy of any assurance offered must be
determined according to commercial standards.
(5) Acceptance of any nonconforming delivery or payment does
not prejudice the aggrieved party's right to demand adequate
assurance of future performance.
Status: in_force · Read it on the official government site
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