Okla. Stat. tit. 12A, § 12A-2A-406
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-406, 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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Procedure on excused performance
Official statutory text
PROCEDURE ON EXCUSED PERFORMANCE
(1) If the lessee receives notification of a material or
indefinite delay or an allocation justified under Section 45 of this
act, the lessee, by written notification to the lessor as to any
goods involved, and with respect to all of the goods if under an
installment lease contract the value of the whole lease contract is
substantially impaired (Section 57 of this act) may:
(a) terminate the lease contract (subsection (2) of
Section 52 of this act); or
(b) except in a finance lease that is not a consumer
lease, modify the lease contract by accepting the available quota in
substitution, with due allowance from the rent payable for the
balance of the lease term for the deficiency but without further
right against the lessor.
(2) If, after receipt of a notification from the lessor under
Section 45 of this act, the lessee fails so to modify the lease
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 260
agreement within a reasonable time not exceeding thirty (30) days,
the lease contract lapses with respect to any deliveries affected.
(1) If the lessee receives notification of a material or
indefinite delay or an allocation justified under Section 45 of this
act, the lessee, by written notification to the lessor as to any
goods involved, and with respect to all of the goods if under an
installment lease contract the value of the whole lease contract is
substantially impaired (Section 57 of this act) may:
(a) terminate the lease contract (subsection (2) of
Section 52 of this act); or
(b) except in a finance lease that is not a consumer
lease, modify the lease contract by accepting the available quota in
substitution, with due allowance from the rent payable for the
balance of the lease term for the deficiency but without further
right against the lessor.
(2) If, after receipt of a notification from the lessor under
Section 45 of this act, the lessee fails so to modify the lease
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 260
agreement within a reasonable time not exceeding thirty (30) days,
the lease contract lapses with respect to any deliveries affected.
Status: in_force · Read it on the official government site
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