Okla. Stat. tit. 12A, § 12A-2A-510
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-510, 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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Installment lease contracts; rejection and default
Official statutory text
INSTALLMENT LEASE CONTRACTS; REJECTION AND
DEFAULT
(1) Under an installment lease contract a lessee may reject any
delivery that is nonconforming if the nonconformity substantially
impairs the value of that delivery and cannot be cured or the
nonconformity is a defect in the required documents; but if the
nonconformity does not fall within subsection (2) of this section
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 266
and the lessor or the supplier gives adequate assurance of its cure,
the lessee must accept that delivery.
(2) Whenever nonconformity or default with respect to one or
more deliveries substantially impairs the value of the installment
lease contract as a whole there is a default with respect to the
whole. But, the aggrieved party reinstates the installment lease
contract as a whole if the aggrieved party accepts a nonconforming
delivery without seasonably notifying of cancellation or brings an
action with respect only to past deliveries or demands performance
as to future deliveries.
DEFAULT
(1) Under an installment lease contract a lessee may reject any
delivery that is nonconforming if the nonconformity substantially
impairs the value of that delivery and cannot be cured or the
nonconformity is a defect in the required documents; but if the
nonconformity does not fall within subsection (2) of this section
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 266
and the lessor or the supplier gives adequate assurance of its cure,
the lessee must accept that delivery.
(2) Whenever nonconformity or default with respect to one or
more deliveries substantially impairs the value of the installment
lease contract as a whole there is a default with respect to the
whole. But, the aggrieved party reinstates the installment lease
contract as a whole if the aggrieved party accepts a nonconforming
delivery without seasonably notifying of cancellation or brings an
action with respect only to past deliveries or demands performance
as to future deliveries.
Status: in_force · Read it on the official government site
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