Okla. Stat. tit. 12A, § 12A-2A-511
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-511, 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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Merchant lessee's duties as to rightfully rejected
Official statutory text
goods.
MERCHANT LESSEE'S DUTIES AS TO
RIGHTFULLY REJECTED GOODS
(1) Subject to any security interest of a lessee (subsection
(5) of Section 55 of this act), if a lessor or a supplier has no
agent or place of business at the market of rejection, a merchant
lessee, after rejection of goods in his possession or control, shall
follow any reasonable instructions received from the lessor or the
supplier with respect to the goods. In the absence of those
instructions, a merchant lessee shall make reasonable efforts to
sell, lease, or otherwise dispose of the goods for the lessor's
account if they threaten to decline in value speedily. Instructions
are not reasonable if on demand indemnity for expenses is not
forthcoming.
(2) If a merchant lessee (subsection (1) of this section) or
any other lessee (Section 59 of this act) disposes of goods, he is
entitled to reimbursement either from the lessor or the supplier or
out of the proceeds for reasonable expenses of caring for and
disposing of the goods and, if the expenses include no disposition
commission, to such commission as is usual in the trade, or if there
is none, to a reasonable sum not exceeding ten percent (10%) of the
gross proceeds.
(3) In complying with this section or Section 59 of this act,
the lessee is held only to good faith. Good faith conduct hereunder
is neither acceptance or conversion nor the basis of an action for
damages.
(4) A purchaser who purchases in good faith from a lessee
pursuant to this section or Section 59 of this act takes the goods
free of any rights of the lessor and the supplier even though the
lessee fails to comply with one or more of the requirements of this
article.
MERCHANT LESSEE'S DUTIES AS TO
RIGHTFULLY REJECTED GOODS
(1) Subject to any security interest of a lessee (subsection
(5) of Section 55 of this act), if a lessor or a supplier has no
agent or place of business at the market of rejection, a merchant
lessee, after rejection of goods in his possession or control, shall
follow any reasonable instructions received from the lessor or the
supplier with respect to the goods. In the absence of those
instructions, a merchant lessee shall make reasonable efforts to
sell, lease, or otherwise dispose of the goods for the lessor's
account if they threaten to decline in value speedily. Instructions
are not reasonable if on demand indemnity for expenses is not
forthcoming.
(2) If a merchant lessee (subsection (1) of this section) or
any other lessee (Section 59 of this act) disposes of goods, he is
entitled to reimbursement either from the lessor or the supplier or
out of the proceeds for reasonable expenses of caring for and
disposing of the goods and, if the expenses include no disposition
commission, to such commission as is usual in the trade, or if there
is none, to a reasonable sum not exceeding ten percent (10%) of the
gross proceeds.
(3) In complying with this section or Section 59 of this act,
the lessee is held only to good faith. Good faith conduct hereunder
is neither acceptance or conversion nor the basis of an action for
damages.
(4) A purchaser who purchases in good faith from a lessee
pursuant to this section or Section 59 of this act takes the goods
free of any rights of the lessor and the supplier even though the
lessee fails to comply with one or more of the requirements of this
article.
Status: in_force · Read it on the official government site
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