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.

Status: in_force · Read it on the official government site

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