Okla. Stat. tit. 12A, § 12A-2A-519

This is the official text of Okla. Stat. tit. 12A, § 12A-2A-519, 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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Lessee's damages for nondelivery, repudiation, default

Official statutory text

and breach of warranty in regard to accepted goods.

LESSEE'S DAMAGES FOR NONDELIVERY,

REPUDIATION, DEFAULT AND BREACH OF

WARRANTY IN REGARD TO ACCEPTED GOODS

(1) Except as otherwise provided with respect to damages

liquidated in the lease agreement (Section 2A-504 of this title) or

otherwise determined pursuant to agreement of the parties

(subsection (c) of Section 15 of this act and Section 2A-503 of this

title), if a lessee elects not to cover or a lessee elects to cover

and the cover is by lease agreement that for any reason does not

qualify for treatment under subsection (2) of Section 2A-518 of this

title, or is by purchase or otherwise, the measure of damages for

nondelivery or repudiation by the lessor or for rejection or

revocation of acceptance by the lessee is the present value, as of

the date of the default, of the then market rent minus the present

value as of the same date of the original rent, computed for the

remaining lease term of the original lease agreement, together with

incidental and consequential damages, less expenses saved in

consequence of the lessor's default.

(2) Market rent is to be determined as of the place for tender

or, in cases of rejection after arrival or revocation of acceptance,

as of the place of arrival.

(3) Except as otherwise agreed, if the lessee has accepted

goods and given notification (subsection (3) of Section 2A-516 of

this title), the measure of damages for nonconforming tender or

delivery or other default by a lessor is the loss resulting in the

ordinary course of events from the lessor's default as determined in

any manner that is reasonable together with incidental and

consequential damages, less expenses saved in consequence of the

lessor's default.

(4) Except as otherwise agreed, the measure of damages for

breach of warranty is the present value at the time and place of

acceptance of the difference between the value of the use of the

goods accepted and the value if they had been as warranted for the

lease term, unless special circumstances show proximate damages of a

different amount, together with incidental and consequential

damages, less expenses saved in consequence of the lessor's default

or breach of warranty.

Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 272

Status: in_force · Read it on the official government site

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