Okla. Stat. tit. 12A, § 12A-2A-524
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-524, 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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Lessor's right to identify goods to lease contract
Official statutory text
LESSOR'S RIGHT TO IDENTIFY GOODS TO LEASE CONTRACT
(1) After default by the lessee under the lease contract of the
type described in either subsection (1) of Section 2A-523 of this
title or paragraph (a) of subsection (3) of Section 2A-523 of this
title, or, if agreed, after other default by the lessee, the lessor
may:
(a) identify to the lease contract conforming goods not
already identified if at the time the lessor learned
of the default they were in the lessor's or the
supplier's possession or control; and
(b) dispose of goods (subsection (1) of Section 2A-527 of
this title) that demonstrably have been intended for
the particular lease contract even though those goods
are unfinished.
(2) If the goods are unfinished, in the exercise of reasonable
commercial judgment for the purposes of avoiding loss and of
effective realization, an aggrieved lessor or the supplier may
either complete manufacture and wholly identify the goods to the
lease contract or cease manufacture and lease, sell, or otherwise
dispose of the goods for scrap or salvage value or proceed in any
other reasonable manner.
(1) After default by the lessee under the lease contract of the
type described in either subsection (1) of Section 2A-523 of this
title or paragraph (a) of subsection (3) of Section 2A-523 of this
title, or, if agreed, after other default by the lessee, the lessor
may:
(a) identify to the lease contract conforming goods not
already identified if at the time the lessor learned
of the default they were in the lessor's or the
supplier's possession or control; and
(b) dispose of goods (subsection (1) of Section 2A-527 of
this title) that demonstrably have been intended for
the particular lease contract even though those goods
are unfinished.
(2) If the goods are unfinished, in the exercise of reasonable
commercial judgment for the purposes of avoiding loss and of
effective realization, an aggrieved lessor or the supplier may
either complete manufacture and wholly identify the goods to the
lease contract or cease manufacture and lease, sell, or otherwise
dispose of the goods for scrap or salvage value or proceed in any
other reasonable manner.
Status: in_force · Read it on the official government site
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