Okla. Stat. tit. 14A, § 14A-2-408
This is the official text of Okla. Stat. tit. 14A, § 14A-2-408, part of Oklahoma’s Stat. tit. 14A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 14A,." Browse the sections below, each linked to its official government source.
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Cross-collateral
Official statutory text
(1) In addition to contracting for a security interest pursuant
to the provisions on security in sales or leases (Section 2-407), a
seller in a consumer credit sale may secure the debt arising from
the sale by contracting for a security interest in other property if
as a result of a prior sale the seller has an existing security
interest in the other property. The seller may also contract for a
security interest in the property sold in the subsequent sale as
security for the previous debt.
(2) If the seller contracts for a security interest in other
property pursuant to this section, the rate of credit service charge
thereafter on the aggregate unpaid balances so secured may not
exceed that permitted if the balances so secured were consolidated
pursuant to the provisions on consolidation involving a refinancing
(subsection (1) of Section 2-206). The seller has a reasonable time
after so contracting to make any adjustments required by this
section. "Seller" in this section does not include an assignee not
related to the original seller.
to the provisions on security in sales or leases (Section 2-407), a
seller in a consumer credit sale may secure the debt arising from
the sale by contracting for a security interest in other property if
as a result of a prior sale the seller has an existing security
interest in the other property. The seller may also contract for a
security interest in the property sold in the subsequent sale as
security for the previous debt.
(2) If the seller contracts for a security interest in other
property pursuant to this section, the rate of credit service charge
thereafter on the aggregate unpaid balances so secured may not
exceed that permitted if the balances so secured were consolidated
pursuant to the provisions on consolidation involving a refinancing
(subsection (1) of Section 2-206). The seller has a reasonable time
after so contracting to make any adjustments required by this
section. "Seller" in this section does not include an assignee not
related to the original seller.
Status: in_force · Read it on the official government site
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