Okla. Stat. tit. 14A, § 14A-2-409
This is the official text of Okla. Stat. tit. 14A, § 14A-2-409, 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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Debt secured by cross-collateral
Official statutory text
(1) If debts arising from two or more consumer credit sales,
other than sales pursuant to a revolving charge account, are secured
by cross-collateral (Section 2-408) or consolidated into one debt
payable on a single schedule of payments, and the debt is secured by
security interests taken with respect to one or more of the sales,
payments received by the seller after the taking of the cross-
collateral or the consolidation are deemed, for the purpose of
determining the amount of the debt secured by the various security
interests, to have been first applied to the payment of the debts
arising from the sales first made. To the extent debts are paid
according to this section, security interests in items of property
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 72
terminate as the debts originally incurred with respect to each item
is paid.
(2) Payments received by the seller upon a revolving charge
account are deemed, for the purpose of determining the amount of the
debt secured by the various security interests, to have been applied
first to the payment of credit service charges in the order of their
entry to the account and then to the payment of debts in the order
in which the entries to the account showing the debts were made.
(3) If the debts consolidated arose from two or more sales made
on the same day, payments received by the seller are deemed, for the
purpose of determining the amount of the debt secured by the various
security interests, to have been applied first to the payment of the
smallest debt.
other than sales pursuant to a revolving charge account, are secured
by cross-collateral (Section 2-408) or consolidated into one debt
payable on a single schedule of payments, and the debt is secured by
security interests taken with respect to one or more of the sales,
payments received by the seller after the taking of the cross-
collateral or the consolidation are deemed, for the purpose of
determining the amount of the debt secured by the various security
interests, to have been first applied to the payment of the debts
arising from the sales first made. To the extent debts are paid
according to this section, security interests in items of property
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 72
terminate as the debts originally incurred with respect to each item
is paid.
(2) Payments received by the seller upon a revolving charge
account are deemed, for the purpose of determining the amount of the
debt secured by the various security interests, to have been applied
first to the payment of credit service charges in the order of their
entry to the account and then to the payment of debts in the order
in which the entries to the account showing the debts were made.
(3) If the debts consolidated arose from two or more sales made
on the same day, payments received by the seller are deemed, for the
purpose of determining the amount of the debt secured by the various
security interests, to have been applied first to the payment of the
smallest debt.
Status: in_force · Read it on the official government site
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