Okla. Stat. tit. 14A, § 14A-5-103
This is the official text of Okla. Stat. tit. 14A, § 14A-5-103, 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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Restrictions on deficiency judgments in consumer credit
Official statutory text
sales.
(1) This section applies to a consumer credit sale of goods or
services.
(2) If the seller repossesses or voluntarily accepts surrender
of goods which were the subject of the sale and in which he has a
security interest and the cash price of the goods repossessed or
surrendered was One Thousand Dollars ($1,000.00) or less, the buyer
is not personally liable to the seller for the unpaid balance of the
debt arising from the sale of the goods, and the seller is not
obligated to resell the collateral.
(3) If the seller repossesses or voluntarily accepts surrender
of goods which were not the subject of the sale but in which he has
a security interest to secure a debt arising from a sale of goods or
services or a combined sale of goods and services and the cash price
of the sale was One Thousand Dollars ($1,000.00) or less, the buyer
is not personally liable to the seller for the unpaid balance of the
debt arising from the sale.
(4) For the purpose of determining the unpaid balance of
consolidated debts or debts pursuant to revolving charge accounts,
the allocation of payments to a debt shall be determined in the same
manner as provided for determining the amount of debt secured by
various security interests (Section 2-409).
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 188
(5) The buyer shall be liable in damages to the seller if the
buyer has wrongfully damaged the collateral or if, after default and
demand, the buyer has wrongfully failed to make the collateral
available to the seller.
(6) If the seller elects to bring an action against the buyer
for a debt arising from a consumer credit sale of goods or services,
when under this section he would not be entitled to a deficiency
judgment if he repossessed the collateral, and obtains judgment
(a) he may not repossess the collateral; and
(b) the collateral is not subject to levy or sale on
execution or similar proceedings pursuant to the
judgment.
(7) The amount of One Thousand Dollars ($1,000.00) in
subsections (2) and (3) of this section is subject to adjustment
pursuant to the provisions on adjustment of dollar amounts (Section
1-106).
(1) This section applies to a consumer credit sale of goods or
services.
(2) If the seller repossesses or voluntarily accepts surrender
of goods which were the subject of the sale and in which he has a
security interest and the cash price of the goods repossessed or
surrendered was One Thousand Dollars ($1,000.00) or less, the buyer
is not personally liable to the seller for the unpaid balance of the
debt arising from the sale of the goods, and the seller is not
obligated to resell the collateral.
(3) If the seller repossesses or voluntarily accepts surrender
of goods which were not the subject of the sale but in which he has
a security interest to secure a debt arising from a sale of goods or
services or a combined sale of goods and services and the cash price
of the sale was One Thousand Dollars ($1,000.00) or less, the buyer
is not personally liable to the seller for the unpaid balance of the
debt arising from the sale.
(4) For the purpose of determining the unpaid balance of
consolidated debts or debts pursuant to revolving charge accounts,
the allocation of payments to a debt shall be determined in the same
manner as provided for determining the amount of debt secured by
various security interests (Section 2-409).
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 188
(5) The buyer shall be liable in damages to the seller if the
buyer has wrongfully damaged the collateral or if, after default and
demand, the buyer has wrongfully failed to make the collateral
available to the seller.
(6) If the seller elects to bring an action against the buyer
for a debt arising from a consumer credit sale of goods or services,
when under this section he would not be entitled to a deficiency
judgment if he repossessed the collateral, and obtains judgment
(a) he may not repossess the collateral; and
(b) the collateral is not subject to levy or sale on
execution or similar proceedings pursuant to the
judgment.
(7) The amount of One Thousand Dollars ($1,000.00) in
subsections (2) and (3) of this section is subject to adjustment
pursuant to the provisions on adjustment of dollar amounts (Section
1-106).
Status: in_force · Read it on the official government site
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