reglab/housing_qa huggingface dataset:
12A OK Stat § 12A-2A-218 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-218. Insurance and proceeds.

|INSURANCE AND PROCEEDS |(1) A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods identified are nonconforming and the lessee has an option to reject them.(2) If a lessee has an insurable interest only by reason of the lessor's identification of the goods, the lessor, until default or insolvency or notification to the lessee that identification is final, may substitute other goods for those identified.(3) Notwithstanding a lessee's insurable interest under subsections (1) and (2) of this section, the lessor retains an insurable interest until an option to buy has been exercised by the lessee and risk of loss has passed to the lessee.(4) Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.(5) The parties by agreement may determine that one or more parties have an obligation to obtain and pay for insurance covering the goods and by agreement may determine the beneficiary of the proceeds of the insurance.Added by Laws 1988, c. 86, § 27, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-219 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-219. Risk of loss.

|RISK OF LOSS |(1) Except in the case of a finance lease, risk of loss is retained by the lessor and does not pass to the lessee. In the case of a finance lease, risk of loss passes to the lessee.(2) Subject to the provisions of this article on the effect of default on risk of loss (Section 29 of this act), if risk of loss is to pass to the lessee and the time of passage is not stated, the following rules apply:(a)If the lease contract requires or authorizes the goods to be shipped by carrier:(i)and it does not require delivery at a particular destination, the risk of loss passes to the lessee when the goods are duly delivered to the carrier; but(ii)if it does require delivery at a particular destination and the goods are there duly tendered while in the possession of the carrier, the risk of loss passes to the lessee when the goods are there duly so tendered as to enable the lessee to take delivery.(b)If the goods are held by a bailee to be delivered without being moved, the risk of loss passes to the lessee on acknowledgment by the bailee of the lessee's right to possession of the goods.(c)In any case not within paragraph (a) or (b) of this subsection, the risk of loss passes to the lessee on the lessee's receipt of the goods if the lessor, or, in the case of a finance lease, the supplier, is a merchant; otherwise the risk passes to the lessee on tender of delivery.Added by Laws 1988, c. 86, § 28, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-220 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-220. Effect of default on risk of loss.

|EFFECT OF DEFAULT ON RISK OF LOSS |(1) Where risk of loss is to pass to the lessee and the time of passage is not stated:(a)If a tender or delivery of goods so fails to conform to the lease contract as to give a right of rejection, the risk of their loss remains with the lessor, or, in the case of a finance lease, the supplier, until cure or acceptance.(b)If the lessee rightfully revokes acceptance, he, to the extent of any deficiency in his effective insurance coverage, may treat the risk of loss as having remained with the lessor from the beginning.(2) Whether or not risk of loss is to pass to the lessee, if the lessee as to conforming goods already identified to a lease contract repudiates or is otherwise in default under the lease contract, the lessor, or, in the case of a finance lease, the supplier, to the extent of any deficiency in his effective insurance coverage may treat the risk of loss as resting on the lessee for a commercially reasonable time.Added by Laws 1988, c. 86, § 29, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-221 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-221. Casualty to identified goods.

|CASUALTY TO IDENTIFIED GOODS |If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or Section 29 of this act, then:(a)if the loss is total, the lease contract is avoided; and(b)if the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at his option either treat the lease contract as avoided or, except in a finance lease that is not a consumer lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.Added by Laws 1988, c. 86, § 30, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-301 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-301. Enforceability of lease contract.

|ENFORCEABILITY OF LEASE CONTRACT |Except as otherwise provided in this article, a lease contract is effective and enforceable according to its terms between the parties, against purchasers of the goods and against creditors of the parties.Added by Laws 1988, c. 86, § 31, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-302 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-302. Title to and possession of goods.

|TITLE TO AND POSSESSION OF GOODS |Except as otherwise provided in this article, each provision of this article applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee, or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent.Added by Laws 1988, c. 86, § 32, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-304 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-304. Subsequent Lease of Goods by Lessor.

|SUBSEQUENT LEASE OF GOODS BY LESSOR |(1) Subject to Section 2A-303 of this title, a subsequent lessee from a lessor of goods under an existing lease contract obtains, to the extent of the leasehold interest transferred, the leasehold interest in the goods that the lessor had or had power to transfer, and except as provided in subsection (2) of this section and subsection (4) of Section 2A-527 of this title, takes subject to the existing lease contract. A lessor with voidable title has power to transfer a good leasehold interest to a good faith subsequent lessee for value, but only to the extent set forth in the preceding sentence. If goods have been delivered under a transaction of purchase, the lessor has that power even though:(a)the lessor's transferor was deceived as to the identity of the lessor;(b)the delivery was in exchange for a check which is later dishonored;(c)it was agreed that the transaction was to be a "cash sale"; or(d)the delivery was procured through fraud punishable as larcenous under the criminal law.(2) A subsequent lessee in the ordinary course of business from a lessor who is a merchant dealing in goods of that kind to whom the goods were entrusted by the existing lessee of that lessor before the interest of the subsequent lessee became enforceable against that lessor obtains, to the extent of the leasehold interest transferred, all of that lessor's and the existing lessee's rights to the goods, and takes free of the existing lease contract.(3) A subsequent lessee from the lessor of goods that are subject to an existing lease contract and are covered by a certificate of title issued under a statute of this state or of another jurisdiction takes no greater rights than those provided both by this section and by the certificate of title statute.Added by Laws 1988, c. 86, § 34, eff. Nov. 1, 1988. Amended by Laws 1991, c. 117, § 7, eff. Jan. 1, 1992.
12A OK Stat § 12A-2A-305 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-305. Sale or sublease of goods by lessee.

|SALE OR SUBLEASE OF GOODS BY LESSEE |(1) Subject to the provisions of Section 33 of this act, a buyer or sublessee from the lessee of goods under an existing lease contract obtains, to the extent of the interest transferred, the leasehold interest in the goods that the lessee had or had power to transfer, and except as provided in subsection (2) of this section and subsection (4) of Section 58 of this act, takes subject to the existing lease contract. A lessee with a voidable leasehold interest has power to transfer a good leasehold interest to a good faith buyer for value or a good faith sublessee for value, but only to the extent provided for a buyer or sublessee from the lessee of goods under an existing lease contract. When goods have been delivered under a transaction of lease the lessee has that power even though:(a)the lessor was deceived as to the identity of the lessee;(b)the delivery was in exchange for a check which is later dishonored; or(c)the delivery was procured through fraud punishable as larcenous under the criminal law.(2) A buyer in the ordinary course of business or a sublessee in the ordinary course of business from a lessee who is a merchant dealing in goods of that kind to whom the goods were entrusted by the lessor obtains, to the extent of the interest transferred, all of the lessor's and lessee's rights to the goods, and takes free of the existing lease contract.(3) A buyer or sublessee from the lessee of goods that are subject to an existing lease contract and are covered by a certificate of title issued under a statute of this state or of another jurisdiction takes no greater rights than those provided both by this section and by the certificate of title statute.Added by Laws 1988, c. 86, § 35, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-306 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-306. Priority of certain liens arising by operation of law.

|PRIORITY OF CERTAIN LIENS ARISING BY OPERATION OF LAW |If a person in the ordinary course of his business furnishes services or materials with respect to goods subject to a lease contract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services takes priority over any interest of the lessor or lessee under the lease contract or this article unless the lien is created by statute and the statute provides otherwise or unless the lien is created by rule of law and the rule of law provides otherwise.Added by Laws 1988, c. 86, § 36, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-307 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-307. Priority of Liens Arising by Attachment or Levy on, Security Interests in, and Other Claims to Goods.

|PRIORITY OF LIENS ARISING BY ATTACHMENT OR LEVY |ON, SECURITY INTERESTS IN, AND OTHER CLAIMS TO GOODS(1) Except as otherwise provided in Section 2A-306 of this title, a creditor of a lessee takes subject to the lease contract.(2) Except as otherwise provided in subsection (3) of this section and in Sections 2A-306 and 2A-308 of this title, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.(3) Except as otherwise provided in Sections 1-9-317, 1-9-321, and 1-9-323 of this title, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.Added by Laws 1988, c. 86, § 37, eff. Nov. 1, 1988. Amended by Laws 1991, c. 117, § 8, eff. Jan. 1, 1992; Laws 2000, c. 371, § 155, eff. July 1, 2001.
12A OK Stat § 12A-2A-308 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-308. Special rights of creditors.

|SPECIAL RIGHTS OF CREDITORS |(1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as against the creditor retention of possession by the lessor is fraudulent under any statute or rule of law, but retention of possession in good faith and current course of trade by the lessor for a commercially reasonable time after the lease contract becomes enforceable is not fraudulent.(2) Nothing in this article impairs the rights of creditors of a lessor if the lease contract:(a)becomes enforceable, not in current course of trade but in satisfaction of or as security for a preexisting claim for money, security, or the like, and(b)is made under circumstances which under any statute or rule of law apart from this article would constitute the transaction a fraudulent transfer or voidable preference.(3) A creditor of a seller may treat a sale or an identification of goods to a contract for sale as void if as against the creditor retention of possession by the seller is fraudulent under any statute or rule of law, but retention of possession of the goods pursuant to a lease contract entered into by the seller as lessee and the buyer as lessor in connection with the sale or identification of the goods is not fraudulent if the buyer bought for value and in good faith.Added by Laws 1988, c. 86, § 38, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-310 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-310. Lessor's and lessee's rights when goods become accessions.

|LESSOR'S AND LESSEE'S RIGHTS WHEN GOODS BECOME ACCESSIONS |(1) Goods are "accessions" when they are installed in or affixed to other goods.(2) The interest of a lessor or a lessee under a lease contract entered into before the goods became accessions is superior to all interests in the whole except as stated in subsection (4) of this section.(3) The interest of a lessor or a lessee under a lease contract entered into at the time or after the goods became accessions is superior to all subsequently acquired interests in the whole except as stated in subsection (4) of this section but is subordinate to interests in the whole existing at the time the lease contract was made unless the holders of such interests in the whole have in writing consented to the lease or disclaimed an interest in the goods as part of the whole.(4) The interest of a lessor or a lessee under a lease contract described in subsection (2) or (3) of this section is subordinate to the interest of:(a)a buyer in the ordinary course of business or a lessee in the ordinary course of business of any interest in the whole acquired after the goods became accessions; or(b)a creditor with a security interest in the whole perfected before the lease contract was made to the extent that the creditor makes subsequent advances without knowledge of the lease contract.(5) When under subsections (2) or (3), and (4) of this section a lessor or a lessee of accessions holds an interest that is superior to all interests in the whole, the lessor or the lessee:(a)on default, expiration, termination, or cancellation of the lease contract by the other party but subject to the provisions of the lease contract and this article, or(b)if necessary to enforce his other rights and remedies under this article,may remove the goods from the whole, free and clear of all interests in the whole, but he must reimburse any holder of an interest in the whole who is not the lessee and who has not otherwise agreed for the cost of repair of any physical injury but not for any diminution in value of the whole caused by the absence of the goods removed or by any necessity for replacing them. A person entitled to reimbursement may refuse permission to remove until the party seeking removal gives adequate security for the performance of this obligation.Added by Laws 1988, c. 86, § 40, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-311 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-311. Priority Subject to Subordination.

|PRIORITY SUBJECT TO SUBORDINATION. |Nothing in this article prevents subordination by agreement by any person entitled to priority.Added by Laws 1991, c. 117, § 10, eff. Jan. 1, 1992.
12A OK Stat § 12A-2A-401 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-401. Insecurity; adequate assurance of performance.

|INSECURITY; ADEQUATE ASSURANCE OF PERFORMANCE |(1) A lease contract imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired.(2) If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. Until the insecure party receives that assurance, if commercially reasonable the insecure party may suspend any performance for which he has not already received the agreed return.(3) A repudiation of the lease contract occurs if assurance of due performance adequate under the circumstances of the particular case is not provided to the insecure party within a reasonable time, not to exceed thirty (30) days after receipt of a demand by the other party.(4) Between merchants, the reasonableness of grounds for insecurity and the adequacy of any assurance offered must be determined according to commercial standards.(5) Acceptance of any nonconforming delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance.Added by Laws 1988, c. 86, § 41, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-402 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-402. Anticipatory repudiation.

|ANTICIPATORY REPUDIATION |(1) If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss of which performance will substantially impair the value of the lease contract to the other, the aggrieved party may:(a)for a commercially reasonable time, await retraction of repudiation and performance by the repudiating party;(b)make demand pursuant to Section 41 of this act and await assurance of future performance adequate under the circumstances of the particular case; or(c)resort to any right or remedy upon default under the lease contract or this article, even though the aggrieved party has notified the repudiating party that the aggrieved party would await the repudiating party's performance and assurance and has urged retraction.(2) In addition, whether or not the aggrieved party is pursuing one of the remedies provided for in subsection (1) of this section, the aggrieved party may suspend performance or, if the aggrieved party is the lessor, proceed in accordance with the provisions of this article on the lessor's right to identify goods to the lease contract notwithstanding default or to salvage unfinished goods (Section 71 of this act).Added by Laws 1988, c. 86, § 42, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-403 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-403. Retraction of anticipatory repudiation.

|RETRACTION OF ANTICIPATORY REPUDIATION |(1) Until the repudiating party's next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has cancelled the lease contract or materially changed the aggrieved party's position or otherwise indicated that the aggrieved party considers the repudiation final.(2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under Section 41 of this act.(3) Retraction reinstates a repudiating party's rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation.Added by Laws 1988, c. 86, § 43, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-404 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-404. Substituted performance.

|SUBSTITUTED PERFORMANCE |(1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and accepted.(2) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation:(a)the lessor may withhold or stop delivery or cause the supplier to withhold or stop delivery unless the lessee provides a means or manner of payment that is commercially a substantial equivalent; and(b)if delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the lessee's obligation unless the regulation is discriminatory, oppressive, or predatory.Added by Laws 1988, c. 86, § 44, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-405 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-405. Excused performance.

|EXCUSED PERFORMANCE |Subject to Section 44 of this act on substituted performance, the following rules apply:(a)Delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with paragraphs (b) and (c) of this section is not a default under the lease contract if performance as agreed has been made impracticable by the occurrence of a contingency the nonoccurrence of which was a basic assumption on which the lease contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order, whether or not the regulation or order later proves to be invalid.(b)If the causes mentioned in paragraph (a) of this section affect only part of the lessor's or the supplier's capacity to perform, he shall allocate production and deliveries among his customers but at his option may include regular customers not then under contract for sale or lease as well as his own requirements for further manufacture. He may so allocate in any manner that is fair and reasonable.(c)The lessor seasonably shall notify the lessee and in the case of a finance lease the supplier seasonably shall notify the lessor and the lessee, if known, that there will be delay or nondelivery and, if allocation is required under paragraph (b) of this section, of the estimated quota thus made available for the lessee.Added by Laws 1988, c. 86, § 45, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-406 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-406. Procedure on excused performance.

|PROCEDURE ON EXCUSED PERFORMANCE |(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under Section 45 of this act, the lessee, by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (Section 57 of this act) may:(a)terminate the lease contract (subsection (2) of Section 52 of this act); or(b)except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.(2) If, after receipt of a notification from the lessor under Section 45 of this act, the lessee fails so to modify the lease agreement within a reasonable time not exceeding thirty (30) days, the lease contract lapses with respect to any deliveries affected.Added by Laws 1988, c. 86, § 46, eff. Nov. 1, 1988.