reglab/housing_qa huggingface dataset:
12A OK Stat § 12A-7-503 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-503. Document of title to goods defeated in certain cases.

|Document of Title to Goods Defeated in Certain Cases. |(a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not:(1) deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with:(A)actual or apparent authority to ship, store or sell;(B)power to obtain delivery under Section 7-403 of this title; or(C)power of disposition under Section 2-403, 2A-304(2), 2A-305(2), 1-9-320, or 1-9-321(c) of this title or other statute or rule of law; or(2) acquiesce in the procurement by the bailor or its nominee of any document.(b) Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under Section 7-504 of this title to the same extent as the rights of the issuer or a transferee from the issuer.(c) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with Part 4 of this article pursuant to its own bill of lading discharges the carrier's obligation to deliver.Added by Laws 1961, p. 149, § 7-503. Amended by Laws 2000, c. 371, § 159, eff. July 1, 2001; Laws 2005, c. 140, § 30, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-504 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-504. Rights acquired in absence of due negotiation - Effect of diversion - Stoppage of delivery.

|Rights Acquired in Absence of Due Negotiation; Effect of Diversion; Stoppage of Delivery. |(a) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual authority to convey.(b) In the case of a nonnegotiable document of title, until but not after the bailee receives notification of the transfer, the rights of the transferee may be defeated:(1) by those creditors of the transferor who could treat the sale as void under Section 2-402 or 2A-308 of this title;(2) by a buyer from the transferor in ordinary course of business if the bailee has delivered the goods to the buyer or received notification of buyer’s rights;(3) by a lessee from the transferor in ordinary course of business if the bailee has delivered the goods to the lessee or received notification of the lessee’s rights; or(4) as against the bailee, by good faith dealings of the bailee with the transferor.(c) A diversion or other change of shipping instructions by the consignor in a nonnegotiable bill of lading which causes the bailee not to deliver to the consignee defeats the consignee's title to the goods if the goods have been delivered to a buyer in ordinary course of business or a lessee in ordinary course of business and, in any event, defeats the consignee's rights against the bailee.(d) Delivery pursuant to a nonnegotiable document of title may be stopped by a seller under Section 2-705 of this title or a lessor under Section 2A-526 of this title, subject to the requirement of due notification in those sections. A bailee that honors the seller's or lessor’s instructions is entitled to be indemnified by the seller or lessor against any resulting loss or expense.Added by Laws 1961, p. 150, § 7-504. Amended by Laws 2005, c. 140, § 31, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-505 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-505. Endorser not a guarantor for other parties.

|Endorser Not a Guarantor For Other Parties. |The endorsement of a tangible document of title issued by a bailee does not make the endorser liable for any default by the bailee or by previous endorsers.Added by Laws 1961, p. 150, § 7-505. Amended by Laws 2005, c. 140, § 32, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-506 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-506. Delivery without endorsement: Right to compel endorsement.

|Delivery Without Endorsement: Right to Compel Endorsement. |The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary endorsement but the transfer becomes a negotiation only as of the time the endorsement is supplied.Added by Laws 1961, p. 150, § 7-506. Amended by Laws 2005, c. 140, § 33, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-507 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-507. Warranties on negotiation or transfer of receipt or bill.

|Warranties on Negotiation or Transfer of Receipt or Bill. |If a person negotiates or transfers a document of title for value, otherwise than as a mere intermediary under Section 7-508 of this title, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:(1) the document is genuine;(2) the transferor does not have knowledge of any fact that would impair the document’s validity or worth; and(3) the negotiation or transfer is rightful and fully effective with respect to the title to the document and the goods it represents.Added by Laws 1961, p. 150, § 7-507. Amended by Laws 2005, c. 140, § 34, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-508 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-508. Warranties of collecting bank as to documents of title.

|Warranties of Collecting Bank as to Documents of Title. |A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.Added by Laws 1961, p. 150, § 7-508. Amended by Laws 2005, c. 140, § 35, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-509 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-509. Adequate compliance with commercial contract.

|Adequate Compliance With Commercial Contract. |Whether a document is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by Article 2, 2A, or 5.Added by Laws 1961, p. 150, § 7-509. Amended by Laws 2005, c. 140, § 36, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-601 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-601. Lost, stolen, or destroyed documents of title.

|Lost, Stolen, or Destroyed Documents of Title. |(a) If a document has been lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document was negotiable, a court may not order delivery of the goods or issuance of a substitute document without the claimant’s posting security unless it finds that any person that may suffer loss as a result of nonsurrender of possession or control of the document is adequately protected against the loss. If the document was not negotiable, the court may require security. The court may also order payment of the bailee's reasonable costs and attorney fees in any action under this section.(b) A bailee that, without court order, delivers goods to a person claiming under a missing negotiable document of title is liable to any person injured thereby. If the delivery is not in good faith, the bailee is liable for conversion. Delivery in good faith is not conversion if the claimant posts security with the bailee in an amount at least double the value of the goods at the time of posting to indemnify any person injured by the delivery which files a notice of claim within one (1) year after the delivery.Added by Laws 1961, p. 151, § 7-601. Amended by Laws 2005, c. 140, § 37, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-602 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-602. Judicial process against goods covered by negotiable document of title.

|Judicial Process Against Goods Covered by Negotiable Document of Title. |Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstanding unless possession or control of the document is first surrendered to the bailee or the document’s negotiation enjoined. The bailee may not be compelled to deliver the goods pursuant to process until possession or control of the document is surrendered to the bailee or to the court. A purchaser of the document for value without notice of the process or injunction takes free of the lien imposed by judicial process.Added by Laws 1961, p. 151, § 7-602. Amended by Laws 2005, c. 140, § 38, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-603 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-603. Conflicting claims - Interpleader.

|Conflicting Claims; Interpleader. |If more than one person claims title or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either in defending an action for nondelivery of the goods or by original action.Added by Laws 1961, p. 151, § 7-603. Amended by Laws 2005, c. 140, § 39, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-703 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-703. Applicability.

|Applicability. |This article applies to a document of title that is issued or a bailment that arises on or after January 1, 2006. This article does not apply to a document of title that is issued or a bailment that arises before January 1, 2006, even if the document of title or bailment would be subject to this article if the document of title had been issued or bailment had arisen on or after January 1, 2006. This article does not apply to a right of action that has accrued before January 1, 2006.Added by Laws 2005, c. 140, § 40, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-704 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-704. Savings clause.

|Savings Clause. |A document of title issued or a bailment that arises before January 1, 2006, and the rights, obligations, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this act as if amendment or repeal had not occurred and may be terminated, completed, consummated, or enforced under that statute or other rule.Added by Laws 2005, c. 140, § 41, eff. Jan. 1, 2006.
12A OK Stat § 12A-8-101 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-8-101. Short Title.

|Short Title. |This article may be cited as Uniform Commercial Code - Investment Securities.Added by Laws 1961, p. 151, § 8-101. Amended by Laws 1995, c. 242, § 1, eff. Feb. 1, 1996.
12A OK Stat § 12A-8-103 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-8-103. Rules for determining whether certain obligations and interests are securities or financial assets.

|Rules for Determining Whether Certain Obligations and Interests Are Securities or Financial Assets. |(a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.(b) An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.(c) An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this article, or it is an investment company security. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.(d) A writing that is a security certificate is governed by this article and not by Article 3 of this code, even though it also meets the requirements of that article. However, a negotiable instrument governed by Article 3 of this code is a financial asset if it is held in a securities account.(e) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.(f) A commodity contract, as defined in paragraph (15) of subsection (a) of Section 1-9-102 of this title, is not a security or a financial asset.(g) A document of title is not a financial asset unless subparagraph (iii) of paragraph (9) of subsection (a) of Section 8-102 of this title applies.Added by Laws 1961, p. 152 , § 8-103. Amended by Laws 1984, c. 76, § 4, eff. Nov. 1, 1984; Laws 1995, c. 242, § 3, eff. Feb. 1, 1996; Laws 2000, c. 371, § 160, eff. July 1, 2001; Laws 2005, c. 140, § 58, eff. Jan. 1, 2006.
12A OK Stat § 12A-8-104 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-8-104. Acquisition of Security on Financial Asset or Interest Therein.

|Acquisition of Security on Financial Asset or Interest Therein. |(a) A person acquires a security or an interest therein, under this article, if:(1)the person is a purchaser to whom a security is delivered pursuant to Section 8-301 of this title; or(2)the person acquires a security entitlement to the security pursuant to Section 8-501 of this title.(b) A person acquires a financial asset, other than a security, or an interest therein, under this article, if the person acquires a security entitlement to the financial asset.(c) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5 of this code, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 8-503 of this title.(d) Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfied that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b) of this section.Added by Laws 1961, p. 151, § 8-104. Amended by Laws 1984, c. 76, § 5, eff. Nov. 1, 1984; Laws 1995, c. 242, § 4, eff. Feb. 1, 1996.
12A OK Stat § 12A-8-105 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-8-105. Notice of Adverse Claim.

|Notice of Adverse Claim. |(a) A person has notice of an adverse claim if:(1)the person knows of the adverse claim;(2)the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or(3)the person has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists, and the investigation so required would establish the existence of the adverse claim.(b) Having knowledge that a financial asset or interest therein is or has been transferred by a representative imposes no duty of inquiry into the rightfulness of a transaction and is not notice of an adverse claim. However, a person who knows that a representative has transferred a financial asset or interest therein in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or otherwise in breach of duty has notice of an adverse claim.(c) An act or event that creates a right to immediate performance of the principal obligation represented by a security certificate or sets a date on or after which the certificate is to be presented or surrendered for redemption or exchange does not itself constitute notice of an adverse claim except in the case of a transfer more than:(1)one (1) year after a date set for presentment or surrender for redemption or exchange; or(2)six (6) months after a date set for payment of money against presentation or surrender of the certificate, if money was available for payment on that date.(d) A purchaser of a certificated security has notice of an adverse claim if the security certificate:(1)whether in bearer or registered form, has been indorsed "for collection" or "for surrender" or for some other purpose not involving transfer; or(2)is in bearer form and has on it an unambiguous statement that it is the property of a person other than the transferor, but the mere writing of a name on the certificate is not such a statement.(e) Filing of a financing statement under Article 9 of this code is not notice of an adverse claim to a financial asset.Added by Laws 1961, p. 152, § 8-105. Amended by Laws 1984, c. 76, § 6, eff. Nov. 1, 1984; Laws 1995, c. 242, § 5, eff. Feb. 1, 1996.
12A OK Stat § 12A-8-106 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-8-106. Control.

|Control. |(a) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser.(b) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, and:(1)the certificate is indorsed to the purchaser or in blank by an effective endorsement; or(2)the certificate is registered in the name of the purchaser, upon original issue or registration of transfer by the issuer.(c) A purchaser has "control" of an uncertificated security if:(1)the uncertificated security is delivered to the purchaser; or(2)the issuer has agreed that it will comply with instructions originated by the purchaser without further consent by the registered owner.(d) A purchaser has "control" of a security entitlement if:(1)the purchaser becomes the entitlement holder;(2)the securities intermediary has agreed that it will comply with entitlement orders originated by the purchaser without further consent by the entitlement holder; or(3)another person has control of the security entitlement on behalf of the purchaser or, having previously acquired control of the security entitlement, acknowledges that it has control on behalf of the purchaser.(e) If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder's own securities intermediary, the securities intermediary has control.(f) A purchaser who has satisfied the requirements of subsection (c) or (d) of this section has control even if the registered owner in the case of subsection (c) of this section or the entitlement holder in the case of subsection (d) of this section retains the right to make substitutions for the uncertificated security or security entitlement, to originate instructions or entitlement orders to the issuer or securities intermediary, or otherwise to deal with the uncertificated security or security entitlement.(g) An issuer or a securities intermediary may not enter into an agreement of the kind described in paragraph (2) of subsection (c) or paragraph (2) of subsection (d) of this section without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not required to enter into such an agreement even though the registered owner or entitlement holder so directs. An issuer or securities intermediary that has entered into such an agreement is not required to confirm the existence of the agreement to another party unless requested to do so by the registered owner or entitlement holder.Added by Laws 1961, p. 153, § 8-106. Amended by Laws 1984, c. 76, § 7, eff. Nov. 1, 1984; Laws 1995, c. 242, § 6, eff. Feb. 1, 1996; Laws 2000, c. 371, § 161, eff. July 1, 2001.
12A OK Stat § 12A-8-107 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-8-107. Whether Indorsement, Instruction, or Entitlement Order is Effective.

|Whether Indorsement, Instruction, or Entitlement Order is Effective. |(a) "Appropriate person" means:(1)with respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security;(2)with respect to an instruction, the registered owner of an uncertificated security;(3)with respect to an entitlement order, the entitlement holder;(4)if the person designated in paragraph (1), (2) or (3) of this subsection is deceased, the designated person's successor taking under other law or the designated person's personal representative acting for the estate of the decedent; or(5)if the person designated in paragraph (1), (2) or (3) of this subsection lacks capacity, the designated person's guardian, conservator, or other similar representative who has power under other law to transfer the security or financial asset.(b) An indorsement, instruction, or entitlement order is effective if:(1)it is made by the appropriate person;(2)it is made by a person who has power under the law of agency to transfer the security or financial asset on behalf of the appropriate person, including, in the case of an instruction or entitlement order, a person who has control under paragraph (2) of subsection (c) or paragraph (2) of subsection (d) of Section 8-106 of this title; or(3)the appropriate person has ratified it or is otherwise precluded from asserting its ineffectiveness.(c) An indorsement, instruction, or entitlement order made by a representative is effective even if:(1)the representative has failed to comply with a controlling instrument or with the law of the state having jurisdiction of the representative relationship, including any law requiring the representative to obtain court approval of the transaction; or(2)the representative's action in making the indorsement, instruction, or entitlement order or using the proceeds of the transaction is otherwise a breach of duty.(d) If a security is registered in the name of or specially indorsed to a person described as a representative, or if a securities account is maintained in the name of a person described as a representative, an indorsement, instruction, or entitlement order made by the person is effective even though the person is no longer serving in the described capacity.(e) Effectiveness of an indorsement, instruction, or entitlement order is determined as of the date the indorsement, instruction, or entitlement order is made, and an indorsement, instruction, or entitlement order does not become ineffective by reason of any later change of circumstances.Added by Laws 1984, c. 76, § 8, eff. Nov. 1, 1984. Amended by Laws 1995, c. 242, § 7, eff. Feb. 1, 1996.