reglab/housing_qa huggingface dataset:
12A OK Stat § 12A-5-117 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-117. Subrogation of Issuer, Applicant, and Nominated Person.

|Subrogation of Issuer, Applicant, and Nominated Person. |(a) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of the underlying obligation owed to the applicant.(b) An applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person to the same extent as if the applicant were the secondary obligor of the obligations owed to the issuer and has the rights of subrogation of the issuer to the rights of the beneficiary stated in subsection (a) of this section.(c) A nominated person who pays or gives value against a draft or demand presented under a letter of credit is subrogated to the rights of:(1)The issuer against the applicant to the same extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant;(2)The beneficiary to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the beneficiary; and(3)The applicant to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the applicant.(d) Notwithstanding any agreement or term to the contrary, the rights of subrogation stated in subsections (a) and (b) of this section do not arise until the issuer honors the letter of credit or otherwise pays and the rights in subsection (c) of this section do not arise until the nominated person pays or otherwise gives value. Until then, the issuer, nominated person, and the applicant do not derive under this section present or prospective rights forming the basis of a claim, defense, or excuse.Added by Laws 1961, p. 136, § 5-117. Amended by Laws 1996, c. 56, § 16, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-118 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-118. Applicability.

|Applicability. |This act applies to a letter of credit that is issued on or after January 1, 1997. This act does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before January 1, 1997.Added by Laws 1996, c. 56, § 17, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-118.1 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-118.1. Security interest of issuer or nominated person.

|SECURITY INTEREST OF ISSUER OR NOMINATED PERSON |(a) An issuer or nominated person has a security interest in a document presented under a letter of credit and any identifiable proceeds of the collateral to the extent that the issuer or nominated person honors or gives value for the presentation.(b) As long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under subsection (a) of this section, the security interest continues and is subject to Article 9 of this title, but:(1) a security agreement is not necessary to make the security interest enforceable under paragraph (3) of subsection (b) of Section 1-9-203 of this title;(2) if the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and(3) if the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, so long as the debtor does not have possession of the document, the security is perfected and has priority over a conflicting security interest in the document.Added by Laws 2000, c. 371, § 158, eff. July 1, 2001.
12A OK Stat § 12A-5-119 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-119. Savings Clause.

|Savings Clause. |A transaction arising out of or associated with a letter of credit that was issued before January 1, 1997, and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this act as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law.Added by Laws 1996, c. 56, § 18, eff. Jan. 1, 1997.
12A OK Stat § 12A-7-101 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-101. Short Title.

|This article shall be known and may be cited as Uniform Commercial Code - Documents of Title. |Laws 1961, p. 140, § 7-101.
12A OK Stat § 12A-7-102 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-102. Definitions and index of definitions.

|Definitions and Index of Definitions. |(a) In this article, unless the context otherwise requires(1) "Bailee" means a person that by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them.(2) “Carrier” means a person that issues a bill of lading.(3) "Consignee" means a person named in a bill of lading to which or to whose order the bill promises delivery.(4) "Consignor" means the person named in a bill of lading as the person from whom the goods have been received for shipment.(5) "Delivery order" means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading.(6) “Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing.(7) "Goods" means all things that are treated as movable for the purposes of a contract of storage or transportation.(8) "Issuer" means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. The term includes a person for which an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed, or in any other respect the agent or employee violated the issuer’s instructions.(9) “Person entitled under the document” means the holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title.(10) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.(11) “Sign” means, with present intent to authenticate or adopt a record:(A)to execute or adopt a tangible symbol; or(B)to attach to or logically associate with the record an electronic sound, symbol, or process.(12) “Shipper” means a person that enters into a contract of transportation with a carrier.(13) “Warehouse” means a person engaged in the business of storing goods for hire.(b) Definitions in other articles applying to this article and the sections in which they appear are:(1) "Contract for sale", Section 2-106.(2) “Lessee in the ordinary course of business”, Section 2A-103.(3) "Receipt" of goods, Section 2-103.(c) In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.Added by Laws 1961, p. 140, § 7-102. Amended by Laws 2005, c. 140, § 1, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-103 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-103. Relation of article to treaty or statute.

|Relation of Article to Treaty or Statute. |(a) This article is subject to any treaty or statute of the United States or regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable.(b) This article does not modify or repeal any law prescribing the form or content of a document of title or the services or facilities to be afforded by a bailee, or otherwise regulating a bailee’s business in respects not specifically treated in this article. However, violation of such a law does not affect the status of a document of title that otherwise is within the definition of a document of title.(c) This article modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act (15 U.S.C., Section 7001 et seq.) but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C., Section 7001(c)) or authorize electronic delivery of the notices described in Section 103(b).(d) To the extent there is a conflict between any law governing electronic transactions and this article, this article governs.Added by Laws 1961, p. 140, § 7-103. Amended by Laws 2005, c. 140, § 2, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-104 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-104. Negotiable and nonnegotiable document of title.

|Negotiable and Nonnegotiable Document of Title. |(a) Except as otherwise provided in subsection (c) of this section, a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person.(b) A document of title other than one described in subsection (a) of this section is nonnegotiable. A bill of lading that states that the goods are consigned to a named person is not made negotiable by a provision that the goods are to be delivered only against an order in a record signed by the same or another named person.(c) A document of title is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable.Added by Laws 1961, p. 140, § 7-104. Amended by Laws 2005, c. 140, § 3, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-105.1 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-105.1. Reissuance in alternative medium.

|Reissuance in Alternative Medium. |(a) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:(1) the person entitled under the electronic document surrenders control of the document to the issuer; and(2) the tangible document when issued contains a statement that it is issued in substitution for the electronic document.(b) Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a) of this section:(1) the electronic document ceases to have any effect or validity; and(2) the person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.(c) Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:(1) the person entitled under the tangible document surrenders possession of the document to the issuer; and(2) the electronic document when issued contains a statement that it is issued in substitution for the tangible document.(d) Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (c) of this section:(1) the tangible document ceases to have any effect or validity; and(2) the person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.Added by Laws 2005, c. 140, § 4, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-106 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-106. Control of electronic document of title.

|Control of Electronic Document of Title. |(a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.(b) A system satisfies subsection (a) of this section, and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:(1) a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6) of this subsection, unalterable;(2) the authoritative copy identifies the person asserting control as:(A)the person to which the document was issued; or(B)if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;(3) the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;(4) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;(5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and(6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.Added by Laws 2005, c. 140, § 5, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-201 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-201. Persons that may issue a warehouse receipt - Storage under bond.

|Persons That May Issue a Warehouse Receipt; Storage Under Bond. |(a) A warehouse receipt may be issued by any warehouse.(b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person who is the owner of the goods and is not a warehouse.Added by Laws 1961, p. 141, § 7-201. Amended by Laws 2005, c. 140, § 6, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-202 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-202. Form of warehouse receipt - Effect of omission.

|Form of Warehouse Receipt; Effect of Omission. |(a) A warehouse receipt need not be in any particular form.(b) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by the omission:(1) a statement of the location of the warehouse where the goods are stored;(2) the date of issue of the receipt;(3) the unique identification code of the receipt;(4) a statement whether the goods received will be delivered to the bearer, to a named person, or to a named person or its order;(5) the rate of storage and handling charges, unless goods are stored under a field warehousing arrangement, in which case a statement of that fact is sufficient on a nonnegotiable receipt;(6) a description of the goods or of the packages containing them;(7) the signature of the warehouse or its agent;(8) if the receipt is issued for goods that the warehouse owns, either solely, jointly, or in common with others, a statement of the fact of that ownership; and(9) a statement of the amount of advances made and of liabilities incurred for which the warehouse claims a lien or security interest, unless the precise amount of advances made or liabilities incurred, at the time of the issue of the receipt, is unknown to the warehouse or to its agent that issued the receipt, in which case a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient.(c) A warehouse may insert in its receipt any terms that are not contrary to the provisions of the Uniform Commercial Code and do not impair its obligation of delivery under Section 7-403 of this title or its duty of care under Section 7-204 of this title. Any contrary provisions are ineffective.Added by Laws 1961, p. 141, § 7-202. Amended by Laws 2005, c. 140, § 7, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-203 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-203. Liability for nonreceipt or misdescription.

|Liability for Nonreceipt or Misdescription. |A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that:(1) the document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by "contents, condition, and quality unknown", "said to contain" or words of similar import, if such indication is true; or(2) the party or purchaser otherwise has notice of the nonreceipt or misdescription.Added by Laws 1961, p. 141, § 7-203. Amended by Laws 2005, c. 140, § 8, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-204 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-204. Duty of care - Contractual limitation of warehouse's liability.

|Duty of Care; Contractual Limitation of Warehouse’s Liability. |(a) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods as a reasonably careful person would exercise under similar circumstances. Unless otherwise agreed, the warehouse is not liable for damages that could not have been avoided by the exercise of that care.(b) Damages may be limited by a term in the warehouse receipt or storage agreement limiting the amount of liability in case of loss or damage beyond which the warehouse shall not be liable. Such a limitation is not effective with respect to the warehouse’s liability for conversion to its own use. On request of the bailor in a record at the time of signing the storage agreement or within a reasonable time after receipt of the warehouse receipt, the warehouse’s liability may be increased on part or all of the goods covered by the storage agreement or the warehouse receipt. In this event, increased rates may be charged based on an increased valuation of the goods.(c) Reasonable provisions as to the time and manner of presenting claims and commencing actions based on the bailment may be included in the warehouse receipt or storage agreement.Added by Laws 1961, p. 142, § 7-204. Amended by Laws 2005, c. 140, § 9, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-205 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-205. Title under warehouse receipt defeated in certain cases.

|Title Under Warehouse Receipt Defeated in Certain Cases. |A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated.Added by Laws 1961, p. 142, § 7-205. Amended by Laws 2005, c. 140, § 10, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-206 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-206. Termination of storage at warehouse's option.

|Termination of Storage at Warehouse’s Option. |(a) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by the document of title, or, if a period is not fixed, within a stated period not less than thirty (30) days after the warehouse gives notice. If the goods are not removed before the date specified in the notice, the warehouse may sell them pursuant to Section 7-210 of this title.(b) If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (a) of this section and Section 7-210 of this title, the warehouse may specify in the notice given under subsection (a) of this section any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than one (1) week after a single advertisement or posting.(c) If, as a result of a quality or condition of the goods of which the warehouse did not have notice at the time of deposit, the goods are a hazard to other property, the warehouse facilities, or other persons, the warehouse may sell the goods at public or private sale without advertisement or posting on reasonable notification to all persons known to claim an interest in the goods. If the warehouse, after a reasonable effort, is unable to sell the goods, it may dispose of them in any lawful manner and does not incur liability by reason of that disposition.(d) A warehouse shall deliver the goods to any person entitled to them under this article upon due demand made at any time before sale or other disposition under this section.(e) A warehouse may satisfy its lien from the proceeds of any sale or disposition under this section but shall hold the balance for delivery on the demand of any person to which the warehouse would have been bound to deliver the goods.Added by Laws 1961, p. 142, § 7-206. Amended by Laws 2005, c. 140, § 11, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-207 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-207. Goods must be kept separate - Fungible goods.

|Goods Must be Kept Separate; Fungible Goods. |(a) Unless the warehouse receipt otherwise provides, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled.(b) If different lots of fungible goods are commingled, the goods are owned in common by the persons entitled thereto and the warehouse is severally liable to each owner for that owner's share. If, because of overissue, a mass of fungible goods is insufficient to meet all the receipts which the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated.Added by Laws 1961, p. 143, § 7-207. Amended by Laws 2005, c. 140, § 12, eff. Jan. 1, 2006.
12A OK Stat § 12A-7-208 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-7-208. Altered warehouse receipts.

|Altered Warehouse Receipts. |If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according to its original tenor.Added by Laws 1961, p. 143, § 7-208. Amended by Laws 2005, c. 140, § 13, eff. Jan. 1, 2006.