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Can you summarize OKST Title 12A, Article 2A?
Uniform Commercial Code > Leases
Short Summary
These legal documents cover various aspects of lease contracts, including their formation, risk of loss, use of parol or extrinsic evidence, identification of goods, insurance and proceeds, insecurity and adequate assurance of performance, subordination by agreement, recovery of lessor’s residual interest, standing to sue third parties, incidental damages, damages recoverable by lessor, lessor’s action for rent, stoppage of delivery, lessor’s right to possession and disposal of goods, lessee’s remedies, revocation of acceptance, lessee’s duties regarding rejected goods, merchant lessee’s duties, default by lessor and lessee, liquidation of damages, modification or impairment of rights and remedies, notice of default or enforcement, priority of liens, sale or sublease of goods, and priority of liens arising by operation of law. These documents apply to parties involved in lease contracts, including lessors, lessees, creditors, and third parties. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Parties involved in lease contracts, including lessors, lessees, creditors, and third parties
What does it govern?
Formation of lease contracts, risk of loss in lease agreements, use of parol or extrinsic evidence in relation to confirmatory memoranda and final expressions of agreement in leases of goods, identification of goods in lease contracts, insurance and proceeds in lease contracts, insecurity and adequate assurance of performance in lease contracts, subordination by agreement, recovery of lessor's residual interest, standing to sue third parties for injury to goods, incidental damages to aggrieved lessor, damages recoverable by lessor for nonacceptance, lessor's action for rent, stoppage of delivery by lessor, lessor's right to possession of goods, lessor's right to dispose of goods, lessor's right to identify goods, lessor's remedies on lessee's default, lessee's remedies on lessor's default, lessee's remedies for nondelivery, revocation of acceptance of goods, lessee's failure to state particular defect, lessee's failure to reserve rights, effect of acceptance of goods, lessee's duties regarding rightfully rejected goods, merchant lessee's duties regarding rightfully rejected goods, lessee's rights on default by lessor, liquidation of damages, modification or impairment of rights and remedies, notice of default or notice of enforcement, default under lease contract, excused performance in lease contracts, allocation of production and deliveries, substitute performance by lessor, subsequent lease of goods by lessor, priority of liens arising from attachment or levy, sale or sublease of goods by lessee, priority of liens arising by operation of law
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Oklahoma