GroundRules
← Search the law
Oklahoma · Snapshot open-us-law v2026.08, retrieved 2026-09-14

Okla. Stat. tit. 12A, § 12A-2A-308: Special rights of creditors

Read at publisher ↗
Where this section sits in the code
  1. OK Code
  2. Title 12A

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.

Collected 2026-09-14T18:32:36Z. Source file · JSON

Browse this collection