{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-407","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-407","heading":"Restrictions on creation or enforcement of security","body":"interest in leasehold interest or in lessor’s residual interest.\n\nRESTRICTIONS ON CREATION OR ENFORCEMENT\n\nOF SECURITY INTEREST IN LEASEHOLD INTEREST\n\nOR IN LESSOR’S RESIDUAL INTEREST\n\n(a) Except as otherwise provided in subsection (b) of this\n\nsection, a term in a lease agreement is ineffective to the extent\n\nthat it:\n\n(1) prohibits, restricts, or requires the consent of a party to\n\nthe lease to the assignment or transfer of or the creation,\n\nattachment, perfection, or enforcement of a security interest in, an\n\ninterest of a party under the lease contract or in the lessor’s\n\nresidual interest in the goods; or\n\n(2) provides that the assignment or transfer or the creation,\n\nattachment, perfection, or enforcement of the security interest may\n\ngive rise to a default, breach, right of recoupment, claim, defense,\n\ntermination, right of termination, or remedy under the lease.\n\n(b) Except as otherwise provided in paragraph (7) of Section\n\n2A-303 of this title, a term described in paragraph (2) of\n\nsubsection (a) of this section is effective to the extent that there\n\nis:\n\n(1) a transfer by the lessee of the lessee’s right of\n\npossession or use of the goods in violation of the term; or\n\n(2) a delegation of a material performance of either party to\n\nthe lease contract in violation of the term.\n\n(c) The creation, attachment, perfection, or enforcement of a\n\nsecurity interest in the lessor’s interest under the lease contract\n\nor the lessor’s residual interest in the goods is not a transfer\n\nthat materially impairs the lessee’s prospect of obtaining return\n\nperformance or materially changes the duty of or materially\n\nincreases the burden or risk imposed on the lessee within the\n\npurview of paragraph (4) of Section 2A-303 of this title unless, and\n\nthen only to the extent that, enforcement actually results in\n\ndelegation of material performance of the lessor.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"138b9b7d6ead5a1059e18abc5f3864c7b955e7547e7cb31d0cfd943ed2d8c31b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-406","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-408"},"notice":"GroundRules: Original legal text. Not legal advice."}