{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-620","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-620","heading":"Acceptance of collateral in full or partial","body":"satisfaction of obligation; compulsory disposition of collateral.\n\nACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION\n\nOF OBLIGATION; COMPULSORY DISPOSITION OF COLLATERAL\n\n(a) Except as otherwise provided in subsection (g) of this\n\nsection, a secured party may accept collateral in full or partial\n\nsatisfaction of the obligation it secures only if:\n\n(1) the debtor consents to the acceptance under subsection (c)\n\nof this section;\n\n(2) the secured party does not receive, within the time set\n\nforth in subsection (d) of this section, a notification of objection\n\nto the proposal signed by:\n\n(A) a person to which the secured party was required to\n\nsend a proposal under Section 1-9-621 of this title;\n\nor\n\n(B) any other person, other than the debtor, holding an\n\ninterest in the collateral subordinate to the security\n\ninterest that is the subject of the proposal;\n\n(3) if the collateral is consumer goods, the collateral is not\n\nin the possession of the debtor when the debtor consents to the\n\nacceptance; and\n\n(4) subsection (e) of this section does not require the secured\n\nparty to dispose of the collateral or the debtor waives the\n\nrequirement pursuant to Section 1-9-624 of this title.\n\n(b) A purported or apparent acceptance of collateral under this\n\nsection is ineffective unless:\n\n(1) the secured party consents to the acceptance in a signed\n\nrecord or sends a proposal to the debtor; and\n\n(2) the conditions of subsection (a) of this section are met.\n\n(c) For purposes of this section:\n\n(1) a debtor consents to an acceptance of collateral in partial\n\nsatisfaction of the obligation it secures only if the debtor agrees\n\nto the terms of the acceptance in a record signed after default; and\n\n(2) a debtor consents to an acceptance of collateral in full\n\nsatisfaction of the obligation it secures only if the debtor agrees\n\nto the terms of the acceptance in a record signed after default or\n\nthe secured party:\n\n(A) sends to the debtor after default a proposal that is\n\nunconditional or subject only to a condition that\n\ncollateral not in the possession of the secured party\n\nbe preserved or maintained;\n\n(B) in the proposal, proposes to accept collateral in full\n\nsatisfaction of the obligation it secures; and\n\n(C) does not receive a notification of objection signed by\n\nthe debtor within twenty (20) days after the proposal\n\nis sent.\n\n(d) To be effective under paragraph (2) of subsection (a) of\n\nthis section, a notification of objection must be received by the\n\nsecured party:\n\n(1) in the case of a person to which the proposal was sent\n\npursuant to Section 1-9-621 of this title, within twenty (20) days\n\nafter notification was sent to that person; and\n\n(2) in other cases:\n\n(A) within twenty (20) days after the last notification\n\nwas sent pursuant to Section 1-9-621 of this title; or\n\n(B) if a notification was not sent, before the debtor\n\nconsents to the acceptance under subsection (c) of\n\nthis section.\n\n(e) A secured party that has taken possession of collateral\n\nshall dispose of the collateral pursuant to Section 1-9-610 of this\n\ntitle within the time specified in subsection (f) of this section\n\nif:\n\n(1) Sixty percent (60%) of the cash price has been paid in the\n\ncase of a purchase-money security interest in consumer goods; or\n\n(2) Sixty percent (60%) of the principal amount of the\n\nobligation secured has been paid in the case of a non-purchase-money\n\nsecurity interest in consumer goods.\n\n(f) To comply with subsection (e) of this section, the secured\n\nparty shall dispose of the collateral:\n\n(1) within ninety (90) days after taking possession; or\n\n(2) within any longer period to which the debtor and all\n\nsecondary obligors have agreed in an agreement to that effect\n\nentered into and signed after default.\npaid in the case of a non-purchase-money\n\nsecurity interest in consumer goods.\n\n(f) To comply with subsection (e) of this section, the secured\n\nparty shall dispose of the collateral:\n\n(1) within ninety (90) days after taking possession; or\n\n(2) within any longer period to which the debtor and all\n\nsecondary obligors have agreed in an agreement to that effect\n\nentered into and signed after default.\n\n(g) In a consumer transaction, a secured party may not accept\n\ncollateral in partial satisfaction of the obligation it secures.","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":"a04dc36c97689701a1ddaa6d04d2e3c3f618d4e1d849b08adaf2308a1355bc9a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-619","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-621"},"notice":"GroundRules: Original legal text. Not legal advice."}