{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-2a-218","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-2A-218","heading":"Insurance and proceeds","body":"INSURANCE AND PROCEEDS\n\n(1) A lessee obtains an insurable interest when existing goods\n\nare identified to the lease contract even though the goods\n\nidentified are nonconforming and the lessee has an option to reject\n\nthem.\n\n(2) If a lessee has an insurable interest only by reason of the\n\nlessor's identification of the goods, the lessor, until default or\n\ninsolvency or notification to the lessee that identification is\n\nfinal, may substitute other goods for those identified.\n\n(3) Notwithstanding a lessee's insurable interest under\n\nsubsections (1) and (2) of this section, the lessor retains an\n\ninsurable interest until an option to buy has been exercised by the\n\nlessee and risk of loss has passed to the lessee.\n\n(4) Nothing in this section impairs any insurable interest\n\nrecognized under any other statute or rule of law.\n\n(5) The parties by agreement may determine that one or more\n\nparties have an obligation to obtain and pay for insurance covering\n\nthe goods and by agreement may determine the beneficiary of the\n\nproceeds of the insurance.","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":"8d2af6223e04b9367824f47cbe5f2b84cabbb13ec613d8ad1979376d5573ac2a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-2a-217","next":"us-ok/okla.-stat.-tit.-12a-12a-2a-219"},"notice":"GroundRules: Original legal text. Not legal advice."}