{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-2a-303","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-2A-303","heading":"Alienability of party's interest under lease contract","body":"or of lessor's residual interest in goods; delegation of\n\nperformance; transfer of rights.\n\nALIENABILITY OF PARTY'S INTEREST UNDER LEASE CONTRACT\n\nOR OF LESSOR'S RESIDUAL INTEREST IN GOODS;\n\nDELEGATION OF PERFORMANCE; TRANSFER OF RIGHTS\n\n(1) As used in this section, \"creation of a security interest\"\n\nincludes the sale of a lease contract that is subject to Article 9\n\nof this title, Secured Transactions, by reason of paragraph (3) of\n\nsubsection (a) of Section 1-9-109 of this title.\n\n(2) Except as provided in subsection (3) of Section 1-9-407 of\n\nthis title, a provision in a lease agreement which (i) prohibits the\n\nvoluntary or involuntary transfer, including a transfer by sale,\n\nsublease, creation or enforcement of a security interest, or\n\nattachment, levy, or other judicial process, of an interest of a\n\nparty under the lease contract or of the lessor's residual interest\n\nin the goods, or (ii) makes such a transfer an event of default,\n\ngives rise to the rights and remedies provided in subsection (4) of\n\nthis section, but a transfer that is prohibited or is an event of\n\ndefault under the lease agreement is otherwise effective.\n\n(3) A provision in a lease agreement which (i) prohibits a\n\ntransfer of a right to damages for default with respect to the whole\n\nlease contract or of a right to payment arising out of the\n\ntransferor's due performance of the transferor's entire obligation,\n\nor (ii) makes such a transfer an event of default, is not\n\nenforceable, and such a transfer is not a transfer that materially\n\nimpairs the prospect of obtaining return performance by, materially\n\nchanges the duty of, or materially increases the burden of risk\n\nimposed on, the other party to the lease contract within the purview\n\nof subsection (4) of this section.\n\n(4) Subject to subsection (3) of this section and Section 1-9-\n\n407 of this article:\n\n(a) if a transfer is made which is made an event of\n\ndefault under a lease agreement, the party to the\n\nlease contract not making the transfer, unless that\n\nparty waives the default or otherwise agrees, has the\n\nrights and remedies described in subsection (2) of\n\nSection 2A-501 of this title; or\n\n(b) if paragraph (a) of this subsection is not applicable\n\nand if a transfer is made that (i) is prohibited under\n\na lease agreement or (ii) materially impairs the\n\nprospect of obtaining return performance by,\n\nmaterially changes the duty of, or materially\n\nincreases the burden or risk imposed on, the other\n\nparty to the lease contract, unless the party not\n\nmaking the transfer agrees at any time to the transfer\n\nin the lease contract or otherwise, then, except as\n\nlimited by contract, (i) the transferor is liable to\n\nthe party not making the transfer for damages caused\n\nby the transfer to the extent that the damages could\n\nnot reasonably be prevented by the party not making\n\nthe transfer and (ii) a court having jurisdiction may\n\ngrant other appropriate relief, including cancellation\n\nof the lease contract or an injunction against the\n\ntransfer.\n\n(5) A transfer of \"the lease\" or of \"all my rights under the\n\nlease\", or a transfer in similar general terms, is a transfer of\n\nrights and, unless the language or the circumstances, as in a\n\ntransfer for security, indicate the contrary, the transfer is a\n\ndelegation of duties by the transferor to the transferee.\n\nAcceptance by the transferee constitutes a promise by the transferee\n\nto perform those duties. The promise is enforceable by either the\n\ntransferor or the other party to the lease contract.\n\n(6) Unless otherwise agreed by the lessor and the lessee, a\n\ndelegation of performance does not relieve the transferor as against\n\nthe other party of any duty to perform or of any liability for\n\ndefault.\n\n(7) In a consumer lease, to prohibit the transfer of an\n\ninterest of a party under the lease contract or to make a transfer\n\nan event of default, the language must be specific, by a writing,\n\nand conspicuous.","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":"b897db4a5b22ba7d0835a625d7678c2aafa376e5801fba515271e68c4d2f41bf","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-2a-302","next":"us-ok/okla.-stat.-tit.-12a-12a-2a-304"},"notice":"GroundRules: Original legal text. Not legal advice."}