{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-2a-406","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-2A-406","heading":"Procedure on excused performance","body":"PROCEDURE ON EXCUSED PERFORMANCE\n\n(1) If the lessee receives notification of a material or\n\nindefinite delay or an allocation justified under Section 45 of this\n\nact, the lessee, by written notification to the lessor as to any\n\ngoods involved, and with respect to all of the goods if under an\n\ninstallment lease contract the value of the whole lease contract is\n\nsubstantially impaired (Section 57 of this act) may:\n\n(a) terminate the lease contract (subsection (2) of\n\nSection 52 of this act); or\n\n(b) except in a finance lease that is not a consumer\n\nlease, modify the lease contract by accepting the available quota in\n\nsubstitution, with due allowance from the rent payable for the\n\nbalance of the lease term for the deficiency but without further\n\nright against the lessor.\n\n(2) If, after receipt of a notification from the lessor under\n\nSection 45 of this act, the lessee fails so to modify the lease\n\nagreement within a reasonable time not exceeding thirty (30) days,\n\nthe lease contract lapses with respect to any deliveries affected.","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":"1755562e529931605eb502c67340b0d80900a56c5ff9e4915273cb523b35f295","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-2a-405","next":"us-ok/okla.-stat.-tit.-12a-12a-2a-407"},"notice":"GroundRules: Original legal text. Not legal advice."}