{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-2a-504","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-2A-504","heading":"Liquidation of damages","body":"LIQUIDATION OF DAMAGES\n\n(1) Damages payable by either party for default, or any other\n\nact or omission, including indemnity for loss or diminution of\n\nanticipated tax benefits or loss or damage to lessor's residual\n\ninterest, may be liquidated in the lease agreement but only at an\n\namount or by a formula that is reasonable in light of the then\n\nanticipated harm caused by the default or other act or omission.\n\n(2) If the lease agreement provides for liquidation of damages,\n\nand such provision does not comply with subsection (1) of this\n\nsection, or such provision is an exclusive or limited remedy that\n\ncircumstances cause to fail of its essential purpose, remedy may be\n\nhad as provided in this article.\n\n(3) If the lessor justifiably withholds or stops delivery of\n\ngoods because of the lessee's default or insolvency (Section 72 or\n\n73 of this act), the lessee is entitled to restitution of any amount\n\nby which the sum of his payments exceeds:\n\n(a) the amount to which the lessor is entitled by\n\nvirtue of terms liquidating the lessor's damages in accordance with\n\nsubsection (1) of this section; or\n\n(b) in the absence of those terms, twenty percent\n\n(20%) of the then present value of the total rent the lessee was\n\nobligated to pay for the balance of the lease term, or, in the case\n\nof a consumer lease, the lesser of such amount or Five Hundred\n\nDollars ($500.00).\n\n(4) A lessee's right to restitution under subsection (3) of\n\nthis section is subject to offset to the extent the lessor\n\nestablishes:\n\n(a) a right to recover damages under the provisions\n\nof this article other than subsection (1) of this section; and\n\n(b) the amount of value of any benefits received by\n\nthe lessee directly or indirectly by reason of the lease contract.","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":"000f137633b17258cca9dc9fafc8da2e47806393c99eea8a1e02b972d72836d5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-2a-503","next":"us-ok/okla.-stat.-tit.-12a-12a-2a-505"},"notice":"GroundRules: Original legal text. Not legal advice."}