{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-409","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-409","heading":"Debt secured by cross-collateral","body":"(1) If debts arising from two or more consumer credit sales,\n\nother than sales pursuant to a revolving charge account, are secured\n\nby cross-collateral (Section 2-408) or consolidated into one debt\n\npayable on a single schedule of payments, and the debt is secured by\n\nsecurity interests taken with respect to one or more of the sales,\n\npayments received by the seller after the taking of the cross-\n\ncollateral or the consolidation are deemed, for the purpose of\n\ndetermining the amount of the debt secured by the various security\n\ninterests, to have been first applied to the payment of the debts\n\narising from the sales first made. To the extent debts are paid\n\naccording to this section, security interests in items of property\n\nterminate as the debts originally incurred with respect to each item\n\nis paid.\n\n(2) Payments received by the seller upon a revolving charge\n\naccount are deemed, for the purpose of determining the amount of the\n\ndebt secured by the various security interests, to have been applied\n\nfirst to the payment of credit service charges in the order of their\n\nentry to the account and then to the payment of debts in the order\n\nin which the entries to the account showing the debts were made.\n\n(3) If the debts consolidated arose from two or more sales made\n\non the same day, payments received by the seller are deemed, for the\n\npurpose of determining the amount of the debt secured by the various\n\nsecurity interests, to have been applied first to the payment of the\n\nsmallest debt.","path":["OK Code","Title 14A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os14A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"41f3a482568d91e367e7c2f5d0758b1a5d069de01450d059643556ee4b861f19","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-408","next":"us-ok/okla.-stat.-tit.-14a-14a-2-410"},"notice":"GroundRules: Original legal text. Not legal advice."}