{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-805","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-805","heading":"Prohibition on bank employing funds in trade or commerce -","body":"Sale of personal property - Leasing of personal property -\n\nAcquisition of leased personal property.\n\nA. Bank prohibited from employing its funds in trade or\n\ncommerce - Exception.\n\n1. Except as permitted in other sections of this Code, a state\n\nbank shall not invest its funds in trade or commerce by buying,\n\nselling, or otherwise dealing in goods, except as necessary to avoid\n\nor minimize a loss on a loan or investment previously made in good\n\nfaith and shall not invest any of its funds in the stock of any\n\nother bank, nor make any loans or discounts on the security of the\n\nshares of its own capital stock, nor be the purchaser or holder of\n\nany such shares, unless such securities or purchase shall be\n\nnecessary to prevent loss upon a debt previously contracted in good\n\nfaith.\n\n2. Except as permitted in other sections of this Code, a trust\n\ncompany shall not invest any of its funds in the stock of any other\n\ntrust company.\n\n3. Unless written approval for a longer period is granted by\n\nthe Commissioner, stock or other personal property so purchased or\n\nacquired shall within one (1) year from the time of its purchase or\n\nacquisition be sold or disposed of at public or private sale, and\n\nafter the expiration of one (1) year any such stock or other\n\npersonal property shall not be considered as part of the assets of\n\nany bank.\n\nB. Sale of personal property acquired under subsection A. A\n\nbank may sell any personal property which may come into its\n\npossession as collateral security for any debt or obligation due it,\n\nin the manner prescribed by the Uniform Commercial Code, Section 1-\n\n101 et seq. of Title 12A of the Oklahoma Statutes, and other\n\npertinent statutes.\n\nC. Leasing of personal property - Limitation on term and\n\namount.\n\n1. A bank may become the owner and lessor of personal property\n\nupon the specific request of and for the use of a customer. Except\n\nupon the written approval of the Commissioner, the term of the lease\n\nshall in no event exceed ten (10) years and all such leases shall\n\nprovide for the payment of regularly scheduled periodic payments,\n\nthe total of which shall at least equal the cost to the bank of the\n\npersonal property so leased.\n\n2. The total investment by a bank for benefit of any person,\n\ncopartnership, association or corporation, combined with all other\n\nobligations of such person to the bank, shall at no time exceed\n\nthirty percent (30%) of the bank's capital.\n\nD. Acquisition of leased personal property. When a bank has\n\ncompleted a leasing arrangement in conformity with subsection C of\n\nthis section, the bank may then purchase the personal property to be\n\nleased.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"786c3adc1d3696910c8beb5eea16239a255bc0e1fc0d360a5f335c57775da336","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-803","next":"us-ok/okla.-stat.-tit.-6-6-806"},"notice":"GroundRules: Original legal text. Not legal advice."}