eLaws | eCases | Oklahoma Administrative Code | Oklahoma Courts | Counties & Cities of Oklahoma | United States Code |
 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 12A. UNIFORM COMMERCIAL CODE

  § 12A-2-326. Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors.  

Latest version.

  • Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors.

    (1)  Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is

    (a)  a "sale on approval" if the goods are delivered primarily for use, and

    (b)  a "sale or return" if the goods are delivered primarily for resale.

    (2)  Goods held on approval are not subject to the claims of the buyer's creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer's possession.

    (3)  Any "or return" term of a contract for sale is to be treated as a separate contract for sale within the statute of frauds section of this article (Section 2-201 of this title) and as contradicting the sale aspect of the contract within the provisions of this article on parole or extrinsic evidence (Section 2-202 of this title).

Added by Laws 1961, p. 85, § 2-326.  Amended by Laws 2000, c. 371, § 150, eff. July 1, 2001.