SCOPE (1) This article applies to any transaction, regardless of form, that creates a lease and, in the case of a hybrid lease, it applies to the extent provided in paragraph (2) of this section.(2) In a hybrid lease:(a)if the lease-of-goods aspects do not predominate:(i)only the provisions of this article which relate primarily to the lease-of-goods aspects of the transaction apply, and the provisions that relate primarily to the transaction as a whole do not apply;(ii)Section 2A-209 of this title applies if the lease is a finance lease; and(iii)Section 2A-407 of this title applies to the promises of the lessee in a finance lease to the extent the promises are consideration for the right to possession and use of the leased goods; and(b)if the lease-of-goods aspects predominate, this article applies to the transaction, but does not preclude application, in appropriate circumstances, of other law to aspects of the lease which do not relate to the lease of goods.Added by Laws 1988, c. 86, § 2, eff. Nov. 1, 1988. Amended by Laws 2024, c. 13, § 12, eff. Nov. 1, 2024.
Oklahoma Legal Code