Okla. Stat. tit. 12A § 1-205

Current through Laws 2024, c. 453.

Section 1-205 - Reasonable time - Seasonableness

(a) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose, and circumstances of the action.

(b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.

Okla. Stat. tit. 12A, § 1-205

Laws 1961, p.73 § 1-205; Amended by Laws 2005 , HB 2028, c. 139, § 12, eff. 1/1/2006.

Oklahoma Code Comment

The language at old section 1-205 was moved to revised section 1-303 . Revised section 1-205 is based on old section 1-204 . Prior to the UCC, there were no comparable Oklahoma statutes and little case law on these issues. However, similar language was used in Grayson v. Crawford, 1989 Okla. 546, 119 P.2d 42 (1941), and in 15 Okla. Stat. § 173 (providing that if no time period is specified in a contract, a reasonable time is allowed).