Oklahoma § 15-140.1 - Debt cancellation agreement
Full text of Oklahoma Oklahoma Statutes § 15-140.1 — Debt cancellation agreement, with citation guidance and answers to common questions.
§ 15-140.1. Debt cancellation agreement
A. A "debt cancellation agreement" means a loan term or
contractual arrangement modifying loan or retail installment
contract terms under which a lender or other creditor agrees to
cancel all or part of an obligation of the borrower to repay an
extension of credit from the lender or other creditor upon the
occurrence of a specified event. The agreement may be separate from
or a part of other loan or retail installment contract documents.
B. A debt cancellation agreement shall not be considered a
contract of, or for, insurance if it is not a contract whereby one
undertakes to indemnify another or to pay a specified amount upon
determinable contingencies, but merely cancels amounts owed by a
Oklahoma Statutes - Title 15. Contracts
borrower under a loan, retail installment contract or other credit
agreement.
C. A debt cancellation agreement shall not be deemed to create
a special relationship between the parties which would give rise to
an action in tort to recover for breach of the duty of good faith
and fair dealing. This section shall not be construed to preclude a
breach of contract action for failure of the parties to comply with
the implied duty of good faith and fair dealing in carrying out
their obligations as set forth in the agreement.
Added by Laws 2008, c. 29, § 1, eff. Nov. 1, 2008. Amended by Laws
2008, c. 353, § 14, eff. Nov. 1, 2008; Laws 2012, c. 150, § 33, eff.
Nov. 1, 2012.
Frequently Asked Questions About Oklahoma § 15-140.1
What does Oklahoma Statutes § 15-140.1 cover?
Section 15-140.1 ("Debt cancellation agreement") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 15-140.1?
A common citation format is "Oklahoma Statutes § 15-140.1" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 15-140.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.