Title 12A, Title 12A — Uniform Commercial Code
0 chapters · 662 sections in this title.
12A O.S. § 1-9-403 Agreement not to assert defenses against assignee
2.1K chars
AGREEMENT NOT TO ASSERT DEFENSES AGAINST ASSIGNEE (a) In this section, “value” has the meaning provided in subsection (a) of Section 3-303 of this title. (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against…
12A O.S. § 1-9-404 Rights acquired by assignee; claims and defenses
1.9K chars
against assignee. RIGHTS ACQUIRED BY ASSIGNEE; CLAIMS AND DEFENSES AGAINST ASSIGNEE (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e) of this section, the rights of an assignee are subject t…
12A O.S. § 1-9-405 Modification of assigned contract
1.2K chars
MODIFICATION OF ASSIGNED CONTRACT (a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modi…
12A O.S. § 1-9-406 Discharge of account debtor; notification of
6.2K chars
assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective. DISCHARGE OF ACCOUNT DEBTOR; NOTIFICATION OF ASSIGNMENT; IDENTIFICATION AND PROOF OF ASSIGNMENT; RESTRICTIONS ON ASSIG…
12A O.S. § 1-9-407 Restrictions on creation or enforcement of security
1.9K chars
interest in leasehold interest or in lessor’s residual interest. RESTRICTIONS ON CREATION OR ENFORCEMENT OF SECURITY INTEREST IN LEASEHOLD INTEREST OR IN LESSOR’S RESIDUAL INTEREST (a) Except as otherwise provided in subsection (b) of this section, a term in a lease agreement is …
12A O.S. § 1-9-408 Restrictions on assignment of promissory notes
5.4K chars
health-care-insurance receivables, and certain general intangibles ineffective. RESTRICTIONS ON ASSIGNMENT OF PROMISSORY NOTES, HEALTH-CARE-INSURANCE RECEIVABLES, AND CERTAIN GENERAL INTANGIBLES INEFFECTIVE (a) Except as otherwise provided in subsections (b) and (f) of this secti…
12A O.S. § 1-9-409 Restrictions on assignment of letter-of-credit rights
1.9K chars
ineffective. RESTRICTIONS ON ASSIGNMENT OF LETTER-OF-CREDIT RIGHTS INEFFECTIVE (a) A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or requires the consent of an applicant, issue…
12A O.S. § 1-9-501 Filing office
1.3K chars
FILING OFFICE (a) Except as otherwise provided in subsection (b) of this section, if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien…
12A O.S. § 1-9-502 Contents of financing statement; record of mortgage
4.4K chars
as financing statement; time of filing financing statement. CONTENTS OF FINANCING STATEMENT; RECORD OF MORTGAGE AS FINANCING STATEMENT; TIME OF FILING FINANCING STATEMENT (a) Subject to subsection (b) of this section, a financing statement is sufficient only if it: (1) provides t…
12A O.S. § 1-9-503 Name of debtor and secured party
4.6K chars
NAME OF DEBTOR AND SECURED PARTY (a) A financing statement sufficiently provides the name of the debtor: (1) except as otherwise provided in paragraph (3) of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered orga…
12A O.S. § 1-9-504 Indication of collateral
0.4K chars
INDICATION OF COLLATERAL A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to Section 1-9-108 of this title; or (2) an indication that the financing statement covers all ass…
12A O.S. § 1-9-505 Filing and compliance with other statutes and
1.3K chars
treaties for consignments, leases, other bailments, and other transactions. FILING AND COMPLIANCE WITH OTHER STATUTES AND TREATIES FOR CONSIGNMENTS, LEASES, OTHER BAILMENTS, AND OTHER TRANSACTIONS (a) A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a paym…
12A O.S. § 1-9-506 Effect of errors or omissions
1.1K chars
EFFECT OF ERRORS OR OMISSIONS (a) A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. (b) Except as otherwise provide…
12A O.S. § 1-9-507 Effect of certain events on effectiveness of
1.6K chars
financing statement. EFFECT OF CERTAIN EVENTS ON EFFECTIVENESS OF FINANCING STATEMENT (a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural …
12A O.S. § 1-9-508 Effectiveness of financing statement if new debtor
1.5K chars
becomes bound by security agreement. EFFECTIVENESS OF FINANCING STATEMENT IF NEW DEBTOR BECOMES BOUND BY SECURITY AGREEMENT (a) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in colla…
12A O.S. § 1-9-509 Persons entitled to file a record
2.2K chars
PERSONS ENTITLED TO FILE A RECORD (a) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if: (1) the debtor authorizes the filing in a signed record; or (…
12A O.S. § 1-9-510 Effectiveness of filed record
0.5K chars
EFFECTIVENESS OF FILED RECORD (a) A filed record is effective only to the extent that it was filed by a person that may file it under Section 1-9-509 of this title. (b) A record authorized by one secured party of record does not affect the financing statement with respect to anot…
12A O.S. § 1-9-511 Secured party of record
1.0K chars
SECURED PARTY OF RECORD (a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing …
12A O.S. § 1-9-512 Amendment of financing statement
1.6K chars
AMENDMENT OF FINANCING STATEMENT (a) Subject to Section 1-9-509 of this title, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e) of this section, otherwise amend the information provided in, a financing sta…
12A O.S. § 1-9-513 Termination statement
2.8K chars
TERMINATION STATEMENT (a) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (1) there is no obligation secured by the collateral cover…
12A O.S. § 1-9-514 Assignment of powers of secured party of record
1.2K chars
ASSIGNMENT OF POWERS OF SECURED PARTY OF RECORD (a) Except as otherwise provided in subsection (c) of this section, an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the n…
12A O.S. § 1-9-515 Duration and effectiveness of financing statement
2.8K chars
effect of lapsed financing statement. DURATION AND EFFECTIVENESS OF FINANCING STATEMENT; EFFECT OF LAPSED FINANCING STATEMENT (a) Except as otherwise provided in subsections (b), (e), (f), and (g) of this section, a filed financing statement is effective for a period of five (5) …
12A O.S. § 1-9-516 What constitutes filing; effectiveness of filing
3.5K chars
WHAT CONSTITUTES FILING; EFFECTIVENESS OF FILING (a) Except as otherwise provided in subsection (b) of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (b) Filing does not …
12A O.S. § 1-9-517 Effect of indexing errors
0.2K chars
EFFECT OF INDEXING ERRORS The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. Added by Laws 2000, c. 371, § 95, eff. July 1, 2001.
12A O.S. § 1-9-518 Claim concerning inaccurate or wrongfully filed
2.5K chars
record. CLAIM CONCERNING INACCURATE OR WRONGFULLY FILED RECORD (a) A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. (b) An i…
12A O.S. § 1-9-519 Numbering, maintaining, and indexing records
4.3K chars
communicating information provided in records. NUMBERING, MAINTAINING, AND INDEXING RECORDS; COMMUNICATING INFORMATION PROVIDED IN RECORDS (a) For each record filed in a filing office, the filing office shall: (1) assign a unique number to the filed record; (2) create a record th…
12A O.S. § 1-9-520 Acceptance and refusal to accept record
1.5K chars
ACCEPTANCE AND REFUSAL TO ACCEPT RECORD (a) A filing office shall refuse to accept a record for filing for a reason set forth in subsection (b) of Section 1-9-516 of this title and may refuse to accept a record for filing only for a reason set forth in subsection (b) of Section 1…
12A O.S. § 1-9-521 Uniform form of written financing statement and
12.3K chars
amendment. UNIFORM FORM OF WRITTEN FINANCING STATEMENT AND AMENDMENT (a) A filing office that accepts written records may not refuse to accept a written initial financing statement in the following form and format, except for a reason set forth in subsection (b) of Section 1-9-51…
12A O.S. § 1-9-522 Maintenance and destruction of records
1.5K chars
MAINTENANCE AND DESTRUCTION OF RECORDS (a) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under Section 1-9-515 of this title with respect to …
12A O.S. § 1-9-523 Information from filing office; sale or license of
2.9K chars
records. INFORMATION FROM FILING OFFICE; SALE OR LICENSE OF RECORDS (a) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to paragr…
12A O.S. § 1-9-524 Delay by filing office
0.4K chars
DELAY BY FILING OFFICE Delay by the filing office beyond a time limit prescribed by this part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of …
12A O.S. § 1-9-525 Fees
6.5K chars
FEES (a) Except as otherwise provided in subsection (e) of this section, the fee for filing and indexing a record under this part, other than an initial financing statement of the kind described in subsection (c) of Section 1-9-502 of this title, is: (1) Ten Dollars ($10.00) if t…
12A O.S. § 1-9-525.1 Disposition of fees
1.8K chars
DISPOSITION OF FEES (a) There is hereby created a cash account to be known as the “Oklahoma County Clerk’s Uniform Commercial Code Central Filing Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all fees and penalties collec…
12A O.S. § 1-9-526 Filing-office rules
1.3K chars
FILING-OFFICE RULES (a) The county clerk of Oklahoma County shall adopt and publish rules to implement this article. The filing-office rules must be: (1) consistent with this article; and (2) adopted and published in accordance with Section 1-9-526.1 of this title. (b) To keep th…
12A O.S. § 1-9-526.1 Procedures for adopting rules
3.4K chars
PROCEDURES FOR ADOPTING RULES (a) The county clerk of Oklahoma County shall adopt rules, pursuant to Section 1-9-526 of this title, for the operation of the filing office designated in paragraph (2) of subsection (a) of Section 1-9-501 of this title. Initial rules for the filing …
12A O.S. § 1-9-527 Duty to report
0.7K chars
DUTY TO REPORT The county clerk of Oklahoma County shall report annually on or before January 1 to the Governor and Legislature on the operation of the filing office. The report must contain a statement of the extent to which: (1) the filing-office rules are not in harmony with t…
12A O.S. § 1-9-601 Rights after default - Judicial enforcement -
2.7K chars
Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. RIGHTS AFTER DEFAULT; JUDICIAL ENFORCEMENT; CONSIGNOR OR BUYER OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, OR PROMISSORY NOTES (a) After default, a secured party has the rights provided …
12A O.S. § 1-9-602 Waiver and variance of rights and duties
2.3K chars
WAIVER AND VARIANCE OF RIGHTS AND DUTIES Except as otherwise provided in Section 1-9-624 of this title, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following l…
12A O.S. § 1-9-603 Agreement on standards concerning rights and duties
0.5K chars
AGREEMENT ON STANDARDS CONCERNING RIGHTS AND DUTIES (a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Section 1-9-602 of this title if the standards are …
12A O.S. § 1-9-604 Procedure if security agreement covers real property
1.7K chars
or fixtures. PROCEDURE IF SECURITY AGREEMENT COVERS REAL PROPERTY OR FIXTURES (a) If a security agreement covers both personal and real property, a secured party may proceed: (1) under this part as to the personal property without prejudicing any rights with respect to the real p…
12A O.S. § 1-9-605 Unknown debtor or secondary obligor
1.4K chars
UNKNOWN DEBTOR OR SECONDARY OBLIGOR (a) Except as provided in subsection (b) of this section, a secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secured party knows: (A) that the person is a debtor or …
12A O.S. § 1-9-606 Time of default for agricultural lien
0.3K chars
TIME OF DEFAULT FOR AGRICULTURAL LIEN For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. Added by Laws 2000, c. 371, § 11…
12A O.S. § 1-9-607 Collection and enforcement by secured party
2.8K chars
COLLECTION AND ENFORCEMENT BY SECURED PARTY (a) If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) …
12A O.S. § 1-9-608 Application of proceeds of collection or enforcement
2.2K chars
liability for deficiency and right to surplus. APPLICATION OF PROCEEDS OF COLLECTION OR ENFORCEMENT; LIABILITY FOR DEFICIENCY AND RIGHT TO SURPLUS (a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A sec…
12A O.S. § 1-9-609 Secured party’s right to take possession after
0.8K chars
default. SECURED PARTY’S RIGHT TO TAKE POSSESSION AFTER DEFAULT (a) After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under Section 1-9-610 of this tit…
12A O.S. § 1-9-610 Disposition of collateral after default
1.8K chars
DISPOSITION OF COLLATERAL AFTER DEFAULT (a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Every aspect of a disposition…
12A O.S. § 1-9-611 Notification before disposition of collateral
2.8K chars
NOTIFICATION BEFORE DISPOSITION OF COLLATERAL (a) In this section, "notification date" means the earlier of the date on which: (1) a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or (2) the debtor and any secondary obligor waive…
12A O.S. § 1-9-612 Timeliness of notification before disposition of
0.5K chars
collateral. TIMELINESS OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL (a) Except as otherwise provided in subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a not…
12A O.S. § 1-9-613 Contents and form of notification before disposition
3.5K chars
of collateral: general. CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL: GENERAL (a) Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the debto…
12A O.S. § 1-9-614 Contents and form of notification before disposition
6.0K chars
of collateral: consumer-goods transaction. CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL: CONSUMER-GOODS TRANSACTION (a) In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) …