Title 12A, Title 12A — Uniform Commercial Code

deficiency and right to surplus. APPLICATION OF PROCEEDS OF DISPOSITION; LIABILITY FOR DEFICIENCY AND RIGHT TO SURPLUS (a) A secured party shall apply or pay over for application the cash proceeds of disposition pursuant to Section 1-9-610 of this title in the following order to:…

EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY (a) In this section: (1) "Explanation" means a record that: (A) states the amount of the surplus or deficiency; (B) provides an explanation in accordance with subsection (c) of this section of how the secured party calculated th…

RIGHTS OF TRANSFEREE OF COLLATERAL (a) A secured party’s disposition of collateral after default: (1) transfers to a transferee for value all of the debtor’s rights in the collateral; (2) discharges the security interest under which the disposition is made; and (3) discharges any…

RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (2) receives a tran…

TRANSFER OF RECORD OR LEGAL TITLE (a) In this section, "transfer statement" means a record signed by a secured party stating: (1) that the debtor has defaulted in connection with an obligation secured by specified collateral; (2) that the secured party has exercised its post-defa…

satisfaction of obligation; compulsory disposition of collateral. ACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION OF OBLIGATION; COMPULSORY DISPOSITION OF COLLATERAL (a) Except as otherwise provided in subsection (g) of this section, a secured party may accept collateral…

NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL (a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) any person from which the secured party has received, before the debtor consented to th…

EFFECT OF ACCEPTANCE OF COLLATERAL (a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor’s rights in t…

RIGHT TO REDEEM COLLATERAL (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attor…

WAIVER (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 1-9-611 of this title only by an agreement to that effect entered into and signed after default. (b) A debtor may waive the right to require disposition of coll…

article. REMEDIES FOR SECURED PARTY’S FAILURE TO COMPLY WITH ARTICLE (a) If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and condi…

ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE (a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prove compliance with the provisio…

reasonable. DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE (a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is no…

party; liability of secondary obligor. NONLIABILITY AND LIMITATION ON LIABILITY OF SECURED PARTY; LIABILITY OF SECONDARY OBLIGOR (a) Subject to subsection (f) of this section, unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and…

SAVINGS CLAUSE (a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect. (b) Except as otherwise provided in subsection (c) of this section a…

SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE (a) A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if,…

SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest fo…

of act. EFFECTIVENESS OF ACTION TAKEN BEFORE EFFECTIVE DATE OF ACT (a) If action, other than the filing of a financing statement, is taken before this act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a…

effectivness of financing statement. WHEN INITIAL FINANCING STATEMENT SUFFICES TO CONTINUE EFFECTIVNESS OF FINANCING STATEMENT (a) The filing of an initial financing statement in the office specified in Section 1-9-501 of this title continues the effectiveness of a financing stat…

PERSONS ENTITLED TO FILE INITIAL FINANCING STATEMENT (a) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect. (b) After this act takes effect, a person may add or delete collateral covered by, continue or termin…

or continuation statement. PERSONS ENTITLED TO FILE INITIAL FINANCING STATEMENT OR CONTINUATION STATEMENT A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is …

PRIORITY (a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former Article 9 determines priority. (b) For purposes of subsection (a) of Section 1-9-322 of this …

(a) In this section: (1) “Local-filing office” means a filing office, other than the statewide filing office in the office of the County Clerk of Oklahoma County or the statewide filing office in the office of the Secretary of State, that is designated as the proper place to file…

[Blank] Added by Laws 2015, c. 374, § 17, eff. Nov. 1, 2015.

SAVINGS CLAUSE (a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before November 1, 2015. (b) This act does not affect an action, case, or proceeding commenced bef…

SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE (a) A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under Article 9 of the Uniform Commercial Code as amended by this act if, when this act takes …

SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest: (1) without further action, when this act takes effect on November 1, 2015, if the appl…

EFFECTIVENESS OF ACTION TAKEN BEFORE EFFECTIVE DATE (a) The filing of a financing statement before this act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 9 of the Uniform Co…

effectiveness of financing statement. WHEN INITIAL FINANCING STATEMENT SUFFICES TO CONTINUE EFFECTIVENESS OF FINANCING STATEMENT (a) The filing of an initial financing statement in the office specified in Section 1-9-501 of Title 12A of the Oklahoma Statutes continues the effecti…

AMENDMENT OF PRE-EFFECTIVE-DATE FINANCING STATEMENT (a) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect. (b) After this act takes effect on November 1, 2015, a person may add or delete collateral covered by,…

or continuation statement. PERSONS ENTITLED TO FILE INITIAL FINANCING STATEMENT OR CONTINUATION STATEMENT A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is …

PRIORITY This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, Article 9 of the Uniform Commercial Code as it existed before amendment by this act determines priority.…

Preservation of Old Transition Provision. - The provisions of Section 10-103 of this title shall continue to apply to this act, and for this purpose, the U.C.C. prior to this act and after this act shall be considered one continuous statute. Laws 1981, c. 194, § 39.

Transition to This Act; General Rule. - Transactions validly entered into after December 31, 1962, and before October 1, 1981 and which were subject to the provisions of the U.C.C. prior to this act, and which would be subject to this act, as amended if they had been entered into…

Filing. Transition Provision on Change of Requirement of Filing. - A security interest for the perfection of which filing or the taking of possession was required under the U.C.C. prior to this act and which attached prior to the effective date of this act but was not perfected s…

Transition Provision on Change of Place of Filing. - (1) A financing statement or continuation statement filed prior to October 1, 1981, which shall not have lapsed prior to that date shall remain effective for the period provided in the unamended version of the U.C.C., but for n…

Required Refilings. - (1) If a security interest is perfected or has priority when this act takes effect as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the …

Transition Provisions as to Priorities. - Except as otherwise provided in this article, the U.C.C. prior to this act shall apply to any questions of priority if the positions of the parties were fixed prior to the effective date of this act. In other cases questions of priority s…

Presumption that Rule of Law Continues Unchanged. - Unless a change in law has clearly been made, the provisions of this act shall be deemed declaratory of the meaning of the U.C.C. prior to this act. Laws 1981, c. 194, § 45.

Electronic Records. SHORT TITLE This article, Sections 92 through 97 of this act, may be cited as Uniform Commercial Code – Controllable Electronic Records. Added by Laws 2024, c. 13, § 91, eff. Nov. 1, 2024.

DEFINITIONS (a) In this article, unless the context otherwise requires: (1) "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under Section 12-105 of this title. The term does not include a controllable account, a cont…

RELATION TO ARTICLE 9 AND CONSUMER LAWS (a) If there is conflict between this article and Article 9 of this title, Article 9 of this title governs. (b) A transaction subject to this article is subject to any applicable rule of law that establishes a different rule for consumers, …

electronic record, and controllable payment intangible. RIGHTS IN CONTROLLABLE ACCOUNT, CONTROLLABLE ELECTRONIC RECORD, AND CONTROLLABLE PAYMENT INTANGIBLE (a) This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangi…

CONTROL OF CONTROLLABLE ELECTRONIC RECORD (a) A person has control of a controllable electronic record if the electronic record, a record attached to or logically associated with the electronic record, or a system in which the electronic record is recorded: (1) gives the person: …

controllable payment intangible. DISCHARGE OF ACCOUNT DEBTOR ON CONTROLLABLE ACCOUNT OR CONTROLLABLE PAYMENT INTANGIBLE (a) An account debtor on a controllable account or controllable payment intangible may discharge its obligation by paying: (1) the person having control of the …

GOVERNING LAW (a) Except as provided in subsection (b) of this section, the local law of a controllable electronic record's jurisdiction governs a matter covered by this article. (b) For a controllable electronic record that evidences a controllable account or controllable paymen…

SHORT TITLE This act shall be known and may be cited as the “Uniform Electronic Transactions Act”. Added by Laws 2000, c. 372, § 1, eff. Nov. 1, 2000.

DEFINITIONS In this act: (1) "Agreement" means the bargain of the parties in fact, as found in their language or inferred from other circumstances and from rules, regulations, and procedures given the effect of agreements under laws otherwise applicable to a particular transactio…

SCOPE (a) Except as provided in subsection (b) of this section or as otherwise provided by law, this act applies to electronic records and electronic signatures relating to a transaction. (b) This act does not apply to a transaction to the extent it is governed by: (1) a law gove…

PROSPECTIVE APPLICATION This act applies to any electronic record or electronic signature created, generated, sent, communicated, received, or stored on or after the effective date of this act. Added by Laws 2000, c. 372, § 4, eff. Nov. 1, 2000.