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0 chapters · 662 sections in this title.
12A O.S. § 8-402 Assurance that Indorsement or Instruction Is Effective
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Assurance that Indorsement or Instruction is Effective. (a) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: (1) in all cases, a guaranty of the signature of the person making an indorsement or originatin…
12A O.S. § 8-403 Demand that Issuer not Register Transfer
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Demand that Issuer not Register Transfer. (a) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner…
12A O.S. § 8-404 Wrongful Registration
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Wrongful Registration. (a) Except as otherwise provided in Section 8-406 of this title, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered: (1) pursuant to…
12A O.S. § 8-405 Replacement of Lost, Destroyed, or Wrongfully Taken
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Security Certificate. Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate. (a) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a ne…
12A O.S. § 8-405.1 Obligation to Notify Issuer of Lost, Destroyed, or
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Wrongfully Taken Security Certificate. Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate. If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reas…
12A O.S. § 8-406 Authenticating Trustee, Transfer Agent, and Registrar
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Authenticating Trustee, Transfer Agent, and Registrar. A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, o…
12A O.S. § 8-501 Securities Account; Acquisition of Security Entitlement
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from Securities Intermediary. Securities Account; Acquisition of Security Entitlement from Securities Intermediary. (a) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the ac…
12A O.S. § 8-502 Assertion of Adverse Claim Against Entitlement Holder
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Assertion of Adverse Claim Against Entitlement Holder. An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement u…
12A O.S. § 8-503 Property Interest of Entitlement Holder in Financial
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Asset Held by Securities Intermediary. Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary. (a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all inte…
12A O.S. § 8-504 Duty of Securities Intermediary to Maintain Financial
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Asset. Duty of Securities Intermediary to Maintain Financial Asset. (a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitleme…
12A O.S. § 8-505 Duty of Securities Intermediary with Respect to
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Payments and Distributions. Duty of Securities Intermediary with Respect to Payments and Distributions. (a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (1…
12A O.S. § 8-506 Duty of Securities Intermediary to Exercise Rights as
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Directed by Entitlement Holder. Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfi…
12A O.S. § 8-507 Duty of Securities Intermediary to Comply with
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Entitlement Order. Duty of Securities Intermediary to Comply with Entitlement Order. (a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity t…
12A O.S. § 8-508 Duty of Securities Intermediary to Change Entitlement
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Holder's Position to Other Forms of Security Holding. Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Forms of Security Holding. A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into an…
12A O.S. § 8-509 Specification of Duties of Securities Intermediary by
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Other Statute or Regulation; Manner of Performance of Duties of Securities Intermediary and Exercise of Rights of Entitlement Holder. Specification of Duties of Securities Intermediary by Other Statute or Regulation; Manner of Performance of Duties of Securities Intermediary and …
12A O.S. § 8-510 Rights of Purchaser of Security Entitlement from
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Entitlement Holder. Rights of Purchaser of Security Entitlement from Entitlement Holder. (a) In a case not covered by the priority rules in Article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether f…
12A O.S. § 8-511 Priority Among Security Interests and Entitlement
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Holders. Priority Among Security Interests and Entitlement Holders. (a) Except as otherwise provided in subsections (b) and (c) of this section, if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to enti…
12A O.S. § 8-603 Savings clause
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A. This act does not affect an action or proceeding commenced before this act takes effect. B. If a security interest in a security is perfected before this act takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest …
12A O.S. § 1-9-101 Short title
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SHORT TITLE This article, Sections 1 through 144 of this act, may be cited as Uniform Commercial Code – Secured Transactions. Added by Laws 2000, c. 371, § 1, eff. July 1, 2001.
12A O.S. § 1-9-102 Definitions and index of definitions
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DEFINITIONS AND INDEX OF DEFINITIONS (a) In this article: (1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2) (A) "Account", except as used in "account for", "account statement", "accoun…
12A O.S. § 1-9-103 Purchase-money security interest; application of
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payments; burden of establishing. PURCHASE-MONEY SECURITY INTEREST; APPLICATION OF PAYMENTS; BURDEN OF ESTABLISHING (a) In this section: (1) “purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and …
12A O.S. § 1-9-104 Control of deposit account
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CONTROL OF DEPOSIT ACCOUNT (a) A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit account is maintained; (2) the debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions o…
12A O.S. § 1-9-105 Control of electronic copy of record evidencing
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chattel paper. CONTROL OF ELECTRONIC COPY OF RECORD EVIDENCING CHATTEL PAPER (a) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establis…
12A O.S. § 1-9-106 Control of investment property
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CONTROL OF INVESTMENT PROPERTY (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 8-106 of this title. (b) A secured party has control of a commodity contract if: (1) the secured party is the commodity inte…
12A O.S. § 1-9-107 Control of letter-of-credit right
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CONTROL OF LETTER-OF-CREDIT RIGHT A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credi…
12A O.S. § 1-9-107A Control of controllable electronic record
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controllable account, or controllable payment intangible. CONTROL OF CONTROLLABLE ELECTRONIC RECORD, CONTROLLABLE ACCOUNT, OR CONTROLLABLE PAYMENT INTANGIBLE (a) A secured party has control of a controllable electronic record as provided in Section 12-105 of this title. (b) A sec…
12A O.S. § 1-9-107B No requirement to acknowledge or confirm; no duties
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NO REQUIREMENT TO ACKNOWLEDGE OR CONFIRM; NO DUTIES (a) A person that has control under Section 9-104 or 9-105 of this title is not required to acknowledge that it has control on behalf of another person. (b) If a person acknowledges that it has or will obtain control on behalf o…
12A O.S. § 1-9-108 Sufficiency of description
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SUFFICIENCY OF DESCRIPTION (a) Except as otherwise provided in subsections (c), (d), and (e) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Except as otherwise provided i…
12A O.S. § 1-9-109 Scope of article
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SCOPE OF ARTICLE (a) Except as otherwise provided in subsections (c) and (d) of this section, this article applies to: (1) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (2) an agricultural lien; (3) a sale of…
12A O.S. § 1-9-110 Security interests arising under article 2 or 2a
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SECURITY INTERESTS ARISING UNDER ARTICLE 2 OR 2A A security interest arising under Section 2-401, 2-505, paragraph (3) of Section 2-711, or paragraph (5) of Section 2A-508 of this title is subject to this article. However, until the debtor obtains possession of the goods: (1) the…
12A O.S. § 1-9-201 General effectiveness of security agreement
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GENERAL EFFECTIVENESS OF SECURITY AGREEMENT (a) Except as otherwise provided in this title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (b) A transaction subject to this article is subj…
12A O.S. § 1-9-202 Title to collateral immaterial
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TITLE TO COLLATERAL IMMATERIAL Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the…
12A O.S. § 1-9-203 Attachment and enforceability of security interest –
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Proceeds - Supporting obligations - Formal requisites. ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST; PROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES (a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collate…
12A O.S. § 1-9-204 After-acquired property; future advances
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AFTER-ACQUIRED PROPERTY; FUTURE ADVANCES (a) Except as otherwise provided in subsection (b) of this section, a security agreement may create or provide for a security interest in after-acquired collateral. (b) Subject to subsection (d) of this section, a security interest does no…
12A O.S. § 1-9-205 Use or disposition of collateral permissible
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USE OR DISPOSITION OF COLLATERAL PERMISSIBLE (a) A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods…
12A O.S. § 1-9-206 Security interest arising in purchase or delivery of
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financial asset. SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL ASSET (a) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if: (1) the person buys a financial asset through the securities intermediary in a trans…
12A O.S. § 1-9-207 Rights and duties of secured party having possession
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or control of collateral. RIGHTS AND DUTIES OF SECURED PARTY HAVING POSSESSION OR CONTROL OF COLLATERAL (a) Except as otherwise provided in subsection (d) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party…
12A O.S. § 1-9-208 Additional duties of secured party having control of
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collateral. ADDITIONAL DUTIES OF SECURED PARTY HAVING CONTROL OF COLLATERAL (a) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Within ten (1…
12A O.S. § 1-9-209 Duties of secured party if account debtor has been
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notified of assignment. DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT (a) Except as otherwise provided in subsection (c) of this section, this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committe…
12A O.S. § 1-9-210 Request for accounting; request regarding list of
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collateral or statement of account. REQUEST FOR ACCOUNTING; REQUEST REGARDING LIST OF COLLATERAL OR STATEMENT OF ACCOUNT (a) In this section: (1) "Request" means a record of a type described in paragraph (2), (3), or (4) of this subsection. (2) "Request for an accounting" means a…
12A O.S. § 1-9-301 Law governing perfection and priority of security
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interests. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS Except as otherwise provided in Sections 1-9-303 through 1-9- 306B of this title, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a se…
12A O.S. § 1-9-302 Law governing perfection and priority of agricultural
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liens. LAW GOVERNING PERFECTION AND PRIORITY OF AGRICULTURAL LIENS While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. A…
12A O.S. § 1-9-303 Law governing perfection and priority of security
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interests in goods covered by a certificate of title. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN GOODS COVERED BY A CERTIFICATE OF TITLE (a) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jur…
12A O.S. § 1-9-304 Law governing perfection and priority of security
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interests in deposit accounts. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN DEPOSIT ACCOUNTS (a) The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account ma…
12A O.S. § 1-9-305 Law governing perfection and priority of security
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interests in investment property. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY (a) Except as otherwise provided in subsection (c) of this section, the following rules apply: (1) While a security certificate is located in a jurisdiction, the l…
12A O.S. § 1-9-306 Law governing perfection and priority of security
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interests in letter-of-credit rights. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHTS (a) Subject to subsection (c) of this section, the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effe…
12A O.S. § 1-9-306A Law governing perfection and priority of security
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interests in chattel paper. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN CHATTEL PAPER (a) Except as provided in subsection (d) of this section, if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an aut…
12A O.S. § 1-9-306B Law governing perfection and priority of security
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interests in controllable accounts, controllable electronic records, and controllable payment intangibles. LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN CONTROLLABLE ACCOUNTS, CONTROLLABLE ELECTRONIC RECORDS, AND CONTROLLABLE PAYMENT INTANGIBLES (a) Except as pro…
12A O.S. § 1-9-307 Location of debtor
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LOCATION OF DEBTOR (a) In this section, "place of business" means a place where a debtor conducts its affairs. (b) Except as otherwise provided in this section, the following rules determine a debtor's location: (1) A debtor who is an individual is located at the individual's pri…
12A O.S. § 1-9-308 When security interest or agricultural lien is
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perfected; continuity of perfection. WHEN SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED; CONTINUITY OF PERFECTION (a) Except as otherwise provided in this section and Section 1- 9-309 of this title, a security interest is perfected if it has attached and all of the applicab…