Title 12A, Title 12A — Uniform Commercial Code
0 chapters · 662 sections in this title.
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…
12A O.S. § 1-9-309 Security interest perfected upon attachment
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SECURITY INTEREST PERFECTED UPON ATTACHMENT The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in subsection (b) of Section 1-9-311 of this title with respect to consumer goods th…
12A O.S. § 1-9-310 When filing required to perfect security interest or
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agricultural lien - Security interests and agricultural liens to which filing provisions do not apply. WHEN FILING REQUIRED TO PERFECT SECURITY INTEREST OR AGRICULTURAL LIEN; SECURITY INTERESTS AND AGRICULTURAL LIENS TO WHICH FILING PROVISIONS DO NOT APPLY (a) Except as otherwise…
12A O.S. § 1-9-311 Perfection of security interests in property subject
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to certain statutes, regulations, and treaties. PERFECTION OF SECURITY INTERESTS IN PROPERTY SUBJECT TO CERTAIN STATUTES, REGULATIONS, AND TREATIES (a) Except as otherwise provided in subsection (d) of this section, the filing of a financing statement is not necessary or effectiv…
12A O.S. § 1-9-312 Perfection of security interests in chattel paper
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controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without f…
12A O.S. § 1-9-313 When possession by or delivery to secured party
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perfects security interest without filing. WHEN POSSESSION BY OR DELIVERY TO SECURED PARTY PERFECTS SECURITY INTEREST WITHOUT FILING (a) Except as otherwise provided in subsection (b) of this section, a secured party may perfect a security interest in goods, instruments, negotiab…
12A O.S. § 1-9-314 Perfection by control
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PERFECTION BY CONTROL (a) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, or letter-of- credit rights may be perfected by control of the collateral under …
12A O.S. § 1-9-314A Perfection by possession and control of chattel
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paper. PERFECTION BY POSSESSION AND CONTROL OF CHATTEL PAPER (a) A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electr…
12A O.S. § 1-9-315 Secured party’s rights on disposition of collateral
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and in proceeds. SECURED PARTY’S RIGHTS ON DISPOSITION OF COLLATERAL AND IN PROCEEDS (a) Except as otherwise provided in this article and in paragraph (2) of Section 2-403 of this title: (1) a security interest or agricultural lien continues in collateral notwithstanding sale, le…
12A O.S. § 1-9-316 Effect of change in governing law
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EFFECT OF CHANGE IN GOVERNING LAW (a) A security interest perfected pursuant to the law of the jurisdiction designated in paragraph (1) of Section 1-9-301, subsection (c) of Section 1-9-305, subsection (d) of Section 1-9- 306A, or subsection (b) of Section 1-9-306B of this title …
12A O.S. § 1-9-317 Interests that take priority over or take free of
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security interest or agricultural lien. INTERESTS THAT TAKE PRIORITY OVER OR TAKE FREE OF SECURITY INTEREST OR AGRICULTURAL LIEN (a) A security interest or agricultural lien is subordinate to the rights of: (1) a person entitled to priority under Section 1-9-322 of this title; an…
12A O.S. § 1-9-318 Rights and title of seller of account or chattel
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paper with respect to creditors and purchasers. RIGHTS AND TITLE OF SELLER OF ACCOUNT OR CHATTEL PAPER WITH RESPECT TO CREDITORS AND PURCHASERS (a) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable intere…
12A O.S. § 1-9-319 Rights and title of consignee with respect to
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creditors and purchasers. RIGHTS AND TITLE OF CONSIGNEE WITH RESPECT TO CREDITORS AND PURCHASERS (a) Except as otherwise provided in subsection (b) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while …
12A O.S. § 1-9-320 Buyer of goods
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BUYER OF GOODS (a) Except as otherwise provided in subsection (e) of this section, a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even i…
12A O.S. § 1-9-320.1 Purpose
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PURPOSE The purpose of Sections 1-9-320.1 through 1-9-320.7 of this title is to make the laws governing protection of buyers of farm products, commission merchants, and selling agents comply with the provisions of Section 1324 of the Food Security Act of 1985 as codified at Secti…
12A O.S. § 1-9-320.2 Definitions; requisites of an effective financing
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statement. DEFINITIONS; REQUISITES OF AN EFFECTIVE FINANCING STATEMENT As used in this section and Sections 1-9-320.1 through 1-9-320.7 of this title: (a) “Buyer in the ordinary course of business” means a person who, in the ordinary course of business, buys farm products from a …
12A O.S. § 1-9-320.3 Forms; duty of secretary of state
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FORMS; DUTY OF OKLAHOMA COUNTY CLERK The Oklahoma County Clerk shall develop and maintain a standard form for an effective financing statement and for a statement of continuation, partial release, amendment, or assignment thereof, which shall be consistent with the provisions of …
12A O.S. § 1-9-320.4 Protection of buyers of farm products, commission
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merchants and selling agents. PROTECTION OF BUYERS OF FARM PRODUCTS, COMMISSION MERCHANTS AND SELLING AGENTS A buyer of farm products, commission merchant, or selling agent who purchases or sells farm products in the ordinary course of business from or for a person engaged in far…
12A O.S. § 1-9-320.5 Immunity from liability
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IMMUNITY FROM LIABILITY A buyer of farm products, commission merchant, or selling agent who purchases or sells farm products in the ordinary course of business from or for a person engaged in farming operations shall not be liable for errors or inaccuracies generated by the centr…
12A O.S. § 1-9-320.6 Central filing system relating to farm products
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CENTRAL FILING SYSTEM RELATING TO FARM PRODUCTS (1) The Oklahoma County Clerk shall be responsible for developing and maintaining the central filing system. This responsibility shall include obtaining the necessary certification for the system from the United States Department of…
12A O.S. § 1-9-320.7 Written notification affecting farm products
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disclosure requirements; penalty. WRITTEN NOTIFICATION AFFECTING FARM PRODUCTS; DISCLOSURE REQUIREMENTS; PENALTY (1) A secured party or a seller of farm products may furnish to the buyer of such farm products, commission merchant, or selling agent, within one (1) year before the …
12A O.S. § 1-9-321 Licensee of general intangible and lessee of goods in
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ordinary course of business. LICENSEE OF GENERAL INTANGIBLE AND LESSEE OF GOODS IN ORDINARY COURSE OF BUSINESS (a) In this section, “licensee in ordinary course of business” means a person that becomes a licensee of a general intangible in good faith, without knowledge that the l…
12A O.S. § 1-9-322 Priorities among conflicting security interests in
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and agricultural liens on same collateral. PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL (a) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is…
12A O.S. § 1-9-323 Future advances
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FUTURE ADVANCES (a) Except as otherwise provided in subsection (c) of this section, for purposes of determining the priority of a perfected security interest under paragraph (1) of subsection (a) of Section 1-9-322 of this title, perfection of the security interest dates from the…
12A O.S. § 1-9-324 Priority of purchase-money security interests
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PRIORITY OF PURCHASE-MONEY SECURITY INTERESTS (a) Except as otherwise provided in subsection (g) of this section, a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, exce…
12A O.S. § 1-9-325 Priority of security interests in transferred
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collateral. PRIORITY OF SECURITY INTERESTS IN TRANSFERRED COLLATERAL (a) Except as otherwise provided in subsection (b) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debt…
12A O.S. § 1-9-326 Priority of security interests created by new debtor
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PRIORITY OF SECURITY INTERESTS CREATED BY NEW DEBTOR (a) Subject to subsection (b) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and perfected by a filed financing statement that would be ineffect…
12A O.S. § 1-9-326A Priority of security interest in controllable
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account, controllable electronic record, and controllable payment intangible. PRIORITY OF SECURITY INTEREST IN CONTROLLABLE ACCOUNT, CONTROLLABLE ELECTRONIC RECORD, AND CONTROLLABLE PAYMENT INTANGIBLE A security interest in a controllable account, controllable electronic record, …
12A O.S. § 1-9-327 Priority of security interests in deposit account
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PRIORITY OF SECURITY INTERESTS IN DEPOSIT ACCOUNT The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under Section 1-9-104 of this title has pr…
12A O.S. § 1-9-328 Priority of security interests in investment
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property. PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control of investment property under Section 1-9-106 of…
12A O.S. § 1-9-329 Priority of security interests in letter-of-credit
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right. PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHT The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) A security interest held by a secured party having control of the letter-of-credit right under Section …
12A O.S. § 1-9-330 Priority of purchaser of chattel paper or instrument
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PRIORITY OF PURCHASER OF CHATTEL PAPER OR INSTRUMENT (a) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if: (1) in good faith and in the ordinary course of the…
12A O.S. § 1-9-331 Priority of rights of purchasers of controllable
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accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other articles; priority of interests in financial assets and security entitlements and protection against assertion of claims under Articles 8 and 12. PRIORI…
12A O.S. § 1-9-332 Transfer of money; transfer of funds from deposit
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account. TRANSFER OF MONEY; TRANSFER OF FUNDS FROM DEPOSIT ACCOUNT (a) A transferee of money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of the secured party. (b…
12A O.S. § 1-9-333 Priority of certain liens arising by operation of
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law. PRIORITY OF CERTAIN LIENS ARISING BY OPERATION OF LAW (a) In this section, “possessory lien” means an interest, other than a security interest or an agricultural lien: (1) which secures payment or performance of an obligation for services or materials furnished with respect …
12A O.S. § 1-9-334 Priority of security interests in fixtures and crops
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PRIORITY OF SECURITY INTERESTS IN FIXTURES AND CROPS (a) A security interest under this article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this article in ordinary building materials incorporat…
12A O.S. § 1-9-335 Accessions
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ACCESSIONS (a) A security interest may be created in an accession and continues in collateral that becomes an accession. (b) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (c) Except as othe…
12A O.S. § 1-9-336 Commingled goods
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COMMINGLED GOODS (a) In this section, “commingled goods” means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (b) A security interest does not exist in commingled goods as such. However, a security interest may…
12A O.S. § 1-9-337 Priority of security interests in goods covered by
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certificate of title. PRIORITY OF SECURITY INTERESTS IN GOODS COVERED BY CERTIFICATE OF TITLE If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are su…
12A O.S. § 1-9-338 Priority of security interest or agricultural lien
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perfected by filed financing statement providing certain incorrect information. PRIORITY OF SECURITY INTEREST OR AGRICULTURAL LIEN PERFECTED BY FILED FINANCING STATEMENT PROVIDING CERTAIN INCORRECT INFORMATION If a security interest or agricultural lien is perfected by a filed fi…
12A O.S. § 1-9-339 Priority subject to subordination
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PRIORITY SUBJECT TO SUBORDINATION This article does not preclude subordination by agreement by a person entitled to priority. Added by Laws 2000, c. 371, § 66, eff. July 1, 2001.
12A O.S. § 1-9-340 Effectiveness of right of recoupment or set-off
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against deposit account. EFFECTIVENESS OF RIGHT OF RECOUPMENT OR SET-OFF AGAINST DEPOSIT ACCOUNT (a) Except as otherwise provided in subsection (c) of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured…
12A O.S. § 1-9-341 Bank’s rights and duties with respect to deposit
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account. BANK'S RIGHTS AND DUTIES WITH RESPECT TO DEPOSIT ACCOUNT Except as otherwise provided in subsection (c) of Section 1-9- 340 of this title, and unless the bank otherwise agrees in a signed record, a bank's rights and duties with respect to a deposit account maintained wit…
12A O.S. § 1-9-342 Bank’s right to refuse to enter into or disclose
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existence of control agreement. BANK’S RIGHT TO REFUSE TO ENTER INTO OR DISCLOSE EXISTENCE OF CONTROL AGREEMENT This article does not require a bank to enter into an agreement of the kind described in paragraph (2) of subsection (a) of Section 1-9-104 of this title, even if its c…
12A O.S. § 1-9-401 Alienability of debtor’s rights
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ALIENABILITY OF DEBTOR’S RIGHTS (a) Except as otherwise provided in subsection (b) of this section and Sections 1-9-406, 1-9-407, 1-9-408, and 1-9-409 of this title, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other t…
12A O.S. § 1-9-402 Secured party not obligated on contract of debtor or
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in tort. SECURED PARTY NOT OBLIGATED ON CONTRACT OF DEBTOR OR IN TORT The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the d…