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0 chapters · 662 sections in this title.
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 agricultural lien - Security interests and agricultural liens to which filing provisions do not apply
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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 provided in subsection (b) of this section and Section 1-9-312 of this title, a financing statement mu…
12A O.S. § 1-9-311 Perfection of security interests in property subject to certain statutes, regulations, and treaties
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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 effective to perfect a security interest in property sub…
12A O.S. § 1-9-312 Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, documents, goods covered by
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documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without filing or transfer of possession. PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, CONTROLLABLE ACCOUNTS, CONTROLLABLE ELECTRONIC RECOR…
12A O.S. § 1-9-313 When possession by or delivery to secured party perfects security interest without filing
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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, negotiable tangible documents, or money by taking p…
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 paper
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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 electronic co…
12A O.S. § 1-9-315 Secured party’s rights on disposition of collateral and in proceeds
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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, lease, license, exc…
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 security interest or agricultural lien
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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; and (2) except as otherwise provided in su…
12A O.S. § 1-9-318 Rights and title of seller of account or chattel paper with respect to creditors and purchasers
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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 interest in the collateral sold. (b) For purposes of d…
12A O.S. § 1-9-319 Rights and title of consignee with respect to creditors and purchasers
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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 the goods are in the posse…
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 statement
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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 person enga…
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 merchants and selling agents
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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 farming operations takes subject …
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; disclosure requirements; penalty
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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 sale of the farm products, a writt…
12A O.S. § 1-9-321 Licensee of general intangible and lessee of goods in ordinary course of business
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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 license violates the rights of…
12A O.S. § 1-9-322 Priorities among conflicting security interests in and agricultural liens on same collateral
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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 determined according to the following rule…
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 collateral
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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 debtor acquired …
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 account, controllable electronic record, and controllable payment intangible
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PRIORITY OF SECURITY INTEREST IN CONTROLLABLE ACCOUNT, CONTROLLABLE ELECTRONIC RECORD, AND CONTROLLABLE PAYMENT INTANGIBLE A security interest in a controllable account, controllable electronic record, or controllable payment intangible held by a secured party having control of t…
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 property
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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 this titl…
12A O.S. § 1-9-329 Priority of security interests in letter-of-credit right
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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 1-9-107…
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 accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other
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articles; priority of interests in financial assets and security entitlements and protection against assertion of claims under Articles 8 and 12. PRIORITY OF RIGHTS OF PURCHASERS OF CONTROLLABLE ACCOUNTS, CONTROLLABLE ELECTRONIC RECORDS, CONTROLLABLE PAYMENT INTANGIBLES, DOCUMENT…
12A O.S. § 1-9-332 Transfer of money; transfer of funds from deposit account
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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) A trans…
12A O.S. § 1-9-333 Priority of certain liens arising by operation of law
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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 to go…
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 certificate of title
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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 subject to the security …
12A O.S. § 1-9-338 Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
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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 financing statement providing information described in paragraph (5) of subsection…
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 against deposit account
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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 party that holds a secur…
12A O.S. § 1-9-341 Bank’s rights and duties with respect to deposit account
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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 with the ban…
12A O.S. § 1-9-342 Bank’s right to refuse to enter into or disclose existence of control agreement
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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 customer so requests or directs. …
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 in tort
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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 debtor’s a…
12A O.S. § 1-9-403 Agreement not to assert defenses against assignee
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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 against assignee
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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 to: (1) all terms o…
12A O.S. § 1-9-405 Modification of assigned contract
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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 assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and
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promissory notes ineffective. DISCHARGE OF ACCOUNT DEBTOR; NOTIFICATION OF ASSIGNMENT; IDENTIFICATION AND PROOF OF ASSIGNMENT; RESTRICTIONS ON ASSIGNMENT OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, AND PROMISSORY NOTES INEFFECTIVE (a) Subject to subsections (b) through (k) o…
12A O.S. § 1-9-407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest
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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 ineffective to the extent that it: (1) prohibits, restricts, or r…