reglab/housing_qa huggingface dataset:
12A OK Stat § 12A-1-9-104 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-104. Control of deposit account.

|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 an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or(3) the secured party becomes the bank’s customer with respect to the deposit account.(b) A secured party that has satisfied subsection (a) of this section has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.Added by Laws 2000, c. 371, § 4, eff. July 1, 2001.
12A OK Stat § 12A-1-9-105 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-105. Control of electronic chattel paper.

|CONTROL OF ELECTRONIC CHATTEL PAPER |(a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.(b) A system satisfies subsection (a) of this section, and a secured party has control of electronic chattel paper, if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:(1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6) of this section, unalterable;(2) the authoritative copy identifies the secured party as the assignee of the record or records;(3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;(4) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;(5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and(6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.Added by Laws 2000, c. 371, § 5, eff. July 1, 2001. Amended by Laws 2015, c. 374, § 2, eff. Nov. 1, 2015.
12A OK Stat § 12A-1-9-106 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-106. Control of investment property.

|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 intermediary with which the commodity contract is carried; or(2) the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.Added by Laws 2000, c. 371, § 6, eff. July 1, 2001.
12A OK Stat § 12A-1-9-107 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-107. Control of letter-of-credit right.

|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 credit under subsection (c) of Section 5-114 of this title or otherwise applicable law or practice.Added by Laws 2000, c. 371, § 7, eff. July 1, 2001.
12A OK Stat § 12A-1-9-108 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-108. Sufficiency of description.

|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 in subsection (d) of this section, a description of collateral reasonably identifies the collateral if it identifies the collateral by:(1) specific listing;(2) category;(3) except as otherwise provided in subsection (e) of this section, a type of collateral defined in this title;(4) quantity;(5) computational or allocational formula or procedure; or(6) except as otherwise provided in subsection (c) of this section, any other method, if the identity of the collateral is objectively determinable.(c) A description of collateral as “all the debtor’s assets” or “all the debtor’s personal property” or using words of similar import does not reasonably identify the collateral.(d) Except as otherwise provided in subsection (e) of this section, a description of a security entitlement, securities account, or commodity account is sufficient if it describes:(1) the collateral by those terms or as investment property; or(2) the underlying financial asset or commodity contract.(e) A description only by type of collateral defined in this title is an insufficient description of:(1) a commercial tort claim; or(2) in a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.Added by Laws 2000, c. 371, § 8, eff. July 1, 2001.
12A OK Stat § 12A-1-9-110 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-110. Security interests arising under article 2 or 2a.

|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 security interest is enforceable, even if paragraph (3) of subsection (b) of Section 1-9-203 of this title has not been satisfied;(2) filing is not required to perfect the security interest;(3) the rights of the secured party after default by the debtor are governed by Article 2 or 2A of this title; and(4) the security interest has priority over a conflicting security interest created by the debtor.Added by Laws 2000, c. 371, § 10, eff. July 1, 2001.
12A OK Stat § 12A-1-9-201 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-201. General effectiveness of security agreement.

|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 subject to any applicable rule of law which establishes a different rule for consumers, and any other statute or regulation that regulates the rates, charges, agreements and practices for loans, credit sales or other extensions of credit.(c) In case of conflict between this article and a rule of law, statute, or regulation described in subsection (b) of this section, the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) of this section has only the effect the statute or regulation specifies.(d) This article does not:(1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b) of this section; or(2) extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.Added by Laws 2000, c. 371, § 11, eff. July 1, 2001.
12A OK Stat § 12A-1-9-202 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-202. Title to collateral immaterial.

|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 secured party or the debtor.Added by Laws 2000, c. 371, § 12, eff. July 1, 2001.
12A OK Stat § 12A-1-9-204 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-204. After-acquired property; future advances.

|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) A security interest does not attach under a term constituting an after-acquired property clause to:(1) consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten (10) days after the secured party gives value; or(2) a commercial tort claim.(c) A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.Added by Laws 2000, c. 371, § 14, eff. July 1, 2001.
12A OK Stat § 12A-1-9-205 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-205. Use or disposition of collateral permissible.

|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;(B)collect, compromise, enforce, or otherwise deal with collateral;(C)accept the return of collateral or make repossessions; or(D)use, commingle, or dispose of proceeds; or(2) the secured party fails to require the debtor to account for proceeds or replace collateral.(b) This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.Added by Laws 2000, c. 371, § 15, eff. July 1, 2001.
12A OK Stat § 12A-1-9-206 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-206. Security interest arising in purchase or delivery of 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 transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and(2) the securities intermediary credits the financial asset to the buyer’s securities account before the buyer pays the securities intermediary.(b) The security interest described in subsection (a) of this section secures the person’s obligation to pay for the financial asset.(c) A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:(1) the security or other financial asset:(A)in the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and(B)is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and(2) the agreement calls for delivery against payment.(d) The security interest described in subsection (c) of this section secures the obligation to make payment for the delivery.Added by Laws 2000, c. 371, § 16, eff. July 1, 2001.
12A OK Stat § 12A-1-9-207 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-207. Rights and duties of secured party having possession 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’s possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.(b) Except as otherwise provided in subsection (d) of this section, if a secured party has possession of collateral:(1) reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;(2) the risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;(3) the secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and(4) the secured party may use or operate the collateral:(A)for the purpose of preserving the collateral or its value;(B)as permitted by an order of a court having competent jurisdiction; or(C)except in the case of consumer goods, in the manner and to the extent agreed by the debtor.(c) Except as otherwise provided in subsection (d) of this section, a secured party having possession of collateral or control of collateral under Section 7-106, 1-9-104, 1-9-105, 1-9-106, or 1-9-107 of this title:(1) may hold as additional security any proceeds, except money or funds, received from the collateral;(2) shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and(3) may create a security interest in the collateral.(d) If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:(1) subsection (a) of this section does not apply unless the secured party is entitled under an agreement:(A)to charge back uncollected collateral; or(B)otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and(2) subsections (b) and (c) of this section do not apply.Added by Laws 2000, c. 371, § 17, eff. July 1, 2001. Amended by Laws 2005, c. 140, § 61, eff. Jan. 1, 2006.
12A OK Stat § 12A-1-9-209 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-209. Duties of secured party if account debtor has been 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 committed to make advances, incur obligations, or otherwise give value.(b) Within ten (10) days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under subsection (a) of Section 1-9-406 of this title an authenticated record that releases the account debtor from any further obligation to the secured party.(c) This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.Added by Laws 2000, c. 371, § 19, eff. July 1, 2001.
12A OK Stat § 12A-1-9-301 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-301. Law governing perfection and priority of security interests.

|LAW GOVERNING PERFECTION AND |PRIORITY OF SECURITY INTERESTSExcept as otherwise provided in Sections 1-9-303 through 1-9-306 of this title, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.(2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.(3) Except as otherwise provided in paragraph (4) of this section, while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:(A)perfection of a security interest in the goods by filing a fixture filing;(B)perfection of a security interest in timber to be cut; and(C)the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.(4) The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.Added by Laws 2000, c. 371, § 21, eff. July 1, 2001. Amended by Laws 2005, c. 140, § 63, eff. Jan. 1, 2006.
12A OK Stat § 12A-1-9-302 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-302. Law governing perfection and priority of agricultural 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.Added by Laws 2000, c. 371, § 22, eff. July 1, 2001.
12A OK Stat § 12A-1-9-303 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-303. Law governing perfection and priority of security 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 jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.(b) Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.(c) The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.Added by Laws 2000, c. 371, § 23, eff. July 1, 2001.
12A OK Stat § 12A-1-9-304 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-304. Law governing perfection and priority of security 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 maintained with that bank.(b) The following rules determine a bank’s jurisdiction for purposes of this part:(1) If an agreement between the bank and its customer governing the deposit account expressly provides that a particular jurisdiction is the bank’s jurisdiction for purposes of this part, this article, or the Uniform Commercial Code, that jurisdiction is the bank’s jurisdiction.(2) If paragraph (1) of this subsection does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank’s jurisdiction.(3) If neither paragraph (1) nor paragraph (2) of this subsection applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank’s jurisdiction.(4) If none of the preceding paragraphs of this subsection applies, the bank’s jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer’s account is located.(5) If none of the preceding paragraphs applies, the bank’s jurisdiction is the jurisdiction in which the chief executive office of the bank is located.Added by Laws 2000, c. 371, § 24, eff. July 1, 2001. Amended by Laws 2004, c. 153, § 3, eff. Nov. 1, 2004.
12A OK Stat § 12A-1-9-306 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-306. Law governing perfection and priority of security 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 effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a state.(b) For purposes of this part, an issuer’s jurisdiction or nominated person’s jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in Section 5-116 of this title.(c) This section does not apply to a security interest that is perfected only under subsection (d) of Section 1-9-308 of this title.Added by Laws 2000, c. 371, § 26, eff. July 1, 2001.
12A OK Stat § 12A-1-9-308 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-1-9-308. When security interest or agricultural lien is 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 applicable requirements for perfection in Sections 1-9-310 through 1-9-316 of this title have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.(b) An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in Section 1-9-310 of this title have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.(c) A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this article and is later perfected by another method under this article, without an intermediate period when it was unperfected.(d) Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.(e) Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.(f) Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.(g) Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.Added by Laws 2000, c. 371, § 28, eff. July 1, 2001.