reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-318. Rights and title of seller of account or chattel 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 interest in the collateral sold.
(b) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer’s security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
Added by Laws 2000, c. 371, § 38, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-319. Rights and title of consignee with respect to 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 the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
(b) For purposes of determining the rights of a creditor of a consignee, law other than this article determines the rights and title of a consignee while goods are in the consignee’s possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor.
Added by Laws 2000, c. 371, § 39, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-320.1. Purpose.

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 Section 1631 of Title 7 of the United States Code.
Added by Laws 1987, c. 69, § 1. Amended by Laws 2000, c. 371, § 41, eff. July 1, 2001. Renumbered from § 9-307.1 of this title by Laws 2000, c. 371, § 183, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-320.3. Forms - Duty of Secretary of State.

FORMS; DUTY OF SECRETARY OF STATE
The Secretary of State 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 Sections 1-9-320.1 through 1-9-320.7 of this title.
Added by Laws 1987, c. 69, § 3. Amended by Laws 2000, c. 371, § 43, eff. July 1, 2001. Renumbered from § 9-307.3 of this title by Laws 2000, c. 371, § 183, eff. July 1, 2001; Laws 2001, c. 406, § 1, emerg. eff. June 4, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-320.4. Protection of buyers of farm products, commission 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 farming operations takes subject to a security interest in the farm products if:
(a)
(i)
the buyer of the farm products, commission merchant, or selling agent has failed to register with the Secretary of State prior to the purchase of the farm products and the secured party has filed an effective financing statement that covers the farm products being sold; or
(ii)
the buyer of farm products, commission merchant or selling agent receives from the Secretary of State written notice as provided in paragraph (d) or (f) of subsection (4) of Section 1-9-320.6 of this title, and the buyer of farm products, commission merchant or selling agent does not secure a waiver or release of the security interest specified in an effective financing statement from the secured party by performing any payment obligation or otherwise; or
(b)
the secured party or the seller provides written notice of the security interest pursuant to the provisions of Section 1-9-320.7 of this title.
Added by Laws 1987, c. 69, § 4. Amended by Laws 2000, c. 371, § 44, eff. July 1, 2001. Renumbered from § 9-307.4 of this title by Laws 2000, c. 371, § 183, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-320.5. Immunity from liability.

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 central filing system provided for in Section 1-9-320.6 of this title if the buyer, commission merchant, or selling agent has otherwise complied with the provisions of Sections 1-9-320.1 through 1-9-320.7 of this title.
Added by Laws 1987, c. 69, § 5. Amended by Laws 2000, c. 371, § 45, eff. July 1, 2001. Renumbered from § 9-307.5 of this title by Laws 2000, c. 371, § 183, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-320.7. Written notification affecting farm products; 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 sale of the farm products, a written notice of a security interest, organized according to farm products, that:
(a)
is an original or reproduced copy thereof;
(b)
contains:
(i)
the name and address of the secured party;
(ii)
the name and address of the person indebted to the secured party;
(iii)
the social security number of the debtor or, in the case of a debtor doing business other than as an individual, the Internal Revenue Service taxpayer identification number of the debtor; and
(iv)
a description of the farm products subject to the security interest created by the debtor, including the amount of the products where applicable, crop year, county, and a reasonable description of the property;
(c)
must be amended in writing, within ten (10) days, similarly signed and transmitted, to reflect material changes;
(d)
will lapse on the expiration period of the statement, or the transmission of a notice signed by the secured party that the statement has lapsed, whichever occurs first; and
(e)
states any payment obligations imposed on the buyer of farm products, commission merchant, or selling agent by the secured party as conditions for waiver or release of the security interest.
(2) For purposes of this section, receipt of notice shall be presumed if notice is sent by certified mail.
(3)
(a)
A secured party who intends to furnish written notification of the existence of a security interest in farm products as provided in this section, shall require the person engaged in farming operations to execute a security agreement containing a provision requiring the person to furnish to the secured party a list of the buyers, commission merchants, and selling agents to or through whom the person may sell the farm products. If the person engaged in farming operations sells the farm product collateral to a buyer or through a commission merchant or selling agent not included on the list, the person engaged in farming operations shall be subject to the penalty provisions of paragraph (b) of this subsection, unless the person:
(i)
has notified the secured party in writing of the identity of the buyer, commission merchant, or selling agent at least seven (7) days prior to the sale; or
(ii)
has accounted to the secured party for the proceeds of the sale not later than twenty (20) days after the sale.
(b)
A person violating the provisions of paragraph (a) of this subsection shall be fined Five Thousand Dollars ($5,000.00) or fifteen percent (15%) of the value or benefit received for the farm product described in the security agreement, whichever is greater.
Added by Laws 1987, c. 69, § 7. Amended by Laws 1991, c. 314, § 2, eff. Sept. 1, 1991; Laws 2000, c. 371, § 47, eff. July 1, 2001. Renumbered from § 9-307.7 of this title by Laws 2000, c. 371, § 183, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-320. Buyer of goods.

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 if the security interest is perfected and the buyer knows of its existence.
(b) Except as otherwise provided in subsection (e) of this section, a buyer of goods from a person who used or bought the goods for use primarily for personal, family, or household purposes takes free of a security interest, even if perfected, if the buyer buys:
(1) without knowledge of the security interest;
(2) for value;
(3) primarily for the buyer’s personal, family, or household purposes; and
(4) before the filing of a financing statement covering the goods.
(c) To the extent that it affects the priority of a security interest over a buyer of goods under subsection (b) of this section, the period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by subsections (a) and (b) of Section 1-9-316 of this title.
(d) A buyer in ordinary course of business buying oil, gas, or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance.
(e) Subsections (a) and (b) of this section do not affect a security interest in goods in the possession of the secured party under Section 1-9-313 of this title.
Added by Laws 2000, c. 371, § 40, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-321. Licensee of general intangible and lessee of goods in 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 license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor’s own usual or customary practices.
(b) A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.
(c) A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence.
Added by Laws 2000, c. 371, § 48, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-323. Future advances.

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 time an advance is made to the extent that the security interest secures an advance that:
(1) is made while the security interest is perfected only:
(A)
under Section 1-9-309 of this title when it attaches; or
(B)
temporarily under subsection (e), (f), or (g) of Section 1-9-312 of this title; and
(2) is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under Section 1-9-309 or subsection (e), (f), or (g) of Section 1-9-312 of this title.
(b) Except as otherwise provided in subsection (c) of this section, a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five (45) days after the person becomes a lien creditor unless the advance is made:
(1) without knowledge of the lien; or
(2) pursuant to a commitment entered into without knowledge of the lien.
(c) Subsections (a) and (b) of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
(d) Except as otherwise provided in subsection (e) of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
(1) the time the secured party acquires knowledge of the buyer’s purchase; or
(2) forty-five (45) days after the purchase.
(e) Subsection (d) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer’s purchase and before the expiration of the forty-five-day period.
(f) Except as otherwise provided in subsection (g) of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
(1) the time the secured party acquires knowledge of the lease; or
(2) Forty-five (45) days after the lease contract becomes enforceable.
(g) Subsection (f) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five-day period.
Added by Laws 2000, c. 371, § 50, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-325. Priority of security interests in transferred 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 debtor acquired the collateral subject to the security interest created by the other person;
(2) the security interest created by the other person was perfected when the debtor acquired the collateral; and
(3) there is no period thereafter when the security interest is unperfected.
(b) Subsection (a) of this section subordinates a security interest only if the security interest:
(1) otherwise would have priority solely under subsection (a) of Section 1-9-322 or Section 1-9-324 of this title; or
(2) arose solely under paragraph (3) of Section 2-711 or paragraph (5) of Section 2A-508 of this title.
Added by Laws 2000, c. 371, § 52, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-326. Priority of security interests created by new debtor.

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 ineffective to perfect the security interest but for the application of Section 1-9-508 of this title or Section 1-9-508 and paragraph (l) of subsection (i) of Section 1-9-316 of this title is subordinate to a security interest in the same collateral which is perfected other than by such a filed financing statement.
(b) The other provisions of this part determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (a) of this section. However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound.
Added by Laws 2000, c. 371, § 53, eff. July 1, 2001. Amended by Laws 2015, c. 374, § 7, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-327. Priority of security interests in deposit account.

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 priority over a conflicting security interest held by a secured party that does not have control.
(2) Except as otherwise provided in paragraphs (3) and (4) of this section, security interests perfected by control under Section 1-9-314 of this title rank according to priority in time of obtaining control.
(3) Except as otherwise provided in paragraph (4) of this section, a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.
(4) A security interest perfected by control under paragraph (3) of subsection (a) of Section 1-9-104 of this title has priority over a security interest held by the bank with which the deposit account is maintained.
Added by Laws 2000, c. 371, § 54, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-328. Priority of security interests in investment 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 this title has priority over a security interest held by a secured party that does not have control of the investment property.
(2) Except as otherwise provided in paragraphs (3) and (4) of this section, conflicting security interests held by secured parties each of which has control under Section 1-9-106 of this title rank according to priority in time of:
(A)
if the collateral is a security, obtaining control;
(B)
if the collateral is a security entitlement carried in a securities account and:
(i)
if the secured party obtained control under paragraph (1) of subsection (d) of Section 8-106 of this title, the secured party’s becoming the person for which the securities account is maintained;
(ii)
if the secured party obtained control under paragraph (2) of subsection (d) of Section 8-106 of this title, the securities intermediary’s agreement to comply with the secured party’s entitlement orders with respect to security entitlements carried or to be carried in the securities account; or
(iii)
if the secured party obtained control through another person under paragraph (3) of subsection (d) of Section 8-106 of this title, the time on which priority would be based under this paragraph if the other person were the secured party; or
(C)
if the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in paragraph (2) of subsection (b) of Section 1-9-106 of this title with respect to commodity contracts carried or to be carried with the commodity intermediary.
(3) A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.
(4) A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.
(5) A security interest in a certificated security in registered form which is perfected by taking delivery under subsection (a) of Section 1-9-313 of this title and not by control under Section 1-9-314 of this title has priority over a conflicting security interest perfected by a method other than control.
(6) Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under Section 1-9-106 of this title rank equally.
(7) In all other cases, priority among conflicting security interests in investment property is governed by Sections 1-9-322 and 1-9-323 of this title.
Added by Laws 2000, c. 371, § 55, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-329. Priority of security interests in letter-of-credit 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 1-9-107 of this title has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under Section 1-9- 314 of this title rank according to priority in time of obtaining control.
Added by Laws 2000, c. 371, § 56, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-330. Priority of purchaser of chattel paper or instrument.

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 purchaser’s business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under Section 1-9-105 of this title; and
(2) the chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser.
(b) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under Section 1-9-105 of this title in good faith, in the ordinary course of the purchaser’s business, and without knowledge that the purchase violates the rights of the secured party.
(c) Except as otherwise provided in Section 1-9-327 of this title, a purchaser having priority in chattel paper under subsection (a) or (b) of this section also has priority in proceeds of the chattel paper to the extent that:
(1) Section 1-9-322 of this title provides for priority in the proceeds; or
(2) the proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser’s security interest in the proceeds is unperfected.
(d) Except as otherwise provided in subsection (a) of Section 1-9-331 of this title, a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.
(e) For purposes of subsections (a) and (b) of this section, the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory.
(f) For purposes of subsections (b) and (d) of this section, if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party.
Added by Laws 2000, c. 371, § 57, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-331. Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under Article 8

PRIORITY OF RIGHTS OF PURCHASERS OF INSTRUMENTS, DOCUMENTS,
AND SECURITIES UNDER OTHER ARTICLES; PRIORITY OF INTERESTS
IN FINANCIAL ASSETS AND SECURITY ENTITLEMENTS UNDER ARTICLE 8
(a) This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7, and 8 of this title.
(b) This article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8 of this title.
(c) Filing under this article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b) of this section.
Added by Laws 2000, c. 371, § 58, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-332. Transfer of money; transfer of funds from deposit account.

TRANSFER OF MONEY; TRANSFER OF FUNDS FROM DEPOSIT ACCOUNT
(a) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
(b) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
Added by Laws 2000, c. 371, § 59, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-333. Priority of certain liens arising by operation of 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 to goods by a person in the ordinary course of the person’s business;
(2) which is created by statute or rule of law in favor of the person; and
(3) whose effectiveness depends on the person’s possession of the goods.
(b) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.
Added by Laws 2000, c. 371, § 60, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-335. Accessions.

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 otherwise provided in subsection (d) of this section, the other provisions of this part determine the priority of a security interest in an accession.
(d) A security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate-of-title statute under subsection (b) of Section 1-9-311 of this title.
(e) After default, subject to Part 6 of this article, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.
(f) A secured party that removes an accession from other goods under subsection (e) of this section shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Added by Laws 2000, c. 371, § 62, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-336. Commingled goods.

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 attach to a product or mass that results when goods become commingled goods.
(c) If collateral becomes commingled goods, a security interest attaches to the product or mass.
(d) If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (c) of this section is perfected.
(e) Except as otherwise provided in subsection (f) of this section, the other provisions of this part determine the priority of a security interest that attaches to the product or mass under subsection (c) of this section.
(f) If more than one security interest attaches to the product or mass under subsection (c) of this section, the following rules determine priority:
(1) A security interest that is perfected under subsection (d) of this section has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.
(2) If more than one security interest is perfected under subsection (d) of this section, the security interests rank equally in proportion to value of the collateral at the time it became commingled goods.
Added by Laws 2000, c. 371, § 63, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-337. Priority of security interests in goods covered by 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 subject to the security interest or does not contain a statement that they may be subject to security interests not shown on the certificate:
(1) a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
(2) the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under subsection (b) of Section 1-9-311 of this title, after issuance of the certificate and without the conflicting secured party’s knowledge of the security interest.
Added by Laws 2000, c. 371, § 64, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-338. Priority of security interest or agricultural lien 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 financing statement providing information described in paragraph (5) of subsection (b) of Section 1-9-516 of this title which is incorrect at the time the financing statement is filed:
(1) the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
(2) a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
Added by Laws 2000, c. 371, § 65, eff. July 1, 2001. Amended by Laws 2005, c. 140, § 69, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-340. Effectiveness of right of recoupment or set-off 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 party that holds a security interest in the deposit account.
(b) Except as otherwise provided in subsection (c) of this section, the application of this article to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party.
(c) The exercise by a bank of a set-off against a deposit account is ineffective against a secured party that holds a security interest in the deposit account which is perfected by control under paragraph (3) of subsection (a) of Section 1-9-104 of this title, if the set-off is based on a claim against the debtor.
Added by Laws 2000, c. 371, § 67, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-341. Bank’s rights and duties with respect to deposit 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 an authenticated record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by:
(1) the creation, attachment, or perfection of a security interest in the deposit account;
(2) the bank’s knowledge of the security interest; or
(3) the bank’s receipt of instructions from the secured party.
Added by Laws 2000, c. 371, § 68, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-342. Bank’s right to refuse to enter into or disclose 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 customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.
Added by Laws 2000, c. 371, § 69, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-401. Alienability of debtor’s rights.

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 than this article.
(b) An agreement between the debtor and secured party which prohibits a transfer of the debtor’s rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
Added by Laws 2000, c. 371, § 70, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-402. Secured party not obligated on contract of debtor or 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 debtor’s acts or omissions.
Added by Laws 2000, c. 371, § 71, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-403. Agreement not to assert defenses against assignee.

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 an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment:
(1) for value;
(2) in good faith;
(3) without notice of a claim of a property or possessory right to the property assigned; and
(4) without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under subsection (a) Section 3-305 of this title.
(c) Subsection (b) of this section does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under subsection (b) of Section 3-305 of this title.
(d) In a consumer transaction, if a record evidences the account debtor’s obligation, law other than this article requires that the record include a statement to the effect that the rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement:
(1) the record has the same effect as if the record included such a statement; and
(2) the account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement.
(e) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(f) Except as otherwise provided in subsection (d) of this section, this section does not displace law other than this article which gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee.
Added by Laws 2000, c. 371, § 72, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-404. Rights acquired by assignee; claims and defenses against assignee.

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 of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the transaction that gave rise to the contract; and
(2) any other defense or claim of the account debtor against the assignor which accrues before the account debtor receives a notification of the assignment authenticated by the assignor or the assignee.
(b) Subject to subsection (c) of this section and except as otherwise provided in subsection (d) of this section, the claim of an account debtor against an assignor may be asserted against an assignee under subsection (a) of this section only to reduce the amount the account debtor owes.
(c) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(d) In a consumer transaction, if a record evidences the account debtor’s obligation, law other than this article requires that the record include a statement to the effect that the account debtor’s recovery against an assignee with respect to claims and defenses against the assignor may not exceed amounts paid by the account debtor under the record, and the record does not include such a statement, the extent to which a claim of an account debtor against the assignor may be asserted against an assignee is determined as if the record included such a statement.
(e) This section does not apply to an assignment of a health-care-insurance receivable.
Added by Laws 2000, c. 371, § 73, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-405. Modification of assigned contract.

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 modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b) through (d) of this section.
(b) Subsection (a) of this section applies to the extent that:
(1) the right to payment or a part thereof under an assigned contract has not been fully earned by performance; or
(2) the right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under subsection (a) of Section 1-9-406 of this title.
(c) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(d) This section does not apply to an assignment of a health-care-insurance receivable.
Added by Laws 2000, c. 371, § 74, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest.

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 requires the consent of a party to the lease to the assignment or transfer of or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor’s residual interest in the goods; or
(2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(b) Except as otherwise provided in paragraph (7) of Section 2A-303 of this title, a term described in paragraph (2) of subsection (a) of this section is effective to the extent that there is:
(1) a transfer by the lessee of the lessee’s right of possession or use of the goods in violation of the term; or
(2) a delegation of a material performance of either party to the lease contract in violation of the term.
(c) The creation, attachment, perfection, or enforcement of a security interest in the lessor’s interest under the lease contract or the lessor’s residual interest in the goods is not a transfer that materially impairs the lessee’s prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of paragraph (4) of Section 2A-303 of this title unless, and then only to the extent that, enforcement actually results in delegation of material performance of the lessor.
Added by Laws 2000, c. 371, § 76, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-501. Filing office.

FILING OFFICE
(a) Except as otherwise provided in subsection (b) of this section, if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:
(1) the office designated for the filing or recording of a record of a mortgage on the related real property, if:
(A)
the collateral is as-extracted collateral or timber to be cut; or
(B)
the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or
(2) the office of the county clerk of Oklahoma County, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing.
(b) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the Secretary of State pursuant to Sections 17 and 18 of Title 46 of the Oklahoma Statutes. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become fixtures.
Added by Laws 2000, c. 371, § 79, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-504. Indication of collateral.

INDICATION OF COLLATERAL
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) a description of the collateral pursuant to Section 1-9-108 of this title; or
(2) an indication that the financing statement covers all assets or all personal property.
Added by Laws 2000, c. 371, § 82, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.

FILING AND COMPLIANCE WITH OTHER STATUTES AND TREATIES FOR
CONSIGNMENTS, LEASES, OTHER BAILMENTS, AND OTHER TRANSACTIONS
(a) A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in subsection (a) of Section 1-9-311 of this title, using the terms “consignor”, “consignee”, “lessor”, “lessee”, “bailor”, “bailee”, “licensor”, “licensee”, “owner”, “registered owner”, “buyer”, “seller”, or words of similar import, instead of the terms “secured party” and “debtor”.
(b) This part applies to the filing of a financing statement under subsection (a) of this section and, as appropriate, to compliance that is equivalent to filing a financing statement under subsection (b) of Section 1-9-311 of this title, but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.
Added by Laws 2000, c. 371, § 83, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-506. Effect of errors or omissions.

EFFECT OF ERRORS OR OMISSIONS
(a) A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
(b) Except as otherwise provided in subsection (c) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with subsection (a) of Section 1-9-503 of this title is seriously misleading.
(c) If a search of the records of the filing office under the debtor’s correct name, using the filing office’s standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with subsection (a) of Section 1-9-503 of this title, the name provided does not make the financing statement seriously misleading.
(d) For purposes of subsection (b) of Section 1-9-508 of this title, the “debtor’s correct name” in subsection (c) of this section means the correct name of the new debtor.
Added by Laws 2000, c. 371, § 84, eff. July 1, 2001.