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2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3231. Depositions upon written questions.

A. SERVING QUESTIONS; NOTICE. After commencement of the action, any party to the action may take the testimony of any person, including an opposing party, by deposition upon written questions. The attendance of witnesses may be compelled by the use of a subpoena. The deposition of a person confined in prison may be taken only by leave of court on such terms as the court prescribes.
A party desiring to take a deposition upon written questions shall serve them upon every other party with a notice stating:
1. The name and address of the person who is to answer them, if known, and if the name is not known, a general description sufficient to identify him or the particular class or group to which he belongs; and
2. The name or descriptive title and address of the officer before whom the deposition is to be taken.
A deposition upon written questions may be taken of a public or private corporation or a partnership or association or governmental agency in accordance with the provisions of paragraph 6 of subsection C of Section 3230 of this title.
Within thirty (30) days after the notice and written questions are served, a party may serve cross questions upon all other parties. Within ten (10) days after being served with cross questions, a party may serve redirect questions upon all other parties. Within ten (10) days after being served with redirect questions, a party may serve recross questions upon all other parties. The court may for cause shown enlarge or shorten the time.
B. OFFICER TO TAKE RESPONSES AND PREPARE RECORD. A copy of the notice and copies of all questions served shall be delivered by the party taking the deposition to the officer designated in the notice. The officer shall proceed promptly, in the manner provided by subsections D, F and G of Section 3230 of this title, to take the testimony of the witness in response to the questions and to prepare, certify and file or mail the deposition as provided in subsection G of Section 3230 of this title, attaching thereto the copy of the notice and the questions received by him.
C. NOTICE OF FILING. When the deposition is filed the party taking it shall promptly give notice thereof to all other parties.
D. COSTS OF TRANSCRIPTION OF DEPOSITION. Cost of the transcription, fees of the sheriff and witness fees shall be taxed as provided in subsection J of Section 3230 of this title.
Added by Laws 1982, c. 198, § 8. Amended by Laws 1989, c. 129, § 7, eff. Nov. 1, 1989. Renumbered from § 3208 of this title by Laws 1989, c. 129, § 14, eff. Nov. 1, 1989.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3240. Disclosure statement.

Not less than three (3) days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than fourteen (14) point, to include the following:
1. The amounts and due dates of the structured settlement payments to be transferred;
2. The aggregate amount of the payments;
3. The discounted present value of the payments to be transferred, which shall be identified as the “calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities”, and the amount of the applicable federal rate used in calculating such discounted present value;
4. The gross advance amount;
5. An itemized listing of all applicable transfer expenses, other than attorneys’ fees and related disbursements payable in connection with the transferee’s application for approval of the transfer, and the transferee’s best estimate of the amount of any such fees and disbursements;
6. The net advance amount;
7. The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and
8. A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.
Added by Laws 2001, c. 70, § 3, eff. Nov. 1, 2001.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3241. Judicial or administrative approval of transfer of payment - Required findings.

No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order or order of a responsible administrative authority based on express findings by such court or responsible administrative authority that:
1. The transfer is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents;
2. The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received the advice or knowingly waived the advice in writing; and
3. The transfer does not contravene any applicable statute or the order of any court or other government authority.
Added by Laws 2001, c. 70, § 4, eff. Nov. 1, 2001.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3242. Discharge and release from liability.

Following a transfer of structured settlement payment rights under the Structured Settlement Protection Act of 2001:
1. The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments;
2. The transferee shall be liable to the structured settlement obligor and the annuity issuer:
a.
if the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a consequence of the transfer, and
b.
for any other liabilities or costs, including reasonable costs and attorneys’ fees, arising from compliance by the parties with the order of the court or responsible administrative authority or arising as a consequence of the transferee’s failure to comply with this act;
3. Neither the annuity issuer nor the structured settlement obligor may be required to divide any periodic payment between the payee and any transferee or assignee or between two or more transferees or assignees; and
4. Any further transfer of structured settlement payment rights by the payee may be made only after compliance with all of the requirements of the Structured Settlement Protection Act of 2001.
Added by Laws 2001 c. 70, § 5, eff. Nov. 1, 2001.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3243. Application for approval of transfer of payment rights.

A. An application under the Structured Settlement Protection Act for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in the county in which the payee resides, in the county in which the structured settlement obligor or the annuity issuer maintains its principal place of business, or in any court or before any responsible administrative authority which approved the structured settlement agreement.
B. Not less than twenty (20) days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under Section 4 of this act, the transferee shall file with the court or responsible administrative authority and serve on all interested parties a notice of the proposed transfer and the application for its authorization, including with such notice:
1. A copy of the transferee’s application;
2. A copy of the transfer agreement;
3. A copy of the disclosure statement required under Section 3 of this act;
4. A listing of each of the payee’s dependents, together with each dependent’s age;
5. Notification that any interested party is entitled to support, oppose or otherwise respond to the transferee’s application, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing; and
6. Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed, which shall be not less than fifteen (15) days after service of the transferee’s notice, in order to be considered by the court or responsible administrative authority.
Added by Laws 2001, c. 70, § 6, eff. Nov. 1, 2001.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3244. Waiver of provisions – Disputes - Life-contingent payments - Liability.

A. The provisions of the Structured Settlement Protection Act of 2001 may not be waived by any payee.
B. Any transfer agreement entered into on or after the effective date of this act by a payee who resides in this state shall provide that disputes under such transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the laws of this state. No such transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.
C. No transfer of structured settlement payment rights shall extend to any payments that are life-contingent unless, prior to the date on which the payee signs the transfer agreement, the transferee has established and has agreed to maintain procedures reasonably satisfactory to the annuity issuer and the structured settlement obligor for
1. Periodically confirming the payee’s survival; and
2. Giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee’s death.
D. No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of such transfer to satisfy the conditions of this act.
E. Nothing contained in this act shall be construed to authorize any transfer of structured settlement payment rights in contravention of any law or to imply that any transfer under a transfer agreement entered into prior to the effective date of this act is valid or invalid.
F. Compliance with the requirements set forth in Section 3 of this act and fulfillment of the conditions set forth in Section 4 of this act shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, noncompliance with such requirements or failure to fulfill such conditions.
Added by Laws 2001, c. 70, § 7, eff. Nov. 1, 2001.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3245. Application of act.

This act shall apply to any transfer of structured settlement payment rights under a transfer agreement entered into on or after the thirtieth day after the date of enactment of this act; provided that nothing contained herein shall imply that any transfer under a transfer agreement reached prior to such date is either effective or ineffective.
Added by Laws 2001, c. 70, § 8, eff. Nov. 1, 2001.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3251. Definitions.

As used in this act:
1. "Foreign jurisdiction" means a state other than this state;
2. "Foreign subpoena" means a subpoena issued under authority of a court of record of a foreign jurisdiction;
3. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, or governmental subdivision, agency or instrumentality, or any other legal or commercial entity;
4. "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, a federally recognized Indian tribe or any territory or insular possession subject to the jurisdiction of the United States; and
5. "Subpoena" means a document, however denominated, issued under authority of a court of record requiring a person to:
a.
attend and give testimony at a deposition,
b.
produce and permit inspection and copying of designated books, documents, records, electronically stored information or tangible things in the possession, custody or control of the person, or
c.
permit inspection of premises under the control of the person.
Added by Laws 2021, c. 184, § 2, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3252. Request for issuance of subpoena.

A. To request issuance of a subpoena under this section, a party must submit a foreign subpoena to a clerk of court in the county in which discovery is sought to be conducted in this state. A request for the issuance of a subpoena under this act does not constitute an appearance in the courts of this state.
B. When a party submits a foreign subpoena to a clerk of court in this state, the clerk, in accordance with that court's procedure, shall promptly issue a subpoena for service upon the person to which the foreign subpoena is directed.
C. A subpoena under subsection B of this section must:
1. Incorporate the terms used in the foreign subpoena; and
2. Contain or be accompanied by the names, addresses and telephone numbers of all counsel of record in the proceeding to which the subpoena relates and of any party not represented by counsel.
Added by Laws 2021, c. 184, § 3, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3253. Service of subpoena.

A subpoena issued by a clerk of court under Section 3 of this act must be served in compliance with subsection B of Section 2004.1 of Title 12 of the Oklahoma Statutes.
Added by Laws 2021, c. 184, § 4, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 12. Civil Procedure › §12-3255. Application for protective order or to enforce, quash or modify an issued subpoena.

An application to the court for a protective order or to enforce, quash or modify a subpoena issued by a clerk of court under Section 3 of this act must comply with the rules or statutes of this state and be submitted to the court in the county in which discovery is to be conducted.
Added by Laws 2021, c. 184, § 6, eff. Nov. 1, 2021.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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 INTERESTS
Except 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-309. Security interest perfected upon attachment.

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 that are subject to a statute or treaty described in subsection (a) of Section 1-9-311 of this title;
(2) an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor’s outstanding accounts or payment intangibles;
(3) a sale of a payment intangible;
(4) a sale of a promissory note;
(5) a security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;
(6) 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, until the debtor obtains possession of the collateral;
(7) a security interest of a collecting bank arising under Section 4-210 of this title;
(8) a security interest of an issuer or nominated person arising under Section 5-118 of this title;
(9) a security interest arising in the delivery of a financial asset under subsection (c) of Section 1-9-206 of this title;
(10) a security interest in investment property created by a broker or securities intermediary;
(11) a security interest in a commodity contract or a commodity account created by a commodity intermediary;
(12) an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder;
(13) a security interest created by an assignment of a beneficial interest in a decedent’s estate; and
(14) a sale by an individual of an account that is a right to payment of winnings in a lottery or other game of chance.
Added by Laws 2000, c. 371, § 29, eff. July 1, 2001. Amended by Laws 2004, c. 153, § 4, eff. Nov. 1, 2004.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-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.

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 must be filed to perfect all security interests and agricultural liens.
(b) The filing of a financing statement is not necessary to perfect a security interest:
(1) that is perfected under subsection (d), (e), (f), or (g) of Section 1-9-308 of this title;
(2) that is perfected under Section 1-9-309 of this title when it attaches;
(3) in property subject to a statute, regulation, or treaty described in subsection (a) of Section 1-9-311 of this title;
(4) in goods in possession of a bailee which is perfected under paragraph (1) or (2) of subsection (d) of Section 1-9-312 of this title;
(5) in certificated securities, documents, goods, or instruments which is perfected without filing, control, or possession under subsection (e), (f), or (g) of Section 1-9-312 of this title;
(6) in collateral in the secured party’s possession under Section 1-9-313 of this title;
(7) in a certificated security which is perfected by delivery of the security certificate to the secured party under Section 1-9-313 of this title;
(8) in deposit accounts, electronic chattel paper, investment property, or letter-of-credit rights which is perfected by control under Section 1-9-314 of this title;
(9) in proceeds which is perfected under Section 1-9-315 of this title; or
(10) that is perfected under Section 1-9-316 of this title.
(c) If a secured party assigns a perfected security interest or agricultural lien, a filing under this article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
Added by Laws 2000, c. 371, § 30, eff. July 1, 2001. Amended by Laws 2005, c. 140, § 64, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-314. Perfection by control.

PERFECTION BY CONTROL
(a) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under Section 7-106, 1-9-104, 1-9-105, 1-9-106, or 1-9-107 of this title.
(b) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under Section 1-9-104, 1-9-105, or 1-9-107 of this title when the secured party obtains control and remains perfected by control only while the secured party retains control.
(c) A security interest in investment property is perfected by control under Section 1-9-106 of this title from the time the secured party obtains control and remains perfected by control until:
(1) the secured party does not have control; and
(2) one of the following occurs:
(A)
if the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
(B)
if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
(C)
if the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
Added by Laws 2000, c. 371, § 34, eff. July 1, 2001. Amended by Laws 2005, c. 140, § 67, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-315. Secured party’s rights on disposition of collateral and in proceeds.

SECURED PARTY’S RIGHTS ON DISPOSITION
OF COLLATERAL AND IN PROCEEDS
(a) Except as otherwise provided in this article and in paragraph (2) of Section 2-403 of this title:
(1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and
(2) a security interest attaches to any identifiable proceeds of collateral.
(b) Proceeds that are commingled with other property are identifiable proceeds:
(1) if the proceeds are goods, to the extent provided by Section 1-9-336 of this title; and
(2) if the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this article with respect to commingled property of the type involved.
(c) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
(d) A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:
(1) the following conditions are satisfied:
(A)
a filed financing statement covers the original collateral;
(B)
the proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and
(C)
the proceeds are not acquired with cash proceeds;
(2) the proceeds are identifiable cash proceeds; or
(3) the security interest in the proceeds is perfected other than under subsection (c) of this section when the security interest attaches to the proceeds or within twenty (20) days thereafter.
(e) If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under paragraph (1) of subsection (d) of this section becomes unperfected at the later of:
(1) when the effectiveness of the filed financing statement lapses under Section 1-9-515 of this title or is terminated under Section 1-9-513 of this title; or
(2) the twenty-first day after the security interest attaches to the proceeds.
Added by Laws 2000, c. 371, § 35, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-317. Interests that take priority over or take free of security interest or agricultural lien.

INTERESTS THAT TAKE PRIORITY OVER OR TAKE FREE
OF SECURITY INTEREST OR AGRICULTURAL LIEN
(a) A security interest or agricultural lien is subordinate to the rights of:
(1) a person entitled to priority under Section 1-9-322 of this title; and
(2) except as otherwise provided in subsection (e) of this section, a person that becomes a lien creditor before the earlier of the time:
(A)
the security interest or agricultural lien is perfected; or
(B)
one of the conditions specified in paragraph (3) of subsection (b) of Section 1-9-203 of this title is met and a financing statement covering the collateral is filed.
(b) Except as otherwise provided in subsection (e) of this section, a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(c) Except as otherwise provided in subsection (e) of this section, a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(d) A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
(e) Except as otherwise provided in Sections 1-9-320 and 1-9-321 of this title, if a person files a financing statement with respect to a purchase-money security interest before or within twenty (20) days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.
Added by Laws 2000, c. 371, § 37, eff. July 1, 2001. Amended by Laws 2001, c. 354, § 2, eff. July 1, 2001; Laws 2005, c. 140, § 68, eff. Jan. 1, 2006; Laws 2015, c. 374, § 6, eff. Nov. 1, 2015.