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2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-611. Notification before disposition of collateral.

NOTIFICATION BEFORE DISPOSITION OF COLLATERAL
(a) In this section, “notification date” means the earlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Except as otherwise provided in subsection (d) of this section, a secured party that disposes of collateral under Section 1-9-610 of this title shall send to the persons specified in subsection (c) of this section a reasonable authenticated notification of disposition.
(c) To comply with subsection (b) of this section, the secured party shall send an authenticated notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A)
any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B)
any other secured party or lienholder that, ten (10) days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i)
identified the collateral;
(ii)
was indexed under the debtor’s name as of that date; and
(iii)
was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C)
any other secured party that, ten (10) days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in subsection (a) of Section 1-9-311 of this title.
(d) Subsection (b) of this section does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e) A secured party complies with the requirement for notification prescribed by subparagraph (B) of paragraph (3) of subsection (c) of this section if:
(1) not later than twenty (20) days or earlier than thirty (30) days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in subparagraph (B) of paragraph (3) of subsection (c) of this section; and
(2) before the notification date, the secured party:
(A)
did not receive a response to the request for information; or
(B)
received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
Added by Laws 2000, c. 371, § 118, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-612. Timeliness of notification before disposition of collateral.

TIMELINESS OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL
(a) Except as otherwise provided in subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact.
(b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten (10) days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Added by Laws 2000, c. 371, § 119, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-613. Contents and form of notification before disposition of collateral: general.

CONTENTS AND FORM OF NOTIFICATION
BEFORE DISPOSITION OF COLLATERAL: GENERAL
Except in a consumer-goods transaction, the following rules apply:
(1) The contents of a notification of disposition are sufficient if the notification:
(A)
describes the debtor and the secured party;
(B)
describes the collateral that is the subject of the intended disposition;
(C)
states the method of intended disposition;
(D)
states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E)
states the time and place of a public disposition or the time after which any other disposition is to be made.
(2) Whether the contents of a notification that lacks any of the information specified in paragraph (1) of this section are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in paragraph (1) of this section are sufficient, even if the notification includes:
(A)
information not specified by that paragraph; or
(B)
minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
(5) The following form of notification and the form appearing in paragraph (3) of Section 1-9-614 of this title, when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERAL
To:
[Name of debtor, obligor, or other person to which the notification is sent]
____________________________________________________
____________________________________________________
From:
[Name, address, and telephone number of secured party]
____________________________________________________
____________________________________________________
Name of Debtor(s):
[Include only if debtor(s) are not an addressee]
____________________________________________________
[For a public disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] __________________ [to the highest qualified bidder] in public as follows:
Day and Date:
_________________
Time:
_________________
Place:
_________________
[For a private disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] __________________ privately sometime after [day and date] ________________.
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $_____________ ]. You may request an accounting by calling us at [telephone number] ________________.
[End of Form]
Added by Laws 2000, c. 371, § 120, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-617. Rights of transferee of collateral.

RIGHTS OF TRANSFEREE OF COLLATERAL
(a) A secured party’s disposition of collateral after default:
(1) transfers to a transferee for value all of the debtor’s rights in the collateral;
(2) discharges the security interest under which the disposition is made; and
(3) discharges any subordinate security interest or other subordinate lien.
(b) A transferee that acts in good faith takes free of the rights and interests described in subsection (a) of this section, even if the secured party fails to comply with this article or the requirements of any judicial proceeding.
(c) If a transferee does not take free of the rights and interests described in subsection (a) of this section, the transferee takes the collateral subject to:
(1) the debtor’s rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and
(3) any other security interest or other lien.
Added by Laws 2000, c. 371, § 124, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-618. Rights and duties of certain secondary obligors.

RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS
(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1) receives an assignment of a secured obligation from the secured party;
(2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3) is subrogated to the rights of a secured party with respect to collateral.
(b) An assignment, transfer, or subrogation described in subsection (a) of this section:
(1) is not a disposition of collateral under Section 1-9-610 of this title; and
(2) relieves the secured party of further duties under this article.
Added by Laws 2000, c. 371, § 125, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-619. Transfer of record or legal title.

TRANSFER OF RECORD OR LEGAL TITLE
(a) In this section, “transfer statement” means a record authenticated by a secured party stating:
(1) that the debtor has defaulted in connection with an obligation secured by specified collateral;
(2) that the secured party has exercised its post-default remedies with respect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4) the name and mailing address of the secured party, debtor, and transferee.
(b) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1) accept the transfer statement;
(2) promptly amend its records to reflect the transfer; and
(3) if applicable, issue a new appropriate certificate of title in the name of the transferee.
(c) A transfer of the record or legal title to collateral to a secured party under subsection (b) of this section or otherwise is not of itself a disposition of collateral under this article and does not of itself relieve the secured party of its duties under this article.
Added by Laws 2000, c. 371, § 126, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-621. Notification of proposal to accept collateral.

NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL
(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(2) any other secured party or lienholder that, ten (10) days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A)
identified the collateral;
(B)
was indexed under the debtor’s name as of that date; and
(C)
was filed in the office or offices in which a financing statement against the debtor covering the collateral as of that date would have been filed; and
(3) any other secured party that, ten (10) days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in subsection (a) of Section 1-9-311 of this title.
(b) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a) of this section.
Added by Laws 2000, c. 371, § 128, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-622. Effect of acceptance of collateral.

EFFECT OF ACCEPTANCE OF COLLATERAL
(a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) discharges the obligation to the extent consented to by the debtor;
(2) transfers to the secured party all of a debtor’s rights in the collateral;
(3) discharges the security interest or agricultural lien that is the subject of the debtor’s consent and any subordinate security interest or other subordinate lien; and
(4) terminates any other subordinate interest.
(b) A subordinate interest is discharged or terminated under subsection (a) of this section, even if the secured party fails to comply with this article.
Added by Laws 2000, c. 371, § 129, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-623. Right to redeem collateral.

RIGHT TO REDEEM COLLATERAL
(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) To redeem collateral, a person shall tender:
(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorney’s fees described in paragraph (1) of subsection (a) of Section 1-9-615 of this title.
(c) A redemption may occur at any time before a secured party:
(1) has collected collateral under Section 1-9-607 of this title;
(2) has disposed of collateral or entered into a contract for its disposition under Section 1-9-610 of this title; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 1-9-622 of this title.
Added by Laws 2000, c. 371, § 130, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-624. Waiver.

WAIVER
(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 1-9-611 of this title only by an agreement to that effect entered into and authenticated after default.
(b) A debtor may waive the right to require disposition of collateral under subsection (e) of Section 1-9-620 of this title only by agreement to that effect entered into and authenticated after default.
(c) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under Section 1-9-623 of this title only by an agreement to that effect entered into and authenticated after default.
Added by Laws 2000, c. 371, § 131, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-626. Action in which deficiency or surplus is in issue.

ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE
(a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:
(1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party’s compliance in issue.
(2) If the secured party’s compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
(3) Except as otherwise provided in Section 1-9-628 of this title, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney’s fees exceeds the greater of:
(A)
the proceeds of the collection, enforcement, disposition, or acceptance; or
(B)
the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(4) For purposes of subparagraph (B) of paragraph (3) of this subsection, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney’s fees unless the secured party proves that the amount is less than that sum.
(5) If a deficiency or surplus is calculated under subsection (f) of Section 1-9-615 of this title, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
(b) The limitation of the rules in subsection (a) of this section to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.
Added by Laws 2000, c. 371, § 133, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-627. Determination of whether conduct was commercially reasonable.

DETERMINATION OF WHETHER CONDUCT
WAS COMMERCIALLY REASONABLE
(a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1) in the usual manner on any recognized market;
(2) at the price current in any recognized market at the time of the disposition; or
(3) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1) in a judicial proceeding;
(2) by a bona fide creditors’ committee;
(3) by a representative of creditors; or
(4) by an assignee for the benefit of creditors.
(d) Approval under subsection (c) of this section need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
Added by Laws 2000, c. 371, § 134, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor.

NONLIABILITY AND LIMITATION ON LIABILITY
OF SECURED PARTY; LIABILITY OF SECONDARY OBLIGOR
(a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this article; and
(2) the secured party’s failure to comply with this article does not affect the liability of the person for a deficiency.
(b) A secured party is not liable because of its status as secured party:
(1) to a person that is a debtor or obligor, unless the secured party knows:
(A)
that the person is a debtor or obligor;
(B)
the identity of the person; and
(C)
how to communicate with the person; or
(2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A)
that the person is a debtor; and
(B)
the identity of the person.
(c) A secured party is not liable to any person, and a person’s liability for a deficiency is not affected, because of any act or omission arising out of the secured party’s reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party’s belief is based on its reasonable reliance on:
(1) a debtor’s representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) an obligor’s representation concerning the purpose for which a secured obligation was incurred.
(d) A secured party is not liable to any person under paragraph (2) of subsection (c) of Section 1-9- 625 of this title for its failure to comply with Section 1-9-616 of this title.
(e) A secured party is not liable under paragraph (2) of subsection (c) of Section 1-9-625 of this title more than once with respect to any one secured obligation.
Added by Laws 2000, c. 371, § 135, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-702. Savings clause.

SAVINGS CLAUSE
(a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect.
(b) Except as otherwise provided in subsection (c) of this section and Sections 1-9-703 through 1-9-709 of this title:
(1) transactions and liens that were not governed by former Article 9 of this title, were validly entered into or created before this act takes effect, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this act takes effect; and
(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(c) This act does not affect an action, case, or proceeding commenced before this act takes effect.
Added by Laws 2000, c. 371, § 136, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-703. Security interest perfected before effective date.

SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE
(a) A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(b) Except as otherwise provided in Section 1-9-705 of this title, if, immediately before this act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied when this act takes effect, the security interest:
(1) is a perfected security interest for one (1) year after this act takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under Section 1-9-203 of this title before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
Added by Laws 2000, c. 371, § 137, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-704. Security interest unperfected before effective date.

SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE
A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one (1) year after this act takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under Section 1-9-203 of this title when this act takes effect or within one (1) year thereafter; and
(3) becomes perfected:
(A)
without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or
(B)
when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Added by Laws 2000, c. 371, § 138, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-706. When initial financing statement suffices to continue effectivness of financing statement.

WHEN INITIAL FINANCING STATEMENT SUFFICES
TO CONTINUE EFFECTIVNESS OF FINANCING STATEMENT
(a) The filing of an initial financing statement in the office specified in Section 1-9-501 of this title continues the effectiveness of a financing statement filed before this act takes effect if:
(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this act;
(2) the pre-effective-date financing statement was filed in an office in another state or another office in this state; and
(3) the initial financing statement satisfies subsection (c) of this section.
(b) The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the pre-effective-date financing statement:
(1) if the initial financing statement is filed before this act takes effect, for the period provided in former Section 9-403 of this title with respect to a financing statement; and
(2) if the initial financing statement is filed after this act takes effect, for the period provided in Section 1-9-515 of this title with respect to an initial financing statement.
(c) To be effective for purposes of subsection (a) of this section, an initial financing statement must:
(1) satisfy the requirements of Part 5 of this article for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective-date financing statement remains effective.
Added by Laws 2000, c. 371, § 140, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-707. Persons entitled to file initial financing statement.

PERSONS ENTITLED TO FILE INITIAL FINANCING STATEMENT
(a) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect.
(b) After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 of this article of this title. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c) Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this act takes effect only if:
(1) the pre-effective-date financing statement and an amendment are filed in the office specified in Section 1-9-501 of this title;
(2) an amendment is filed in the office specified in Section 1-9-501 of this title concurrently with, or after the filing in that office of, an initial financing statement that satisfies subsection (c) of Section 1-9-706 of this title; or
(3) an initial financing statement that provides the information as amended and satisfies subsection (c) of Section 1-9-706 of this title is filed in the office specified in Section 1-9-501 of this title.
(d) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under subsections (d) and (f) of Section 1-9-705 or Section 1-9-706 of this title.
(e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies subsection (c) of Section 1-9-706 of this title has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this article of this title as the office in which to file a financing statement.
Added by Laws 2000, c. 371, § 141, eff. July 1, 2001. Amended by Laws 2001, c. 354, § 4, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-708. Persons entitled to file initial financing statement or continuation statement.

PERSONS ENTITLED TO FILE INITIAL
FINANCING STATEMENT OR CONTINUATION STATEMENT
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(A)
to continue the effectiveness of a financing statement filed before this act takes effect; or
(B)
to perfect or continue the perfection of a security interest.
Added by Laws 2000, c. 371, § 142, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-709. Priority.

PRIORITY
(a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former Article 9 determines priority.
(b) For purposes of subsection (a) of Section 1-9-322 of this title, the priority of a security interest that becomes enforceable under Section 1-9-203 of this title dates from the time this act takes effect if the security interest is perfected under this act by the filing of a financing statement before this act takes effect which would not have been effective to perfect the security interest under former Article 9 of this title. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
Added by Laws 2000, c. 371, § 143, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-710. Duties of local-filing offices.

(a) In this section:
(1) “Local-filing office” means a filing office, other than the statewide filing office in the office of the County Clerk of Oklahoma County or the statewide filing office in the office of the Secretary of State, that is designated as the proper place to file a financing statement under former Article 9 of this title;
(2)
(A)
“Former-Article 9 records” means:
(i)
financing statements and other records that have been filed in a local-filing office before July 1, 2001, and that are, or upon processing and indexing will be, reflected in the index maintained by the local-filing office for filing for financing statements and other records filed in the local-filing office before July 1, 2001, and
(ii)
the index maintained by the local-filing office as of June 30, 2001, including entries for filings completed before July 1, 2001, even though processed on or after that date.
(B)
“Former-Article 9 records” do not include records presented to a local-filing office for filing after June 30, 2001, whether or not the records relate to financing statements filed in the local-filing office before July 1, 2001; and
(3) “Mortgage”, “as-extracted collateral”, “fixture filing”, “goods” and “fixtures” have the meanings set forth in this article of this title.
(b) A local-filing office shall not accept for filing a record presented after June 30, 2001, whether or not the record relates to a financing statement filed in the local-filing office before July 1, 2001.
(c) Until July 1, 2008, each local-filing office shall maintain all former-Article 9 records in accordance with former-Article 9. A former-Article 9 record which is filed before July 1, 2001, but which is not reflected on the index maintained as of June 30, 2001, by the local-filing office, shall be processed and indexed and reflected on the index maintained as of June 30, 2001, as soon as practicable, but in no event later than July 30, 2001.
(d) Until July 1, 2008, each local-filing office shall respond to requests for information with respect to former-Article 9 records relating to a debtor and shall issue certificates in accordance with former-Article 9. The fees for issuing a certificate or for furnishing a certified copy of a former-Article 9 record shall be the uniform fees provided by subsections (c) and (d) of Section 1-9-525 of this title.
(e) After June 30, 2008, each local-filing office may remove and destroy all former-Article 9 records pursuant to Section 155.2 of Title 19 of the Oklahoma Statutes.
(f) This section shall not apply, with respect to financing statements and other records, to a filing office in which mortgages or records of mortgages on real property are required to be filed or recorded if:
(1) the collateral is timber to be cut or as-extracted collateral, or
(2) the record is or relates to a financing statement files as a fixture filing and the collateral is goods that are or are to become fixtures.
Added by Laws 2000, c. 371, § 144, eff. July 1, 2001. Amended by Laws 2001, c. 354, § 5, eff. July 1, 2001.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-802. Savings clause.

SAVINGS CLAUSE
(a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before November 1, 2015.
(b) This act does not affect an action, case, or proceeding commenced before November 1, 2015.
Added by Laws 2015, c. 374, § 18, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-803. Security interest perfected before effective date.

SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE
(a) A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under Article 9 of the Uniform Commercial Code as amended by this act if, when this act takes effect on November 1, 2015, the applicable requirements for attachment and perfection under Article 9 of the Uniform Commercial Code as amended by this act are satisfied without further action.
(b) Except as otherwise provided in Section 21 of this act, if, immediately before this act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under Article 9 of the Uniform Commercial Code as amended by this act are not satisfied when this act takes effect on November 1, 2015, the security interest remains perfected thereafter only if the applicable requirements for perfection under Article 9 of the Uniform Commercial Code as amended by this act are satisfied within one (1) year after this act takes effect.
Added by Laws 2015, c. 374, § 19, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-804. Security interest unperfected before effective date.

SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE
A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest:
(1) without further action, when this act takes effect on November 1, 2015, if the applicable requirements for perfection under Article 9 of the Uniform Commercial Code as amended by this act are satisfied before or at that time; or
(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Added by Laws 2015, c. 374, § 20, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-806. When initial financing statement suffices to continue effectiveness of financing statement.

WHEN INITIAL FINANCING STATEMENT SUFFICES
TO CONTINUE EFFECTIVENESS OF FINANCING STATEMENT
(a) The filing of an initial financing statement in the office specified in Section 1-9-501 of Title 12A of the Oklahoma Statutes continues the effectiveness of a financing statement filed before this act takes effect if:
(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under Article 9 of the Uniform Commercial Code as amended by this act;
(2) the pre-effective-date financing statement was filed in an office in another state; and
(3) the initial financing statement satisfies subsection (c) of this section.
(b) The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the pre-effective-date financing statement:
(1) if the initial financing statement is filed before this act takes effect, for the period provided in Section 1-9-515 of Title 12A of the Oklahoma Statutes as it existed before amendment by this act with respect to a financing statement; and
(2) if the initial financing statement is filed after this act takes effect, for the period provided in Section 1-9-515 of Title 12A of the Oklahoma Statutes as amended by this act with respect to an initial financing statement.
(c) To be effective for purposes of subsection (a) of this section, an initial financing statement must:
(1) satisfy the requirements of Part 5 of Article 9 of the Uniform Commercial Code as amended by this act for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective-date financing statement remains effective.
Added by Laws 2015, c. 374, § 22, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-807. Amendment of pre-effective-date financing statement.

AMENDMENT OF PRE-EFFECTIVE-DATE FINANCING STATEMENT
(a) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect.
(b) After this act takes effect on November 1, 2015, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Article 9 of the Uniform Commercial Code as amended by this act. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c) Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this act takes effect only if:
(1) the pre-effective-date financing statement and an amendment are filed in the office specified in Section 1-9-501 of Title 12A of the Oklahoma Statutes;
(2) an amendment is filed in the office specified in Section 1-9-501 of Title 12A of the Oklahoma Statutes concurrently with, or after the filing in that office of, an initial financing statement that satisfies subsection (c) of Section 22 of this act; or
(3) an initial financing statement that provides the information as amended and satisfies subsection (c) of Section 22 of this act is filed in the office specified in Section 1-9-501 of Title 12A of the Oklahoma Statutes.
(d) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under subsection (c) of Section 21 of this act or subsection (c) of Section 22 of this act or this section.
(e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies subsection (c) of Section 23 of this act has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Article 9 of the Uniform Commercial Code as amended by this act as the office in which to file a financing statement.
Added by Laws 2015, c. 374, § 23, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-808. Persons entitled to file initial financing statement or continuation statement.

PERSONS ENTITLED TO FILE INITIAL
FINANCING STATEMENT OR CONTINUATION STATEMENT
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(A)
to continue the effectiveness of a financing statement filed before this act takes effect; or
(B)
to perfect or continue the perfection of a security interest.
Added by Laws 2015, c. 374, § 24, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-9-809. Priority.

PRIORITY
This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, Article 9 of the Uniform Commercial Code as it existed before amendment by this act determines priority.
Added by Laws 2015, c. 374, § 25, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-101. Short titles.

Short Titles.
(a) Sections 1-101 through 11-107 of this title shall be known and may be cited as the “Uniform Commercial Code”.
(b) This article shall be known and may be cited as “Uniform Commercial Code - General Provisions”.
Added by Laws 1961, p. 69, § 1-101. Amended by Laws 1988, c. 86, § 79, eff. Nov. 1, 1988; Laws 2005, c. 139, § 1, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-102. Scope of article.

Scope of Article.
This article applies to a transaction to the extent that it is governed by another article of the Uniform Commercial Code.
Added by Laws 1961, p. 69, § 1-102. Amended by Laws 2005, c. 139, § 2, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-103. Construction of Uniform Commercial Code to promote its purposes and policies - Applicability of supplemental principles of law.

Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law.
(a) The Uniform Commercial Code shall be liberally construed and applied to promote its underlying purposes and policies, which are:
(1)
to simplify, clarify and modernize the law governing commercial transactions;
(2)
to permit the continued expansion of commercial practices through custom, usage and agreement of the parties; and
(3)
to make uniform the law among the various jurisdictions.
(b) Unless displaced by the particular provisions of the Uniform Commercial Code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating cause shall supplement its provisions.
Added by Laws 1961, p. 69, § 1-103. Amended by Laws 2005, c. 139, § 3, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-104. Construction against implicit repeal.

Construction Against Implicit Repeal.
The Uniform Commercial Code being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
Added by Laws 1961, p. 69, § 1-104. Amended by Laws 2005, c. 139, § 4, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-106. Use of singular and plural - Gender.

Use of Singular and Plural; Gender.
In the Uniform Commercial Code, unless the statutory context otherwise requires:
(1) words in the singular number include the plural, and in the plural include the singular; and
(2) words of any gender include any other gender.
Added by Laws 1961, p. 70, § 1-106. Amended by Laws 2005, c. 139, § 5, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-108.1. Relationship to Electronic Signatures in Global and National Commerce Act.

Article 1 of the Uniform Commercial Code modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C., Section 7001 et seq., except that nothing in this article modifies, limits or supersedes Section 7001(c) of that Act or authorizes electronic delivery of any of the notices described in Section 7003(b) of that Act.
Added by Laws 2005, c. 139, § 7, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-202. Notice - Knowledge.

Notice; Knowledge.
(a) Subject to subsection (f) of this section, a person has "notice" of a fact if the person:
(1)
has actual knowledge of it;
(2)
has received a notice or notification of it; or
(3)
from all the facts and circumstances known to the person at the time in question, has reason to know that it exists.
(b) “Knowledge" means actual knowledge. “Knows” has a corresponding meaning.
(c) “Discover" or "learn" or a word or phrase of similar import refers to knowledge rather than to reason to know.
(d) A person "notifies" or "gives" a notice or notification to another person by taking such steps as may be reasonably required to inform the other person in ordinary course whether or not the other person actually comes to know of it.
(e) Subject to subsection (f) of this section, a person "receives" a notice or notification when:
(1)
it comes to the attention of the person; or
(2)
it is duly delivered in a form reasonable under the circumstances at the place of business through which the contract was made or at another location held out by that person as the place for receipt of such communications.
(f) Notice, knowledge, or a notice or notification received by an organization is effective for a particular transaction from the time when it is brought to the attention of the individual conducting that transaction, and, in any event, from the time it would have been brought to the attention of the individual if the organization had exercised due diligence. An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routines. Due diligence does not require an individual acting for the organization to communicate information unless such communication is part of the regular duties of the individual or unless the individual has reason to know of the transaction and that the transaction would be materially affected by the information.
Added by Laws 1961, p. 73, § 1-202. Amended by Laws 2005, c. 139, § 9, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-204. "Value".

“Value”.
Except as otherwise provided in Articles 3, 4 and 5 of the Uniform Commercial Code, a person gives value for rights if the person acquires them:
(1) in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;
(2) as security for, or in total or partial satisfaction of, a preexisting claim;
(3) by accepting delivery under a preexisting contract for purchase; or
(4) in return for any consideration sufficient to support a simple contract.
Added by Laws 1961, p. 73, § 1-204. Amended by Laws 2005, c. 139, § 11, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-205. Reasonable time - Seasonableness.

Reasonable Time; Seasonableness.
(a) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose, and circumstances of the action.
(b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.
Added by Laws 1961, p. 73, § 1-205. Amended by Laws 2005, c. 139, § 12, eff. Jan. 1, 2006.
2023 Oklahoma Statutes › Title 12A. Commercial Code › §12A-1-206. Presumptions.

Presumptions.
Whenever the Uniform Commercial Code creates a “presumption” with respect to a fact, or provides that a fact is “presumed”, the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence.
Added by Laws 1961, p. 74, § 1-206. Amended by Laws 1995, c. 242, § 53, eff. Feb. 1, 1996; Laws 2005, c. 139, § 13, eff. Jan. 1, 2006.