Okla. Stat. tit. 12A § 1-9-509

Current through Laws 2024, c. 453.

Section 1-9-509 - [Effective Until 11/1/2024] Persons entitled to file a record

(a) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:

(1) the debtor authorizes the filing in an authenticated record; or

(2) the person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.

(b) By authenticating or becoming bound as a debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:

(1) the collateral described in the security agreement; and

(2) property that becomes collateral under paragraph (2) of subsection (a) of Section 1-9-315 of this title, whether or not the security agreement expressly covers proceeds.

(c) By acquiring collateral in which a security interest or agricultural lien continues under paragraph (1) of subsection (a) of Section 1-9-315 of this title, a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under paragraph (2) of subsection (a) of Section 1-9-315 of this title.

(d) A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:

(1) the secured party of record authorizes the filing; or

(2) the amendment is a termination statement for a financing statement for which the secured party of record has failed to file or send a termination statement as required by subsection (a) or (c) of Section 1-9-513 of this title, the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.

(e) If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (d) of this section.

Okla. Stat. tit. 12A, § 1-9-509

Added by Laws 2000 , SB 1519, c. 371, § 87, eff. 7/1/2001.

Oklahoma Code Comment

This is a new section which sets forth most of the rules determining whether a record may be filed.

When there is more than one secured party of record for a financing statement, under revised section 9-509(e) , any secured party of record may authorize an amendment to be filed under section 9-509(d) . In the event the secured party fails to file a required termination statement under section 9-513, section 9- 509(d)(2) authorizes the debtor to do so; the termination statement should indicate that the debtor authorized it to be filed.

Under revised Article 9, records filed in the Oklahoma UCC Central Filing Office do not require the debtor's signature. See, e.g., sections 9-502 , 9-516, and 9-521 . It is presumed by the filing office that the debtor's authorization is in the security agreement rather than on the financing statement. The authentication of a security agreement ipso facto constitutes the debtor's authorization of the filing of a financing statement covering the collateral described in the security agreement. Revised section 9-509(b) . The secured party need not obtain a separate authorization. The bases for rejection and the rights of innocent purchasers found in section 9-516 should be noted. A person who files an unauthorized record is liable under revised section 9-625 for actual and statutory damages. Of course, a filed financing statement is ineffective to perfect a security interest if the filing is not authorized. Filers of sham documents should be aware of 21 Oklahoma Stat. section 1533 .

It is the practice of the Oklahoma UCC Central Filing Office to accept completed filings without investigation as to debtor's authorization or authentication. For purposes of tender of payment, the Oklahoma UCC Central Filing Office treats automated clearing house (ACH), checks, cash, or otherwise available payment methods the same. It is also the practice of the Oklahoma UCC Central Filing Office to return terminated financing statements to the secured party at its last known address. Under revised Article 9, terminations of financing statements which were previously filed at a local county, may be terminated at such local county after July 1, 2001, so long as that filing was not transitioned to the Oklahoma UCC Central Filing Office. See generally sections 9-511, 9-516, and 9-521 .

This section is set out more than once due to postponed, multiple, or conflicting amendments.