Okla. Stat. tit. 12A § 1-9-510
Okla. Stat. tit. 12A, § 1-9-510
Oklahoma Code Comment
This section is new and addresses the validity of financing statements based on persons authorized to file, as defined under section 9-509 ; the rights of multiple secured parties when one or more secured parties files an amendment; and the ineffectiveness of a continuation of a financing statement if the continuation is not filed within the six-month period prescribed by section 9- 515(d) , former section 9-403 .
The reference to section 9-515(d) , and its requirement for filing a Continuation Statement within the six month window prior to lapse, aids in eliminating any ambiguity concerning how to properly maintain the effectiveness of an existing financing statement. It should be noted that submission of a Continuation Statement prior to the six month period before lapse may result in its rejection by the Oklahoma UCC Central Filing Office, as stated at section 9-516(b)(7) , former section 9-403 . A continuation statement may be filed only within the six months immediately before lapse. See section 9-515(d) . The Oklahoma UCC Central Filing Office is obligated to reject a continuation statement that is filed outside the six-month period. See sections 9-520(a) , 9- 516(b)(7) . Subsection (c) provides that if the filing office fails to reject a continuation statement that is not filed in a timely manner, the continuation statement is ineffective nevertheless.
If perfection was accomplished by filing in a formerly correct local office, in order for the secured party to continue its perfection of a pre-July 1, 2001, security interest filed locally, a transitional or "In-lieu" filing must be made with the Oklahoma UCC Central Filing Office using a UCC Form 1 Initial Financing Statement. Many local filings will need to be transitioned to the UCC Central Filing Office after July 1, 2001 regardless of whether a back-up filing was made in Oklahoma County previously. (Although a back-up filing in Oklahoma County may have become effective on July 1, 2001, merely continuing that central filing will not preserve the original effective date of the local filing). See also revised sections 9-705 and 9-706 (transition rules).
Revised sections 9-510 and 9-515(d) do not change the prior rule (at old section 9-403 ) requiring that a continuation statement be filed during the six month period preceding the end of the five year effective life of the prior filing. Also unchanged is the rule that such a continuation is effective for five years after the end of that prior effective period (not necessarily five years from the date the continuation statement is filed). Secured parties must pay careful attention to these time periods, or the appropriate period for filing a continuation may be miscalculated. See, e.g., William E. Carroll and Alvin C. Harrell, UCC Section 9-403 and the Continuing Saga of Continuation Statements, 48 Consumer Fin. L.Q. Rep. 88 (1994); William E. Carroll and Alvin C. Harrell, Casenote: The Care and Feeding of Continuation Statements, 44 Consumer Fin. L.Q. Rep. 144 (1990). If the filing office for perfection has changed under revised Article 9, see also revised section 9-705(d) .