Okla. Stat. tit. 12A § 1-9-511

Current through Laws 2024, c. 453.

Section 1-9-511 - Secured party of record

(a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under subsection (a) of Section 1-9-514 of this title, the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.

(b) If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under subsection (b) of Section 1-9-514 of this title, the assignee named in the amendment is a secured party of record.

(c) A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.

Okla. Stat. tit. 12A, § 1-9-511

Added by Laws 2000 , SB 1519, c. 371, § 89, eff. 7/1/2001.

Oklahoma Code Comment

This section is new and addresses how the secured party of record is to be determined through the filing of an Initial Financing Statement; the assignment of rights to another secured party at the time of filing an Initial Financing Statement; or the addition or deletion of secured parties of record through the filing of an amendment to the initial filing.

Section 9-511(a) clearly states that the secured party or parties named in the Initial Financing Statement become the secured party or parties of record. The ability of a secured party initiating the filing of an Initial Financing Statement to assign its rights to another secured party at the time of the initial filing, as permitted under former section 9-405(1) , is addressed at section 9-511(a) . Section 9-511(b) states that the secured party of record may add, remove, or assign a new secured party by filing a properly prepared Statement of Amendment. Section 9-511(c) confirms that a secured party of record remains such until deleted by the filing of an amendment to the financing statement which deletes the person.

An agent, under principles of agency, and successors, in the event of corporate mergers, may act on behalf of the secured party of record per this Section. The secured party of record, however, remains unchanged until the filing of an amendment deleting the secured party's name. Thus, it is desirable for any secured party to become the secured party of record.

Generally, under revised section 9-506 an error in the name of the secured party of record will not be deemed seriously misleading or impair perfection, and will not cause loss of priority under section 9-338 . However, such an error may result in the wrong party receiving important notices relating to the collateral, e.g., under revised section 9-611 . That risk is on the secured party.