Okla. Stat. tit. 12A § 1-9-704

Current through Laws 2024, c. 453.

Section 1-9-704 - 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.

Okla. Stat. tit. 12A, § 1-9-704

Added by Laws 2000 , SB 1519, c. 371, § 138, eff. 7/1/2001.

Oklahoma Code Comment

Revised section 9-704 addresses the other side of section 9-703 . If a security interest is enforceable but unperfected under the old law it carries over its enforceable status for a one-year grace period but then ceases to be enforceable unless the requirements of revised Article 9 are met. It also remains unperfected unless revised Article 9 would make it perfected or appropriate steps to perfect under revised Article 9 are taken.

See also Oklahoma Comment to revised section 9-702 .