Okla. Stat. tit. 4 § 201.2

Current through Laws 2024, c. 453.

Section 201.2 - Definitions

As used in the Livestock Owner's Lien Act of 2011:

1. "Affiliate" means any person who is controlled, directly or indirectly, by a first purchaser, or who controls, directly or indirectly, a first purchaser. "Control" or "controlled by" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership, by contract, or otherwise;

2. "Agreement to sell" means any enforceable agreement, whether oral or written, by which a livestock owner, either directly or through a sales agent, agrees to sell livestock to a first purchaser;

3. "Article 9" means Article 9 of the Oklahoma Uniform Commercial Code in effect as of the relevant date or a comparable article under the uniform commercial code of another state to the extent applicable;

4. "First purchaser" means the first person that purchases livestock, either directly or through a sales agent, under an agreement to sell;

5. "Livestock" means cattle, bison, horses, sheep, goats, asses, mules, swine, domesticated rabbits, chickens, turkeys, or any domesticated animal raised primarily for human food consumption;

6. "Livestock owner" means a person owning an interest in livestock before the acquisition thereof by a first purchaser;

7. "Owner's lender" means a person that has a valid mortgage lien or security interest in a livestock owner's livestock at the time of delivery of such Livestock to the first purchaser;

8. "Owner's lien" means the lien granted by this act;

9. "Permitted lien" means any of the following liens or security interests:

a. a mortgage lien or security interest granted by a first purchaser which secures payment under a written instrument of indebtedness signed by the first purchaser and accepted in writing by the payee thereof prior to the effective date of this act with a principal amount and a fixed maturity stated therein; provided, however, a permitted lien does not include a mortgage lien or security interest which:

(1) secures payment of any indebtedness incurred after the effective date of this act,

(2) secures payment under a written instrument of indebtedness not signed by a first purchaser and accepted in writing by the payee thereof prior to the effective date of this act,

(3) secures payment under a written instrument of indebtedness modified, amended or restated from or after the effective date of this act which modification, amendment or restatement increases the principal amount which was owing at the effective date of this act,

(4) secures payment under a written instrument of indebtedness modified, amended or restated from or after the effective date of this act which modification, amendment or restatement extends the stated maturity thereof which was in effect at the effective date of this act, or

(5) is not validly perfected with a first priority against the claims of all persons under applicable law other than persons holding a statutory or regulatory lien as to which first priority is granted by statute or regulation, or

b. a validly perfected and enforceable lien created by statute in relation to livestock purchased under an agreement to sell which secures payment of any indebtedness incurred by the first purchaser prior to the effective date of this act;

10. "Person" means any individual, executor, administrator, estate, agent, trust, trustee, institution, receiver, business trust, firm, business entity, corporation, partnership, limited liability company, cooperative, joint venture, governmental entity or agency, association or any other group or combination acting as a unit;

11. "Proceeds" means:

a. any right or amount paid or to be paid in consideration of, or as a consequence of, the sale of livestock such as cash proceeds, accounts, chattel paper, instruments, or payment intangibles, or

b. any by-products from the slaughter of livestock, or any right or amount paid or to be paid in consideration of, or as a consequence of, the sale of such by-products;

12. "Purchaser" means a person who is not an affiliate of a first purchaser and who takes, receives or purchases livestock from a first purchaser;

13. "Sales agent" means any person who is authorized, including, without limitation, a livestock auction, auctioneer, commission company, or broker, to sell livestock on behalf of, or for the benefit of, another person; and

14. "Sales price" means the amount a first purchaser agrees to pay a livestock owner or sales agent under an agreement to sell.

Okla. Stat. tit. 4, § 201.2

Added by Laws 2011, SB 530, c. 123, §3, eff. 11/1/2011.