Section 1-9-208 - [Effective 11/1/2024] Additional duties of secured party having control of collateral(a) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value.(b) Within ten (10) days after receiving a signed demand by the debtor:(1) a secured party having control of a deposit account under paragraph (2) of subsection (a) of Section 1-9-104 of this title shall send to the bank with which the deposit account is maintained a signed record that releases the bank from any further obligation to comply with instructions originated by the secured party;(2) a secured party having control of a deposit account under paragraph (3) of subsection (a) of Section 1-9-104 of this title shall: (A) pay the debtor the balance on deposit in the deposit account; or(B) transfer the balance on deposit into a deposit account in the debtor's name;(3) a secured party, other than a buyer, having control under Section 1-9-105 of this title of an authoritative electronic copy of a record evidencing chattel paper
shall transfer control of the electronic copy to the debtor or a person designated by the debtor;
(4) a secured party having control of investment property under paragraph (2) of subsection (d) of Section 8-106 of this title or subsection (b) of Section 1-9-106 of this title shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained a signed record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party;(5) a secured party having control of a letter-of-credit right under Section 1-9-107 of this title shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party a signed release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; (6) a secured party having control under Section 7-106 of this title of an authoritative electronic copy of an electronic document shall transfer control of the electronic copy to the debtor or a person designated by the debtor; and
(7) a secured party having control under Section 12-105 of this title of a controllable electronic record, other than a buyer of a controllable account or controllable payment intangible evidenced by the controllable electronic record, shall transfer control of the controllable electronic record to the debtor or a person designated by the debtor.Okla. Stat. tit. 12A, § 1-9-208
Amended by Laws 2024 , c. 13, s. 50, eff. 11/1/2024.Added by Laws 2000 , SB 1519, c. 371, § 18, eff. 7/1/2001; Amended by Laws 2005 , HB 2035, c. 140, § 62, eff. 1/1/2006.Oklahoma Code Comment
This section is entirely new but is in essence the counterpart of revised section 9-513, dealing with termination statements, for other methods of perfection under revised Article 9, in particular control in the cases of deposit accounts, electronic chattel paper, investment property, and letter of credit rights.
Remedies for violation are both actual and statutory damages. See section 9- 625(b) and (e) .
The remedy for a failure to relinquish possession when that is the means of perfection is left to other law, that is , conversion. Official Comment 4 to section 9-208 and compare Security State Bank of Wewoka v. Dooley, 604 P.2d 153 (Okla. App. 1979) with Pittman v. American Exchange Bank, 440 P.2d 730 (Okla. 1968).
This section and revised section 9-209 apply when there no longer is any outstanding secured obligation or any commitment to give value in the future. Both are triggered by an authenticated demand, which can be a signed writing or an electronic communication.
This section is set out more than once due to postponed, multiple, or conflicting amendments.