Okla. Stat. tit. 12A § 1-9-309

Current through Laws 2024, c. 378.

Section 1-9-309 - Security interest perfected upon attachment

The following security interests are perfected when they attach:

(1) a purchase-money security interest in consumer goods, except as otherwise provided in subsection (b) of Section 1-9-311 of this title with respect to consumer goods that are subject to a statute or treaty described in subsection (a) of Section 1-9-311 of this title;

(2) an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles;

(3) a sale of a payment intangible;

(4) a sale of a promissory note;

(5) a security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;

(6) a security interest arising under Section 2-401, 2-505, paragraph (3) of Section 2-711, or paragraph (5) of Section 2A-508 of this title, until the debtor obtains possession of the collateral;

(7) a security interest of a collecting bank arising under Section 4-210 of this title;

(8) a security interest of an issuer or nominated person arising under Section 5-118 of this title;

(9) a security interest arising in the delivery of a financial asset under subsection (c) of Section 1-9-206 of this title;

(10) a security interest in investment property created by a broker or securities intermediary;

(11) a security interest in a commodity contract or a commodity account created by a commodity intermediary;

(12) an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder;

(13) a security interest created by an assignment of a beneficial interest in a decedent's estate; and

(14) a sale by an individual of an account that is a right to payment of winnings in a lottery or other game of chance.

Okla. Stat. tit. 12A, § 1-9-309

Added by Laws 2000 , SB 1519, c. 371, § 29, eff. 7/1/2001; Amended by Laws 2004 , SB 1584, c. 153, § 4, eff. 11/1/2004.

Oklahoma Code Comment

Sales of payment intangibles and promissory notes are now covered by article 9, in addition to sales of accounts and chattel paper (which were covered by old article 9 section 9-102 ), under revised section 9-109(a) . Sales of payment intangibles and promissory notes (but not accounts or chattel paper) are automatically perfected under revised section 9-309(3) and (4) . Security interests in payment intangibles, and promissory notes, accounts and chattel paper are subject to Article 9, but are treated differently from sales. See sections 9-109(a) (1) and 9-310 . Thus the distinction between a sale and a security interest is important. "Security interest" is defined at UCC section 1-201(37) but "sale" is not defined in the UCC, except for purposes of a sale of goods at section 2-106(1) (sale consists of passing title for a price). But see revised section 9-202 ("Title to Collateral Immaterial"). See generally Craig H. Ulman, Scope of Revised Article 9: The Effects of Inclusions and Exclusions, 54 Consumer Fin. L.Q. Rep. 156 (2000); Alvin C. Harrell, Drafting Contracts Under Revised Article 9, 53 Consumer Fin. L.Q. Rep. 138 (1999). Clearly sections 9-109 and 9-309(3) and (4) represent an expansion of the scope of Article 9 to cover new ranges of genuine sales transactions, potentially triggering new Octagon-like surprises for parties unaware of this expanded scope. See Harrell, supra, at 167 and 180; Octagon Gas Systems, Inc. v. Rimmer, 995 F.2d 948 (10th Cir. 1993).