Okla. Stat. tit. 12A § 1-9-402
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
Okla. Stat. tit. 12A, § 1-9-402
Oklahoma Code Comment
Section 9-403(b) provides that the ability to obtain an effective waiver of defenses applies to all account debtors. Some decisions under former Article 9 applied this rule only to buyers and lessees of goods. With the expansion of the definition of "account," this section will have considerably wider application. These rules may be subject to different rules in consumer transactions, such as the Federal Trade Commission "holder" rule, 16 CFR pt. 433 ..
Section 9-403 does not state the exclusive means of creating a waiver by an account debtor. Article 9 also recognizes waivers to the extent permitted by "other law." This rejects the results of some decisions under former law. Different rules will apply in some consumer transactions.
Under section 9-403(d) , Article 9 applies the effect of the Federal Trade Commission rule, denying holder in due course treatment, in certain circumstances where it should apply even though the obligation does not contain the required legend. However, note that this applies only to "account debtors." By the definition of that term at section 9-102(a)(3) , this rule does not apply to negotiable instruments. There are additional restrictions in sections 9-403 and 9-404 that protect individuals in certain consumer transactions; but again, to the extent these rules apply to "account debtors" they are not applicable to negotiable instruments.
Notwithstanding the Federal Trade Commission rule, an assignee is liable only for Truth in Lending disclosure violations that are apparent on the face of the loan documents. See 15 U.S.C. section 1641 ; Mark E. Dapier, Eugene J. Kelley, Jr., John L. Ropiequet and Christopher S. Naveja, Assignee Liability Under the TILA: Is the conduit theory really dead?, 54 consumer fin. L. Q. Rep. 242 (2000).