Section 1-9-621 - [Effective 11/1/2024] Notification of proposal to accept collateral(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) any person from which the secured party has received, before the debtor consented to the acceptance, a signed notification of a claim of an interest in the collateral;(2) any other secured party or lienholder that, ten (10) days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that: (A) identified the collateral;(B) was indexed under the debtor's name as of that date; and(C) was filed in the office or offices in which a financing statement against the debtor covering the collateral as of that date would have been filed; and(3) any other secured party that, ten (10) days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in subsection (a) of Section 1-9-311 of this title.(b) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a) of this section.Okla. Stat. tit. 12A, § 1-9-621
Amended by Laws 2024, c. 13,s. 88, eff. 11/1/2024.Added by Laws 2000 , SB 1519, c. 371, § 128, eff. 7/1/2001.Oklahoma Code Comment
Section 9-621 specifies the persons, other than the debtor, to whom a secured party shall send its proposal to accept collateral in full or partial satisfaction of the obligation it secures. This section expands the categories of persons entitled to notification to include other secured parties with security interests in the same collateral perfected by filing a financing statement or perfected by compliance with certain statutes and treaties specified in section 9-311(a) .
This section is set out more than once due to postponed, multiple, or conflicting amendments.