Section 1-9-707 - Persons entitled to file initial financing statement(a) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect.(b) After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 of this article of this title. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.(c) Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this act takes effect only if: (1) the pre-effective-date financing statement and an amendment are filed in the office specified in Section 1-9-501 of this title;(2) an amendment is filed in the office specified in Section 1-9-501 of this title concurrently with, or after the filing in that office of, an initial financing statement that satisfies subsection (c) of Section 1-9-706 of this title; or(3) an initial financing statement that provides the information as amended and satisfies subsection (c) of Section 1-9-706 of this title is filed in the office specified in Section 1-9-501 of this title.(d) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under subsections (d) and (f) of Section 1-9-705 or Section 1-9-706 of this title.(e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies subsection (c) of Section 1-9-706 of this title has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this article of this title as the office in which to file a financing statement.Okla. Stat. tit. 12A, § 1-9-707
Added by Laws 2000 , SB 1519, c. 371, § 140, eff. 7/1/2001; Amended by Laws 2001 , SB 692, c. 354, § 4, emerg. eff. 7/1/2001.Oklahoma Code Comment
Revised section 9-707 addresses post-effective-date amendments to pre-effective-date financing statements. Suppose the debtor is incorporated in Oklahoma but owns equipment in Kansas, both states have enacted revised Article 9. Under former law, the secured party (SP) perfected a security interest in the equipment by filing in Kansas but under revised Article 9 Oklahoma law governs perfection. If after July 1, 2001, SP wishes to amend the financing statement, say to add collateral, it may be amended under the general rule in section 9-707(b) in accordance with section 9-707(c) as enacted in Oklahoma. There is a qualification for termination, however.
See also Oklahoma Comment to revised section 9-702 .