Definitions; requisites of an effective financing statement.

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  2. Oklahoma Statutes
  3. Commercial Code
  4. Definitions; requisites of an effective financing statement.

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DEFINITIONS; REQUISITES OF AN

EFFECTIVE FINANCING STATEMENT

As used in this section and Sections 1-9-320.1 through 1-9-320.7 of this title:

  • (a)"Buyer in the ordinary course of business" means a person who, in the ordinary course of business, buys farm products from a person engaged in farming operations who is in the business of selling farm products.
  • (b)"Central filing system" means a system for filing effective financing statements on a statewide basis and which has been certified by the Secretary of the United States Department of Agriculture.
  • (c)"Commission merchant" means any person engaged in the business of receiving any farm product for sale, on commission, or for or on behalf of another person.
  • (d)"Effective financing statement" means a statement that:
    • (i)is an original or reproduced form consistent with the provisions of this act and approved by the Secretary of State;
    • (ii)is signed and filed with the Secretary of State by the secured party;
    • (iii)is signed by the debtor;
    • (iv)contains:
      • (A)the name and address of the secured party,
      • (B)the name and address of the person indebted to the secured party,
      • (C)the social security number of the debtor or, in the case of a debtor doing business other than as an individual, the Internal Revenue Service taxpayer identification number of such debtor,
      • (D)the farm product name,
      • (E)each county in this state where the farm product is produced or to be produced or a blanket code covering all 77 Oklahoma counties,
      • (F)a description of the farm products subject to the security interest only if needed to distinguish it from other such farm products owned by the same person or persons but not subject to the particular interest; and
      • (G)the crop year, unless every crop of the farm product in question, for the duration of the effective financing statement, is to be subject to the particular security interest.
    • (v)must be amended in writing, within three (3) months, similarly signed and filed, to reflect material changes;
    • (vi)remains effective for a period of five (5) years from the date of filing, subject to extensions for additional periods of five (5) years each by refiling or filing a continuation statement within six (6) months before the expiration of the initial five-year period;
    • (vii)is removed from the active files when the statement lapses on the expiration of the effective period of the statement or when a termination statement from the secured party is accepted, whichever occurs first;
    • (viii)is accompanied by the requisite filing fee provided for in Section 111 of Title 28 of the Oklahoma Statutes; and
    • (ix)substantially complies with the requirements of this paragraph even though it contains minor errors that are not seriously misleading.
    • (x)may reflect multiple products or products in multiple counties.
  • (e)"Farm product" means an agricultural commodity such as wheat, corn, soybeans, or a species of livestock such as cattle, hogs, sheep, horses, or poultry used or produced in farming operations, or a product of such crop or livestock in its unmanufactured state (such as ginned cotton, wool-clip, maple syrup, milk, and eggs), that is in the possession of a person engaged in farming operations.
  • (f)"Knows" or "knowledge" means actual knowledge.
  • (g)"Person" means any individual, partnership, corporation, limited liability company, trust, or any other business entity.
  • (h)"Security interest" means an interest in farm products that secures payment or performance of an obligation.
  • (i)"Selling agent" means any person, other than a commission merchant, who is engaged in the business of negotiating the sale and purchase of any farm product on behalf of a person engaged in farming operations.

(2) Unless otherwise provided for in this act, for purposes of this section and Sections 4 and 6 of this act, receipt of notice shall be presumed if notice is sent by first-class mail, postage prepaid.

Added by Laws 1987, c. 69, § 2. Amended by Laws 2000, c. 371, § 42, eff. July 1, 2001. Renumbered from Title 12A, § 9-307.2 by Laws 2000, c. 371, § 183, eff. July 1, 2001.


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