§12A-1-9-320.2. Definitions; requisites of an effective financing
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statement.
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
Oklahoma County Clerk;
(ii)is signed and filed with the Oklahoma County
Clerk by the secured party;
(iii)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;
(iv)must be amended in writing, within three
months, similarly filed, to reflect material
changes;
(v)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;
(vi)is not removed from the public database but is
not reported as an active file 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;
is accompanied by the requisite filing fee
provided for in Section 111 of Title 28 of the
Oklahoma Statutes;
(viii)substantially complies with the requirements of
this paragraph even though it contains minor
errors that are not seriously misleading; and
(ix)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.
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. Amended by Laws 2025, c. 419, § 1.