Okla. Stat. tit. 12A, § 12A-1-9-203

Proceeds - Supporting obligations - Formal requisites.

ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST;

PROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES

(a) A security interest attaches to collateral when it becomes

enforceable against the debtor with respect to the collateral,

unless an agreement expressly postpones the time of attachment.

(b) Except as otherwise provided in subsections (c) through (i)

of this section, a security interest is enforceable against the

debtor and third parties with respect to the collateral only if:

(1) value has been given;

(2) the debtor has rights in the collateral or the power to

transfer rights in the collateral to a secured party; and

(3) one of the following conditions is met:

(A) the debtor has signed a security agreement that

provides a description of the collateral and, if the

security interest covers timber to be cut, a

description of the land concerned;

(B) the collateral is not a certificated security and is

in the possession of the secured party under Section

1-9-313 of this title pursuant to the debtor's

security agreement;

(C) the collateral is a certificated security in

registered form and the security certificate has been

delivered to the secured party under Section 8-301 of

this title pursuant to the debtor's security

agreement;

(D) the collateral is controllable accounts, controllable

electronic records, controllable payment intangibles,

deposit accounts, electronic documents, investment

property, or letter-of-credit rights, and the secured

party has control under Section 7-106, 1-9-104, 1-9-

106, 1-9-107, or 1-9-107A of this title pursuant to

the debtor's security agreement; or

(E) the collateral is chattel paper and the secured party

has possession and control under Section 1-9-314A of

this title pursuant to the debtor's security

agreement.

(c) Subsection (b) of this section is subject to Section 4-210

of this title on the security interest of a collecting bank, Section

Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 44

5-118 of this title on the security interest of a letter-of-credit

issuer or nominated person, Section 1-9-110 of this title on a

security interest arising under Article 2 or 2A of this title, and

Section 1-9-206 of this title on security interests in investment

property.

(d) A person becomes bound as debtor by a security agreement

entered into by another person if, by operation of law other than

this article or by contract:

(1) the security agreement becomes effective to create a

security interest in the person's property; or

(2) the person becomes generally obligated for the obligations

of the other person, including the obligation secured under the

security agreement, and acquires or succeeds to all or substantially

all of the assets of the other person.

(e) If a new debtor becomes bound as debtor by a security

agreement entered into by another person:

(1) the agreement satisfies paragraph (3) of subsection (b) of

this section with respect to existing or after-acquired property of

the new debtor to the extent the property is described in the

agreement; and

(2) another agreement is not necessary to make a security

interest in the property enforceable.

(f) The attachment of a security interest in collateral gives

the secured party the rights to proceeds provided by Section 1-9-315

of this title and is also attachment of a security interest in a

supporting obligation for the collateral.

(g) The attachment of a security interest in a right to payment

or performance secured by a security interest or other lien on

personal or real property is also attachment of a security interest

in the security interest, mortgage, or other lien.

(h) The attachment of a security interest in a securities

account is also attachment of a security interest in the security

entitlements carried in the securities account.
security interest in a right to payment

or performance secured by a security interest or other lien on

personal or real property is also attachment of a security interest

in the security interest, mortgage, or other lien.

(h) The attachment of a security interest in a securities

account is also attachment of a security interest in the security

entitlements carried in the securities account.

(i) The attachment of a security interest in a commodity

account is also attachment of a security interest in the commodity

contracts carried in the commodity account.