Okla. Stat. tit. 12A, § 12A-1-9-320.7

disclosure requirements; penalty.

WRITTEN NOTIFICATION AFFECTING FARM PRODUCTS;

DISCLOSURE REQUIREMENTS; PENALTY

(1) A secured party or a seller of farm products may furnish to

the buyer of such farm products, commission merchant, or selling

agent, within one (1) year before the sale of the farm products, a

written notice of a security interest, organized according to farm

products, that:

(a) is an original or reproduced copy thereof;

(b) contains:

(i) the name and address of the secured party;

(ii) the name and address of the person indebted to

the secured party;

(iii) 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 the debtor; and

Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 79

(iv) a description of the farm products subject to the

security interest created by the debtor,

including the amount of the products where

applicable, crop year, county, and a reasonable

description of the property;

(c) must be amended in writing, within ten (10) days,

similarly signed and transmitted, to reflect material

changes;

(d) will lapse on the expiration period of the statement,

or the transmission of a notice signed by the secured

party that the statement has lapsed, whichever occurs

first; and

(e) states any payment obligations imposed on the buyer of

farm products, commission merchant, or selling agent

by the secured party as conditions for waiver or

release of the security interest.

(2) For purposes of this section, receipt of notice shall be

presumed if notice is sent by certified mail.

(3) (a) A secured party who intends to furnish written

notification of the existence of a security interest

in farm products as provided in this section, shall

require the person engaged in farming operations to

execute a security agreement containing a provision

requiring the person to furnish to the secured party a

list of the buyers, commission merchants, and selling

agents to or through whom the person may sell the farm

products. If the person engaged in farming operations

sells the farm product collateral to a buyer or

through a commission merchant or selling agent not

included on the list, the person engaged in farming

operations shall be subject to the penalty provisions

of paragraph (b) of this subsection, unless the

person:

(i) has notified the secured party in writing of the

identity of the buyer, commission merchant, or

selling agent at least seven (7) days prior to

the sale; or

(ii) has accounted to the secured party for the

proceeds of the sale not later than twenty (20)

days after the sale.

(b) A person violating the provisions of paragraph (a) of

this subsection shall be fined Five Thousand Dollars

($5,000.00) or fifteen percent (15%) of the value or

benefit received for the farm product described in the

security agreement, whichever is greater.