Okla. Stat. tit. 12A, § 12A-1-9-604
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-604, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Procedure if security agreement covers real property
Official statutory text
or fixtures.
PROCEDURE IF SECURITY AGREEMENT
COVERS REAL PROPERTY OR FIXTURES
(a) If a security agreement covers both personal and real
property, a secured party may proceed:
(1) under this part as to the personal property without
prejudicing any rights with respect to the real property; or
(2) as to both the personal property and the real property in
accordance with the rights with respect to the real property, in
which case the other provisions of this part do not apply.
(b) Subject to subsection (c) of this section, if a security
agreement covers goods that are or become fixtures, a secured party
may proceed:
(1) under this part; or
(2) in accordance with the rights with respect to real
property, in which case the other provisions of this part do not
apply.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 138
(c) Subject to the other provisions of this part, if a secured
party holding a security interest in fixtures has priority over all
owners and encumbrances of the real property, the secured party,
after default, may remove the collateral from the real property.
(d) A secured party that removes collateral shall promptly
reimburse any encumbrancer or owner of the real property, other than
the debtor, for the cost of repair of any physical injury caused by
the removal. The secured party need not reimburse the encumbrancer
or owner for any diminution in value of the real property caused by
the absence of the goods removed or by any necessity of replacing
them. A person entitled to reimbursement may refuse permission to
remove until the secured party gives adequate assurance for the
performance of the obligation to reimburse.
PROCEDURE IF SECURITY AGREEMENT
COVERS REAL PROPERTY OR FIXTURES
(a) If a security agreement covers both personal and real
property, a secured party may proceed:
(1) under this part as to the personal property without
prejudicing any rights with respect to the real property; or
(2) as to both the personal property and the real property in
accordance with the rights with respect to the real property, in
which case the other provisions of this part do not apply.
(b) Subject to subsection (c) of this section, if a security
agreement covers goods that are or become fixtures, a secured party
may proceed:
(1) under this part; or
(2) in accordance with the rights with respect to real
property, in which case the other provisions of this part do not
apply.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 138
(c) Subject to the other provisions of this part, if a secured
party holding a security interest in fixtures has priority over all
owners and encumbrances of the real property, the secured party,
after default, may remove the collateral from the real property.
(d) A secured party that removes collateral shall promptly
reimburse any encumbrancer or owner of the real property, other than
the debtor, for the cost of repair of any physical injury caused by
the removal. The secured party need not reimburse the encumbrancer
or owner for any diminution in value of the real property caused by
the absence of the goods removed or by any necessity of replacing
them. A person entitled to reimbursement may refuse permission to
remove until the secured party gives adequate assurance for the
performance of the obligation to reimburse.
Status: in_force · Read it on the official government site
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