Okla. Stat. tit. 12A, § 12A-1-9-607
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-607, 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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Collection and enforcement by secured party
Official statutory text
COLLECTION AND ENFORCEMENT BY SECURED PARTY
(a) If so agreed, and in any event after default, a secured
party:
(1) may notify an account debtor or other person obligated on
collateral to make payment or otherwise render performance to or for
the benefit of the secured party;
(2) may take any proceeds to which the secured party is
entitled under Section 1-9-315 of this title;
(3) may enforce the obligations of an account debtor or other
person obligated on collateral and exercise the rights of the debtor
with respect to the obligation of the account debtor or other person
obligated on collateral to make payment or otherwise render
performance to the debtor, and with respect to any property that
secures the obligations of the account debtor or other person
obligated on the collateral;
(4) if it holds a security interest in a deposit account
perfected by control under paragraph (1) of subsection (a) of
Section 1-9-104 of this title, may apply the balance of the deposit
account to the obligation secured by the deposit account; and
(5) if it holds a security interest in a deposit account
perfected by control under paragraph (2) or (3) of subsection (a)
Section 1-9-104 of this title, may instruct the bank to pay the
balance of the deposit account to or for the benefit of the secured
party.
(b) If necessary to enable a secured party to exercise under
paragraph (3) of subsection (a) of this section the right of a
debtor to enforce a mortgage nonjudicially, the secured party may
record in the office in which a record of the mortgage is recorded:
(1) a copy of the security agreement that creates or provides
for a security interest in the obligation secured by the mortgage;
and
(2) the secured party's sworn affidavit in recordable form
stating that:
(A) a default has occurred with respect to the obligation
secured by the mortgage; and
(B) the secured party is entitled to enforce the mortgage
nonjudicially.
(c) A secured party shall proceed in a commercially reasonable
manner if the secured party:
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 140
(1) undertakes to collect from or enforce an obligation of an
account debtor or other person obligated on collateral; and
(2) is entitled to charge back uncollected collateral or
otherwise to full or limited recourse against the debtor or a
secondary obligor.
(d) A secured party may deduct from the collections made
pursuant to subsection (c) of this section reasonable expenses of
collection and enforcement, including reasonable attorney fees and
legal expenses incurred by the secured party.
(e) This section does not determine whether an account debtor,
bank, or other person obligated on collateral owes a duty to a
secured party.
(a) If so agreed, and in any event after default, a secured
party:
(1) may notify an account debtor or other person obligated on
collateral to make payment or otherwise render performance to or for
the benefit of the secured party;
(2) may take any proceeds to which the secured party is
entitled under Section 1-9-315 of this title;
(3) may enforce the obligations of an account debtor or other
person obligated on collateral and exercise the rights of the debtor
with respect to the obligation of the account debtor or other person
obligated on collateral to make payment or otherwise render
performance to the debtor, and with respect to any property that
secures the obligations of the account debtor or other person
obligated on the collateral;
(4) if it holds a security interest in a deposit account
perfected by control under paragraph (1) of subsection (a) of
Section 1-9-104 of this title, may apply the balance of the deposit
account to the obligation secured by the deposit account; and
(5) if it holds a security interest in a deposit account
perfected by control under paragraph (2) or (3) of subsection (a)
Section 1-9-104 of this title, may instruct the bank to pay the
balance of the deposit account to or for the benefit of the secured
party.
(b) If necessary to enable a secured party to exercise under
paragraph (3) of subsection (a) of this section the right of a
debtor to enforce a mortgage nonjudicially, the secured party may
record in the office in which a record of the mortgage is recorded:
(1) a copy of the security agreement that creates or provides
for a security interest in the obligation secured by the mortgage;
and
(2) the secured party's sworn affidavit in recordable form
stating that:
(A) a default has occurred with respect to the obligation
secured by the mortgage; and
(B) the secured party is entitled to enforce the mortgage
nonjudicially.
(c) A secured party shall proceed in a commercially reasonable
manner if the secured party:
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 140
(1) undertakes to collect from or enforce an obligation of an
account debtor or other person obligated on collateral; and
(2) is entitled to charge back uncollected collateral or
otherwise to full or limited recourse against the debtor or a
secondary obligor.
(d) A secured party may deduct from the collections made
pursuant to subsection (c) of this section reasonable expenses of
collection and enforcement, including reasonable attorney fees and
legal expenses incurred by the secured party.
(e) This section does not determine whether an account debtor,
bank, or other person obligated on collateral owes a duty to a
secured party.
Status: in_force · Read it on the official government site
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