Okla. Stat. tit. 12A, § 12A-1-9-611
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-611, 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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Notification before disposition of collateral
Official statutory text
NOTIFICATION BEFORE DISPOSITION OF COLLATERAL
(a) In this section, "notification date" means the earlier of
the date on which:
(1) a secured party sends to the debtor and any secondary
obligor a signed notification of disposition; or
(2) the debtor and any secondary obligor waive the right to
notification.
(b) Except as otherwise provided in subsection (d) of this
section, a secured party that disposes of collateral under Section
1-9-610 of this title shall send to the persons specified in
subsection (c) of this section a reasonable signed notification of
disposition.
(c) To comply with subsection (b) of this section, the secured
party shall send a signed notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has
received, before the notification date, a signed
notification of a claim of an interest in the
collateral;
(B) any other secured party or lienholder that, ten (10)
days before the notification date, held a security
interest in or other lien on the collateral perfected
by the filing of a financing statement that:
(i) identified the collateral;
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 143
(ii) was indexed under the debtor's name as of that
date; and
(iii) was filed in the office in which to file a
financing statement against the debtor covering
the collateral as of that date; and
(C) any other secured party that, ten (10) days before the
notification date, held a security interest in the
collateral perfected by compliance with a statute,
regulation, or treaty described in subsection (a) of
Section 1-9-311 of this title.
(d) Subsection (b) of this section does not apply if the
collateral is perishable or threatens to decline speedily in value
or is of a type customarily sold on a recognized market.
(e) A secured party complies with the requirement for
notification prescribed by subparagraph (B) of paragraph (3) of
subsection (c) of this section if:
(1) not later than twenty (20) days or earlier than thirty (30)
days before the notification date, the secured party requests, in a
commercially reasonable manner, information concerning financing
statements indexed under the debtor's name in the office indicated
in subparagraph (B) of paragraph (3) of subsection (c) of this
section; and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for
information; or
(B) received a response to the request for information and
sent a signed notification of disposition to each
secured party or other lienholder named in that
response whose financing statement covered the
collateral.
(a) In this section, "notification date" means the earlier of
the date on which:
(1) a secured party sends to the debtor and any secondary
obligor a signed notification of disposition; or
(2) the debtor and any secondary obligor waive the right to
notification.
(b) Except as otherwise provided in subsection (d) of this
section, a secured party that disposes of collateral under Section
1-9-610 of this title shall send to the persons specified in
subsection (c) of this section a reasonable signed notification of
disposition.
(c) To comply with subsection (b) of this section, the secured
party shall send a signed notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has
received, before the notification date, a signed
notification of a claim of an interest in the
collateral;
(B) any other secured party or lienholder that, ten (10)
days before the notification date, held a security
interest in or other lien on the collateral perfected
by the filing of a financing statement that:
(i) identified the collateral;
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 143
(ii) was indexed under the debtor's name as of that
date; and
(iii) was filed in the office in which to file a
financing statement against the debtor covering
the collateral as of that date; and
(C) any other secured party that, ten (10) days before the
notification date, held a security interest in the
collateral perfected by compliance with a statute,
regulation, or treaty described in subsection (a) of
Section 1-9-311 of this title.
(d) Subsection (b) of this section does not apply if the
collateral is perishable or threatens to decline speedily in value
or is of a type customarily sold on a recognized market.
(e) A secured party complies with the requirement for
notification prescribed by subparagraph (B) of paragraph (3) of
subsection (c) of this section if:
(1) not later than twenty (20) days or earlier than thirty (30)
days before the notification date, the secured party requests, in a
commercially reasonable manner, information concerning financing
statements indexed under the debtor's name in the office indicated
in subparagraph (B) of paragraph (3) of subsection (c) of this
section; and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for
information; or
(B) received a response to the request for information and
sent a signed notification of disposition to each
secured party or other lienholder named in that
response whose financing statement covered the
collateral.
Status: in_force · Read it on the official government site
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