Okla. Stat. tit. 12A, § 12A-1-9-705

of act.

EFFECTIVENESS OF ACTION TAKEN

BEFORE EFFECTIVE DATE OF ACT

(a) If action, other than the filing of a financing statement,

is taken before this act takes effect and the action would have

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resulted in priority of a security interest over the rights of a

person that becomes a lien creditor had the security interest become

enforceable before this act takes effect, the action is effective to

perfect a security interest that attaches under this act within one

(1) year after this act takes effect. An attached security interest

becomes unperfected one (1) year after this act takes effect unless

the security interest becomes a perfected security interest under

this act before the expiration of that period.

(b) The filing of a financing statement before this act takes

effect is effective to perfect a security interest to the extent the

filing would satisfy the applicable requirements for perfection

under this act.

(c) This act does not render ineffective an effective financing

statement that, before this act takes effect, is filed and satisfies

the applicable requirements for perfection under the law of the

jurisdiction governing perfection as provided in former Section 9-

103.1 of this title. However, except as otherwise provided in

subsections (d) and (e) of this section and Section 1-9-706 of this

title, the financing statement ceases to be effective at the earlier

of:

(1) the time the financing statement would have ceased to be

effective under the law of the jurisdiction in which it is filed; or

(2) June 30, 2006.

(d) The filing of a continuation statement after this act takes

effect does not continue the effectiveness of the financing

statement filed before this act takes effect. However, upon the

timely filing of a continuation statement after this act takes

effect and in accordance with the law of the jurisdiction governing

perfection as provided in Part 3 of this article, the effectiveness

of a financing statement filed in the same office in that

jurisdiction before this act takes effect continues for the period

provided by the law of that jurisdiction.

(e) Paragraph (2) of subsection (c) of this section applies to

a financing statement that, before this act takes effect, is filed

against a transmitting utility and satisfies the applicable

requirements for perfection under the law of the jurisdiction

governing perfection as provided in former Section 9-103.1 only to

the extent that Part 3 of this article provides that the law of a

jurisdiction other than the jurisdiction in which the financing

statement is filed governs perfection of a security interest in

collateral covered by the financing statement.

(f) A financing statement that includes a financing statement

filed before this act takes effect and a continuation statement

filed after this act takes effect is effective only to the extent

that it satisfies the requirements of Part 5 of this article for an

initial financing statement.

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(g) If an effective financing statement was filed before July

1, 2001, and that financing statement would otherwise cease to be

effective on June 30, 2006, by operation of paragraph (2) of

subsection (c) of this section, a continuation statement permitted

to be filed by the second sentence of subsection (d) of this section

may be filed between December 30, 2005, and June 30, 2006,

inclusive, and will be timely, notwithstanding subsection (d) of

Section 1-9-515 of this title. Without limitation, this provision

applies to collateral, however described under former law, that

meets the definition of “as-extracted collateral” in Section 1-9-102

of this title.