Okla. Stat. tit. 12A, § 12A-8-511
This is the official text of Okla. Stat. tit. 12A, § 12A-8-511, 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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Priority Among Security Interests and Entitlement
Official statutory text
Holders.
Priority Among Security Interests and Entitlement Holders.
(a) Except as otherwise provided in subsections (b) and (c) of
this section, if a securities intermediary does not have sufficient
interests in a particular financial asset to satisfy both its
obligations to entitlement holders who have security entitlements to
that financial asset and its obligation to a creditor of the
securities intermediary who has a security interest in that
financial asset, the claims of entitlement holders, other than the
creditor, have priority over the claim of the creditor.
(b) A claim of a creditor of a securities intermediary who has
a security interest in a financial asset held by a securities
intermediary has priority over claims of the securities
intermediary's entitlement holders who have security entitlements
with respect to that financial asset if the creditor has control
over the financial asset.
(c) If a clearing corporation does not have sufficient
financial assets to satisfy both its obligations to entitlement
holders who have security entitlements with respect to a financial
asset and its obligation to a creditor of the clearing corporation
who has a security interest in that financial asset, the claim of
the creditor has priority over the claims of entitlement holders.
Priority Among Security Interests and Entitlement Holders.
(a) Except as otherwise provided in subsections (b) and (c) of
this section, if a securities intermediary does not have sufficient
interests in a particular financial asset to satisfy both its
obligations to entitlement holders who have security entitlements to
that financial asset and its obligation to a creditor of the
securities intermediary who has a security interest in that
financial asset, the claims of entitlement holders, other than the
creditor, have priority over the claim of the creditor.
(b) A claim of a creditor of a securities intermediary who has
a security interest in a financial asset held by a securities
intermediary has priority over claims of the securities
intermediary's entitlement holders who have security entitlements
with respect to that financial asset if the creditor has control
over the financial asset.
(c) If a clearing corporation does not have sufficient
financial assets to satisfy both its obligations to entitlement
holders who have security entitlements with respect to a financial
asset and its obligation to a creditor of the clearing corporation
who has a security interest in that financial asset, the claim of
the creditor has priority over the claims of entitlement holders.
Status: in_force · Read it on the official government site
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