Okla. Stat. tit. 63, § 63-4013

12A - Surrender of certificate or application to secured party -

Delivery to Commission - Satisfaction and release - Penalty - New

certificate - Security interests perfected prior to effective date

of act.

A. 1. Except for a security interest in vessels or motors held

by a dealer for sale or lease, a security interest, as defined in

paragraph (35) of Section 1-201 of Title 12A of the Oklahoma

Statutes, in a vessel or motor as to which a certificate of title

may be properly issued by Service Oklahoma shall be perfected only

when a lien entry form prescribed by Service Oklahoma, and the

existing certificate of title, if any, or application for a

certificate of title and manufacturer's certificate of origin or

other identification number containing the name and address of the

secured party and the date of the security agreement and the

required fee are delivered to Service Oklahoma or to a licensed

operator. The filing and duration of perfection of a security

interest, pursuant to the provisions of Title 12A of the Oklahoma

Statutes, including, but not limited to, Section 1-9-311 of Title

12A of the Oklahoma Statutes, shall not be applicable to perfection

of security interests in vessels or motors as to which a certificate

of title may be properly issued by Service Oklahoma, except as to

vessels or motors held by a dealer for sale or lease and except as

provided in subsection D of this section. In all other respects

Title 12A of the Oklahoma Statutes shall be applicable to such

security interests in vessels or motors as to which a certificate of

title may be properly issued by Service Oklahoma.

2. Whenever a person creates a security interest in a vessel or

motor, such person shall surrender to the secured party the

certificate of title or the signed application for a new certificate

of title, on the form prescribed by Service Oklahoma, and the

manufacturer's certificate of origin or other identification number.

The secured party shall deliver the lien entry form and the required

lien filing fee within twenty-five (25) calendar days as provided

hereafter with certificate of title or the application for

certificate of title, and the manufacturer's certificate of origin

or other identification number to Service Oklahoma or to a licensed

operator. Perfection of the security interest shall begin from the

date of the delivery to Service Oklahoma or to a licensed operator

of (i) the lien entry form, (ii) the lien filing fee, and (iii) the

certificate of title or application for certificate of title and the

manufacturer's certificate of origin or other identification number.

Oklahoma Statutes - Title 63. Public Health and Safety Page 1619

When a vessel or motor title is presented to a licensed operator for

transfer or registration and the documents reflect a lienholder, the

licensed operator shall perfect the lien as provided for in

subsection G of Section 1105 of Title 47 of the Oklahoma Statutes.

3. Upon the receipt of the lien entry form and the required

fees with either the certificate of title or an application for

certificate of title and manufacturer's certificate of origin or

other identification number, a licensed operator shall, by placement

of a clearly distinguishing mark, record the date and number shown

in a conspicuous place, on each of these instruments.

4. The certificate of title or the application for certificate

of title and manufacturer's certificate of origin or other

identification number with the record of the date of receipt clearly

marked thereon shall be returned to the debtor together with a

notice that the debtor is required to register and pay all

additional fees and taxes due within thirty (30) calendar days from

the date of purchase of said vessel or motor.

5. Any person creating a security interest in a vessel or motor

that has been previously registered in the debtor's name and on
of the date of receipt clearly

marked thereon shall be returned to the debtor together with a

notice that the debtor is required to register and pay all

additional fees and taxes due within thirty (30) calendar days from

the date of purchase of said vessel or motor.

5. Any person creating a security interest in a vessel or motor

that has been previously registered in the debtor's name and on

which all taxes due the state have been paid shall surrender the

certificate of ownership to the secured party. The secured party

shall have the duty to record the security interest as provided in

this section and shall, at the same time, obtain a new certificate

of title which shall show the secured interest on the face of such

certificate of title.

6. The lien entry form with the date and assigned number

thereof clearly marked thereon shall be returned to the secured

party. If the lien entry form is received and authenticated, as

herein provided, by a licensed operator, such licensed operator

shall make a report thereof to Service Oklahoma upon the forms and

in the manner as may be prescribed by Service Oklahoma.

7. Service Oklahoma shall have the duty to record the lien upon

the face of the certificate of title issued at the time of

registering and paying all fees and taxes due on such vessel or

motor.

B. 1. A secured party shall, within seven (7) business days

after the satisfaction of such security interest, furnish directly

or by mail a release of a security interest to Service Oklahoma and

mail a copy thereof to the last-known address of the debtor. If the

security interest has been satisfied by payment from a licensed used

boat dealer to whom the used vessel or motor has been transferred,

the secured party shall also, within seven (7) business days after

such satisfaction, mail a certified copy of copy number one of the

release of security interest to such dealer. If the secured party

fails to furnish such release as herein required, the secured party

shall be liable to the debtor for a penalty of One Hundred Dollars

Oklahoma Statutes - Title 63. Public Health and Safety Page 1620

($100.00) and, in addition, any loss caused to the debtor by such

failure.

2. Upon release of a security interest the owner may obtain a

new certificate of title omitting reference to the security

interest, by submitting to Service Oklahoma or to a licensed

operator:

a. a release signed by the secured party, an application

for new certificate of title and the proper fees, or

b. by submitting to Service Oklahoma or the licensed

operator an affidavit, supported by such documentation

as Service Oklahoma may require, by the owner on a

form prescribed by Service Oklahoma stating that the

security interest has been satisfied and stating the

reasons why a release cannot be obtained, an

application for a new certificate of title and the

proper fees.

Upon receiving such affidavit that the security interest has been

satisfied, Service Oklahoma shall issue a new certificate of title

eliminating the satisfied security interest and the name and address

of the secured parties who have been paid and satisfied. Service

Oklahoma shall accept a release of a security interest in any form

that identifies the debtor, the secured party, and the vessel or

motor and contains the signature of the secured party. Service

Oklahoma shall not require any particular form for the release of a

security interest.

The words "security interest" when used in the Oklahoma Vessel

and Motor Registration Act do not include liens dependent upon

possession.

C. Service Oklahoma shall file and index certificates of title

so that at all times it will be possible to trace a certificate of

title to the vessel or motor designated therein, identify the lien

entry form, and the names and addresses of secured parties, or their

assignees, so that all or any part of such information may be made
istration Act do not include liens dependent upon

possession.

C. Service Oklahoma shall file and index certificates of title

so that at all times it will be possible to trace a certificate of

title to the vessel or motor designated therein, identify the lien

entry form, and the names and addresses of secured parties, or their

assignees, so that all or any part of such information may be made

readily available to those who make legitimate inquiry of Service

Oklahoma as to the existence or nonexistence of security interest in

the vessel or motor.

D. 1. Any security interest in a vessel or motor properly

perfected prior to January 1, 1990, may be continued as to its

effectiveness or duration as provided by Section 1-9-515 of Title

12A of the Oklahoma Statutes, or may be terminated, assigned or

released as provided by Sections 1-9-513 and 1-9-514 of Title 12A of

the Oklahoma Statutes, as fully as if this section had not been

enacted, or, at the option of the secured party, may also be

perfected under this section, and, if so perfected, the time of

perfection under this section shall be the date said security

interest was originally perfected under the prior law.

Oklahoma Statutes - Title 63. Public Health and Safety Page 1621

2. Upon request of the secured party, the debtor or any other

holder of the certificate of title shall surrender said certificate

of title to the secured party and shall do such other acts as may be

required to perfect said security interest under this section.