Okla. Stat. tit. 74, § 74-859.1
This is the official text of Okla. Stat. tit. 74, § 74-859.1, part of Oklahoma’s Stat. tit. 74, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 74,." Browse the sections below, each linked to its official government source.
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Moveable machinery loans - Limitations
Official statutory text
The Oklahoma Industrial Finance Authority may loan money for the
purchase of moveable machinery subject to the following limitations:
1. All procedures required in order for the Authority to loan
money secured by a mortgage on real property shall be followed;
2. The Authority shall require the industrial development
agency to furnish evidence that the Authority shall take a purchase
money security interest;
3. Within twenty-four (24) hours after loaning the money to an
industrial development agency to purchase any moveable machinery,
the Authority shall perfect a security interest in such machinery
pursuant to perfection procedures prescribed by Article 9 of Title
12A of the Oklahoma Statutes;
4. Any industrial development agency which receives money for
the purchase of a moveable machine shall agree to such procedures as
the Authority deems necessary to preserve its interest in such
moveable machinery. These procedures may include notification to
the Authority of the exact location of such moveable machinery and
notification of any changes in location of such moveable machinery;
5. The loan must also be secured by a first or second mortgage
on the real estate of the industrial development project.
purchase of moveable machinery subject to the following limitations:
1. All procedures required in order for the Authority to loan
money secured by a mortgage on real property shall be followed;
2. The Authority shall require the industrial development
agency to furnish evidence that the Authority shall take a purchase
money security interest;
3. Within twenty-four (24) hours after loaning the money to an
industrial development agency to purchase any moveable machinery,
the Authority shall perfect a security interest in such machinery
pursuant to perfection procedures prescribed by Article 9 of Title
12A of the Oklahoma Statutes;
4. Any industrial development agency which receives money for
the purchase of a moveable machine shall agree to such procedures as
the Authority deems necessary to preserve its interest in such
moveable machinery. These procedures may include notification to
the Authority of the exact location of such moveable machinery and
notification of any changes in location of such moveable machinery;
5. The loan must also be secured by a first or second mortgage
on the real estate of the industrial development project.
Status: in_force · Read it on the official government site
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