Dеfendant Western National Bank appeals from the trial court’s order which determined lien priority in an aircraft. The trial court found that Plaintiff, Bank of Oklahoma, had a first and prior lien against the proceeds of the sale of the aircraft. Having reviewed the record and applicable law, we affirm.
These proceedings arosе from the bankruptcy of Mid-Region Petroleum, Inc. Both Bank of Oklahoma [BOK] and Western National Bank were creditors of Mid-Region. In 1980 and 1981, Western obtained security agreements and filеd UCC-1 financing statements to secure several loan transactions which it had entered with Mid-Region. These agreements covered virtually all of Mid-Region’s assets and typically listеd extensive collateral, such as the inventory, equipment, and accounts receivable.
In November 1981, Western filed a UCC-1 financing statement in Oklahoma City which listed the following types or items of property:
ALL EQUIPMENT AND IMPROVEMENTS Now Owned or Hereafter Acquired and the proceeds therefrom whether or not specifically described located at Mid-Region Terminal, ... ie., buildings, tank foundations, tanks, loading racks, pumps, piping, valves and fittings.
During this same time period, Mid-Region was also involved in loan transactions with BOK. As collateral for Mid-Region’s debt, BOK wаs granted a security interest in a Falcon airplane purchased by Mid-Region in July 1981. BOK checked the Feder *220 al Aviation Administration records in order to determine whether the airplane was free from other liens. Although BOK discovered a number of security interests and financing statements concerning Mid-Region and its property which were filed in Oklahoma, Rogers, and Tulsa Counties, there were no recorded filings with the FAA.
Subsequently, BOK took the Falcon airplane as collateral on March 16, 1982, and perfected its interest by filing with the FAA on June 4, 1982. On November 22, 1983, Western filed a security agreement with the FAA concerning the same airplane.
It is undisputed that both BOK and Western held a perfected security interest in the Falcon aircraft when Mid-Region declared bankruptcy on December 22,1983. The plane was sold and the trustee in bankruptcy, Scott Martin, tendered more than $374,000, as the proceeds оf the sale, to the district court for a determination of the priority of liens. Essentially, each bank argued that its security interest should have priority.
BOK argued that its interest had priority by virtuе of 49 U.S.C. § 1403 (1982), because it was the first to file its security interest with the FAA. Western asserted that its security interest had priority by virtue of the fact that it had taken and perfected a UCC-1 in Mid-Region’s currеnt and after-acquired inventory, equipment, proceeds, accounts receivable, and contract rights prior to BOK’s filing. Western alleged that BOK knew of its prior UCC-1 filing when BOK took thе security interest in the aircraft. Although Western’s interest in the specific aircraft was eventually perfected by filing with the FAA, this filing occurred after BOK’s interest was perfected.
BOK moved for summary judgment, asserting that there were no controverted facts and that it was entitled to judgment as a matter of law. BOK argued that its filing with the FAA, pursuant to 49 U.S.C. § 1403(c) (1982), gave its lien superiority ovеr any other perfected interest. Western argued that, regardless of its failure to first record with the FAA, it acquired certain interests in the airplane under Oklahoma law which were superior to those of BOK. Both parties presented extensive authority in support of and in opposition to, the summary judgment motion.
After hearing argument and reviewing the authоrities submitted, the court specifically found that there were no material facts in issue. The court granted judgment for BOK, finding that it “has a valid security interest in the sales proceeds of [the aircraft], which security interest is a first and prior lien against said sales proceeds.” Western has appealed.
Resolution of this appeal is determined by the applicability of the Federal Aviation Act,
Philko Aviation, Inc. v. Shacket,
With the passage оf the Federal Aviation Act in 1958, Congress directed the Secretary of Transportation to establish and maintain a system for recording “[a]ny conveyance which affects the title to, or any interest in, any civil aircraft of the United States.” 49 U.S.C. § 1403(a)(1) (1982). In order to establish the importance of this filing system, subsection 1403(c), provides:
No conveyance or instrument thе recording of which is provided for by subsection [1403(a) ] shall be valid in respect of such aircraft ... against any person other than the person by whom the conveyance оr other instrument is made or given, his heir or devisee, or any person having actual notice thereof, until such conveyance or other instrument is filed for recordation in the office of the Secretary of Transportation.
Section 1403 requires recording with the FAA of
every
transfer of
any
interest in a civil aircraft in this country.
Philko Aviation,
*221 According to the Supreme Court:
[T]he primary congressional purpose for the enactment of § [1403(c) ] ... was to create “a central clearing house for rec-ordation оf titles so that a person, wherever he may be, will know where he can find ready access to the claims against, or liens, or other legal interests in an aircraft.”
Id.
at 411,
Western аrgues that although the federal statutes require recording with the FAA, this recordation does not assure priority. Indeed, the
Philko Aviation
Court agreed with this reasoning; however, the Court stated: “Although state law determines priorities, all interests must be federally recorded before they can obtain whatever priority to which they are entitled under state law.”
Id.
at 413,
Western argues that its interest may receive priority through the saving provision of 12A O.S.1981 § 9-401(2), which provides:
A filing which is made in good faith in an improper place or not in all of the places required by this section is nevertheless еffective with regard to any collateral as to which the filing complied with the requirements of this article and is also effective with regard to collateral covered by the financing statement against any person who has knowledge of the contents of such financing statement.
While it is true that BOK had knowledge of Western’s financing statements and security interests, nothing in any of these documents indicates an interest in the Falcon aircraft. Western relies on
Security National Bank and Trust Co. v. Dentsply Professional Plan,
Furthermore, in citing the saving provision of article nine, Western overlooks the specific languagе of 12A O.S.1981 § 9-302(3)(a) (emphasis added), which states:
The filing of a financing statement otherwise required by this article is not necessary or effective to perfect a security interest in property subject to:
(a) a statute or treaty of the United States which provides for a nationаl or international registration or a national or international certificate of title or which specifies a place of filing different from that specified in this artiсle for filing of the security interest....
Subsection 9-302(4), states that “a security interest in property subject to the statute or treaty can be perfected
only by compliance therewith.”
Oklahoma’s commerсial code clearly states that an interest in property governed by a federal statute creating a national, federal recording system is perfected only by thе federal filing and not by the state UCC filing.
See also South Shore Bank v. Tony Mat, Inc.,
The language of the federal and Oklahoma statutes, as well as language from the Supreme Court, clearly states that a security interest in an aircraft is not perfected until filed with the FAA. In the instant case, Western’s interest was not perfected until it filed with the FAA. In cases not governed by other rules, 12A O.S.1981 § 9-312(5)(a) provides that confliсting security interests in the same collateral shall be determined according to priority in time of perfection. Under this subsection, BOK’s interest is undoubtedly superior.
*222 The trial court’s decision which granted summary judgment for BOK is supported by the law of this state, as well as the federal statutes. The decision is affirmed.