Okla. Stat. tit. 12A, § 1-9-317
Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien
Effective Jul 1, 2001Laws 2000, SB 1519, c. 371, § 37, eff. July 1, 2001; Amended by Laws 2001, SB 692, c. 354, § 2, emerg. eff. July 1, 2001 (superseded document available). Oklahoma Code Comment None.
- (a) A security interest or agricultural lien is subordinate to the rights of:
- (1) a person entitled to priority under Section 1-9-322 of this title; and
(2) except as otherwise provided in subsection (e) of this section, a person that becomes a lien creditor before the earlier of the time:
- (A) the security interest or agricultural lien is perfected; or
- (B) one of the conditions specified in paragraph (3) of subsection (b) of Section 1-9-203 of this title is met and a financing statement covering the collateral is filed.
- (b) Except as otherwise provided in subsection (e) of this section, a buyer, other than a secured party, of tangible chattel paper, documents, goods, instruments, or a security certificate takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
- (c) Except as otherwise provided in subsection (e) of this section, a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
- (d) A licensee of a general intangible or a buyer, other than a secured party, of accounts, electronic chattel paper, general intangibles, or investment property other than a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
- (e) Except as otherwise provided in Sections 1-9-320 and 1-9-321 of this title, if a person files a financing statement with respect to a purchase-money security interest before or within twenty (20) days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.
Laws 2000, SB 1519, c. 371, § 37, eff. July 1, 2001; Amended by Laws 2001, SB 692, c. 354, § 2, emerg. eff. July 1, 2001 (superseded document available).
Oklahoma Code Comment
None.