Okla. Stat. tit. 12A, § 1-9-332
Transfer of Money - Transfer of Funds from Deposit Account
Effective Jul 1, 2001Laws 2000, SB 1519, c. 371, § 59, eff. July 1, 2001. Oklahoma Code Comment Section 9-332 provides priority for transferees of money or funds from a deposit account, absent collusion. Section 9-332(a) states that transferees of money take free of a competing security interest unless the transferee acted in "collusion" with the debtor. This recognizes the inherent negotiability of money. Section 9-332(b) similarly states that a transferee of funds from a deposit account takes free of a security interest in the funds unless the transferee acted in "collusion" with the debtor. Article 8 similarly uses the "collusion" concept and refers to the Restatement (Second) of Torts section 876 for the meaning of "collusion."
- (a) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
- (b) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
Laws 2000, SB 1519, c. 371, § 59, eff. July 1, 2001.
Oklahoma Code Comment
Section 9-332 provides priority for transferees of money or funds from a deposit account, absent collusion.
Section 9-332(a) states that transferees of money take free of a competing security interest unless the transferee acted in "collusion" with the debtor. This recognizes the inherent negotiability of money. Section 9-332(b) similarly states that a transferee of funds from a deposit account takes free of a security interest in the funds unless the transferee acted in "collusion" with the debtor. Article 8 similarly uses the "collusion" concept and refers to the Restatement (Second) of Torts section 876 for the meaning of "collusion."