Okla. Stat. tit. 12A, § 1-9-704
Security Interest Unperfected Before Effective Date
Effective Jul 1, 2001Laws 2000, SB 1519, c. 371, § 138, eff. July 1, 2001. Oklahoma Code Comment Revised section 9-704 addresses the other side of section 9-703. If a security interest is enforceable but unperfected under the old law it carries over its enforceable status for a one-year grace period but then ceases to be enforceable unless the requirements of revised Article 9 are met. It also remains unperfected unless revised Article 9 would make it perfected or appropriate steps to perfect under revised Article 9 are taken. See also Oklahoma Comment to revised section 9-702.
A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
- (1) remains an enforceable security interest for one (1) year after this act takes effect;
- (2) remains enforceable thereafter if the security interest becomes enforceable under Section 1-9-203 of this title when this act takes effect or within one (1) year thereafter; and
(3) becomes perfected:
- (A) without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or
- (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Laws 2000, SB 1519, c. 371, § 138, eff. July 1, 2001.
Oklahoma Code Comment
See also Oklahoma Comment to revised section 9-702.