§ 1-9-320.6. Central filing system relating to farm products
Oklahoma Statutes AnnotatedTitle 12A. Commercial CodeEffective: November 1, 2022
Effective: November 1, 2022
12A Okl.St.Ann. § 1-9-320.6
§ 1-9-320.6. Central filing system relating to farm products
CENTRAL FILING SYSTEM RELATING TO FARM PRODUCTS
(1) The Secretary of State shall be responsible for developing and implementing the central filing system. This responsibility shall include obtaining the necessary certification for the system from the United States Department of Agriculture (“USDA”). The effective date for the implementation of the central filing system was October 24, 1988.
(2) The Secretary of State may promulgate, in accordance with the applicable provisions of the Administrative Procedures Act,1 appropriate rules for the implementation and operation of the central filing system.
(d) (i) A copy of those portions of the master list covering the information requested by a registrant shall be distributed to such registrants by the Secretary of State on or before the last business day of each month and shall be presumed to have been received by the third business day of the following month.
(f) (i) Upon request, within twenty-four (24) hours of any inquiry, for information, the Secretary of State shall provide verbal confirmation of the existence or nonexistence of any effective financing statement on file. By the close of the business day following the day on which the request was received, written confirmation of the existence of an effective financing statement will be provided to buyers of farm products, commission merchants, and selling agents who have not registered, and others who request it.
(ii) The state or political subdivision shall not be liable if a loss or claim results from any confirmation of the existence or nonexistence of any effective financing statement on file in the Office of the Secretary of State made in good faith by an employee of the Office of the Secretary of State as required by the provisions of this section.
(6) A financing or continuation statement covering farm products that has not lapsed and which was filed pursuant to this title between December 23, 1986, and October 24, 1988, inclusive, and for which no written notice was furnished as provided in Section 1-9-320.7 of this title, shall become ineffective as to a buyer of farm products, commission merchant or selling agent, unless the secured party files an effective financing statement in the office of the Secretary of State.
(8) The secured party shall file a termination statement within twenty (20) days after there is no outstanding secured obligation or commitment to make advances, incur obligations or otherwise give value. The secured party shall not be required to file a termination statement if the debtor, in writing, addressed to the secured party, requests that a termination not be filed. The request shall be signed by the debtor or an authorized representative and the request may be made at any time prior to the expiration date of an effective financing statement set forth herein. If the affected secured party fails to file a termination statement as required by this subsection, the party shall be liable to the Secretary of State for Five Hundred Dollars ($500.00). In addition the affected secured party shall be liable to the debtor for any loss caused to the debtor by the failure to terminate the effective financing statement.
(9) The Attorney General shall be responsible for enforcing the provisions of subsection (8) of this section on behalf of the Secretary of State and is authorized to take appropriate actions to collect any penalties owed to the Secretary of State pursuant to subsection (8) of this section. When collected, the Attorney General shall cause the penalty to be deposited into the Central Filing System Revolving Fund created pursuant to Section 276.3 of Title 62 of the Oklahoma Statutes.
Credits
Laws 1987, c. 69, § 6; Laws 1991, c. 314, § 1, eff. Sept. 1, 1991. Renumbered from Title 12A, § 9-307.6 and amended by Laws 2000, c. 371, §§ 46, 183, eff. July 1, 2001. Laws 2001, c. 406, § 2, emerg. eff. June 4, 2001; Laws 2012, c. 304, § 53; Laws 2022, c. 109, § 1, eff. Nov. 1, 2022.
Footnotes
Title 75, § 250 et seq.
12A Okl. St. Ann. § 1-9-320.6, OK ST T. 12A § 1-9-320.6
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |