§ 1-9-320.7. Written notification affecting farm products; disclosure requirements; penalty
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 1-9-320.7
§ 1-9-320.7. Written notification affecting farm products; disclosure requirements; penalty
Written Notification Affecting Farm Products; Disclosure Requirements; Penalty.
(3) (a) A secured party who intends to furnish written notification of the existence of a security interest in farm products as provided in this section, shall require the person engaged in farming operations to execute a security agreement containing a provision requiring the person to furnish to the secured party a list of the buyers, commission merchants, and selling agents to or through whom the person may sell the farm products. If the person engaged in farming operations sells the farm product collateral to a buyer or through a commission merchant or selling agent not included on the list, the person engaged in farming operations shall be subject to the penalty provisions of paragraph (b) of this subsection, unless the person:
Credits
Laws 1987, c. 69, § 7; Laws 1991, c. 314, § 2, eff. Sept. 1, 1991. Renumbered from Title 12A, § 9-307.7 and amended by Laws 2000, c. 371, §§ 47, 183, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-320.7, OK ST T. 12A § 1-9-320.7
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 |