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§ 1-9-323. Future advances

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 3. Perfection and Priority (Refs & Annos)
12A Okl.St.Ann. § 1-9-323
§ 1-9-323. Future advances
Future advances
(a) Except as otherwise provided in subsection (c) of this section, for purposes of determining the priority of a perfected security interest under paragraph (1) of subsection (a) of Section 1-9-322 of this title, perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
(1) is made while the security interest is perfected only:
(A) under Section 1-9-309 of this title when it attaches; or
(B) temporarily under subsection (e), (f), or (g) of Section 1-9-312 of this title; and
(2) is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under Section 1-9-309 or subsection (e), (f), or (g) of Section 1-9-312 of this title.
(b) Except as otherwise provided in subsection (c) of this section, a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five (45) days after the person becomes a lien creditor unless the advance is made:
(1) without knowledge of the lien; or
(2) pursuant to a commitment entered into without knowledge of the lien.
(c) Subsections (a) and (b) of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
(d) Except as otherwise provided in subsection (e) of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
(1) the time the secured party acquires knowledge of the buyer's purchase; or
(2) forty-five (45) days after the purchase.
(e) Subsection (d) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five-day period.
(f) Except as otherwise provided in subsection (g) of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
(1) the time the secured party acquires knowledge of the lease; or
(2) Forty-five (45) days after the lease contract becomes enforceable.
(g) Subsection (f) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five-day period.

Credits

Laws 2000, c. 371, § 50, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-323, OK ST T. 12A § 1-9-323
Current with emergency effective legislation through Chapter 449 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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