Okla. Stat. tit. 12A, § 12A-1-9-315: Secured party’s rights on disposition of collateral

and in proceeds.

SECURED PARTY’S RIGHTS ON DISPOSITION

OF COLLATERAL AND IN PROCEEDS

(a) Except as otherwise provided in this article and in

paragraph (2) of Section 2-403 of this title:

(1) a security interest or agricultural lien continues in

collateral notwithstanding sale, lease, license, exchange, or other

disposition thereof unless the secured party authorized the

disposition free of the security interest or agricultural lien; and

(2) a security interest attaches to any identifiable proceeds

of collateral.

(b) Proceeds that are commingled with other property are

identifiable proceeds:

(1) if the proceeds are goods, to the extent provided by

Section 1-9-336 of this title; and

(2) if the proceeds are not goods, to the extent that the

secured party identifies the proceeds by a method of tracing,

including application of equitable principles, that is permitted

under law other than this article with respect to commingled

property of the type involved.

(c) A security interest in proceeds is a perfected security

interest if the security interest in the original collateral was

perfected.

(d) A perfected security interest in proceeds becomes

unperfected on the twenty-first day after the security interest

attaches to the proceeds unless:

(1) the following conditions are satisfied:

(A) a filed financing statement covers the original

collateral;

(B) the proceeds are collateral in which a security

interest may be perfected by filing in the office in

which the financing statement has been filed; and

(C) the proceeds are not acquired with cash proceeds;

(2) the proceeds are identifiable cash proceeds; or

(3) the security interest in the proceeds is perfected other

than under subsection (c) of this section when the security interest

attaches to the proceeds or within twenty (20) days thereafter.

(e) If a filed financing statement covers the original

collateral, a security interest in proceeds which remains perfected

under paragraph (1) of subsection (d) of this section becomes

unperfected at the later of:

(1) when the effectiveness of the filed financing statement

lapses under Section 1-9-515 of this title or is terminated under

Section 1-9-513 of this title; or

(2) the twenty-first day after the security interest attaches

to the proceeds.