Okla. Stat. tit. 12A, § 12A-1-9-320.2: Definitions; requisites of an effective financing

statement.

DEFINITIONS; REQUISITES OF AN

EFFECTIVE FINANCING STATEMENT

As used in this section and Sections 1-9-320.1 through 1-9-320.7

of this title:

(a) “Buyer in the ordinary course of business” means a

person who, in the ordinary course of business, buys

farm products from a person engaged in farming

operations who is in the business of selling farm

products.

(b) “Central filing system” means a system for filing

effective financing statements on a statewide basis

and which has been certified by the Secretary of the

United States Department of Agriculture.

(c) “Commission merchant” means any person engaged in the

business of receiving any farm product for sale, on

commission, or for or on behalf of another person.

(d) “Effective financing statement” means a statement

that:

(i) is an original or reproduced form consistent with

the provisions of this act and approved by the

Oklahoma County Clerk;

(ii) is signed and filed with the Oklahoma County

Clerk by the secured party;

(iii) contains:

(A) the name and address of the secured party,

(B) the name and address of the person indebted

to the secured party,

(C) the social security number of the debtor or,

in the case of a debtor doing business other

than as an individual, the Internal Revenue

Service taxpayer identification number of

such debtor,

(D) the farm product name,

(E) each county in this state where the farm

product is produced or to be produced or a

blanket code covering all 77 Oklahoma

counties,

(F) a description of the farm products subject

to the security interest only if needed to

distinguish it from other such farm products

owned by the same person or persons but not

subject to the particular interest; and

(G) the crop year, unless every crop of the farm

product in question, for the duration of the

effective financing statement, is to be

subject to the particular security interest;

(iv) must be amended in writing, within three (3)

months, similarly filed, to reflect material

changes;

(v) remains effective for a period of five (5) years

from the date of filing, subject to extensions

for additional periods of five (5) years each by

refiling or filing a continuation statement

within six (6) months before the expiration of

the initial five-year period;

(vi) is not removed from the public database but is

not reported as an active file when the statement

lapses on the expiration of the effective period

of the statement or when a termination statement

from the secured party is accepted, whichever

occurs first;

(vii) is accompanied by the requisite filing fee

provided for in Section 111 of Title 28 of the

Oklahoma Statutes;

(viii) substantially complies with the requirements of

this paragraph even though it contains minor

errors that are not seriously misleading; and

(ix) may reflect multiple products or products in

multiple counties.

(e) “Farm product” means an agricultural commodity such as

wheat, corn, soybeans, or a species of livestock such

as cattle, hogs, sheep, horses, or poultry used or

produced in farming operations, or a product of such

crop or livestock in its unmanufactured state (such as

ginned cotton, wool-clip, maple syrup, milk, and

eggs), that is in the possession of a person engaged

in farming operations.

(f) “Knows” or “knowledge” means actual knowledge.

(g) “Person” means any individual, partnership,

corporation, limited liability company, trust, or any

other business entity.

(h) “Security interest” means an interest in farm products

that secures payment or performance of an obligation.

lip, maple syrup, milk, and

eggs), that is in the possession of a person engaged

in farming operations.

(f) “Knows” or “knowledge” means actual knowledge.

(g) “Person” means any individual, partnership,

corporation, limited liability company, trust, or any

other business entity.

(h) “Security interest” means an interest in farm products

that secures payment or performance of an obligation.

(i) “Selling agent” means any person, other than a

commission merchant, who is engaged in the business of

negotiating the sale and purchase of any farm product

on behalf of a person engaged in farming operations.

Unless otherwise provided for in this act, for purposes of this

section and Sections 4 and 6 of this act, receipt of notice shall be

presumed if notice is sent by first-class mail, postage prepaid.