Okla. Stat. tit. 12A, § 12A-1-9-513: Termination statement

TERMINATION STATEMENT

(a) A secured party shall cause the secured party of record for

a financing statement to file a termination statement for the

financing statement if the financing statement covers consumer goods

and:

(1) there is no obligation secured by the collateral covered by

the financing statement and no commitment to make an advance, incur

an obligation, or otherwise give value; or

(2) the debtor did not authorize the filing of the initial

financing statement.

(b) To comply with subsection (a) of this section, a secured

party shall cause the secured party of record to file the

termination statement:

(1) within one (1) month after there is no obligation secured

by the collateral covered by the financing statement and no

commitment to make an advance, incur an obligation, or otherwise

give value; or

(2) if earlier, within twenty (20) days after the secured party

receives a signed demand from a debtor.

(c) In cases not governed by subsection (a) of this section,

within twenty (20) days after a secured party receives a signed

demand from a debtor, the secured party shall cause the secured

party of record for a financing statement to send to the debtor a

termination statement for the financing statement or file the

termination statement in the filing office if:

(1) except in the case of a financing statement covering

accounts or chattel paper that has been sold or goods that are the

subject of a consignment, there is no obligation secured by the

collateral covered by the financing statement and no commitment to

make an advance, incur an obligation, or otherwise give value;

(2) the financing statement covers accounts or chattel paper

that has been sold but as to which the account debtor or other

person obligated has discharged its obligation;

(3) the financing statement covers goods that were the subject

of a consignment to the debtor but are not in the debtor's

possession; or

(4) the debtor did not authorize the filing of the initial

financing statement.

(d) Except as otherwise provided in Section 1-9-510 of this

title, upon the filing of a termination statement with the filing

office, the financing statement to which the termination statement

relates ceases to be effective. Except as otherwise provided in

Section 1-9-510 of this title, for purposes of subsection (g) of

Section 1-9-519, subsection (a) of Section 1-9-522, and subsection

(c) of Section 1-9-523 of this title, the filing with the filing

office of a termination statement relating to a financing statement

that indicates that the debtor is a transmitting utility also causes

the effectiveness of the financing statement to lapse.