Okla. Stat. tit. 74, § 74-859.1: Moveable machinery loans - Limitations

The Oklahoma Industrial Finance Authority may loan money for the

purchase of moveable machinery subject to the following limitations:

1. All procedures required in order for the Authority to loan

money secured by a mortgage on real property shall be followed;

2. The Authority shall require the industrial development

agency to furnish evidence that the Authority shall take a purchase

money security interest;

3. Within twenty-four (24) hours after loaning the money to an

industrial development agency to purchase any moveable machinery,

the Authority shall perfect a security interest in such machinery

pursuant to perfection procedures prescribed by Article 9 of Title

12A of the Oklahoma Statutes;

4. Any industrial development agency which receives money for

the purchase of a moveable machine shall agree to such procedures as

the Authority deems necessary to preserve its interest in such

moveable machinery. These procedures may include notification to

the Authority of the exact location of such moveable machinery and

notification of any changes in location of such moveable machinery;

5. The loan must also be secured by a first or second mortgage

on the real estate of the industrial development project.