{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-102","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-102","heading":"Definitions and index of definitions","body":"DEFINITIONS AND INDEX OF DEFINITIONS\n\n(a) In this article:\n\n(1) \"Accession\" means goods that are physically united with\n\nother goods in such a manner that the identity of the original goods\n\nis not lost.\n\n(2) (A) \"Account\", except as used in \"account for\", \"account\n\nstatement\", \"account to\", \"commodity account\" in\n\nparagraph (14) of this subsection, \"customer account\",\n\n\"deposit account\" in paragraph (29) of this\n\nsubsection, \"on account of\", and \"statement of\n\naccount\", means a right to payment of a monetary\n\nobligation, whether or not earned by performance:\n\n(i) for property that has been or is to be sold,\n\nleased, licensed, assigned, or otherwise disposed\n\nof;\n\n(ii) for services rendered or to be rendered;\n\n(iii) for a policy of insurance issued or to be issued;\n\n(iv) for a secondary obligation incurred or to be\n\nincurred;\n\n(v) for energy provided or to be provided;\n\n(vi) for the use or hire of a vessel under a charter\n\nor other contract;\n\n(vii) arising out of the use of a credit or charge card\n\nor information contained on or for use with the\n\ncard; or\n\n(viii) as winnings in a lottery or other game of chance\n\noperated or sponsored by a state, governmental\n\nunit of a state, or a person licensed or\n\nauthorized to operate the game by a state or\n\ngovernmental unit of a state.\n\n(B) The term includes controllable accounts and health-\n\ncare-insurance receivables.\n\n(C) The term does not include:\n\n(i) chattel paper;\n\n(ii) commercial tort claims;\n\n(iii) deposit accounts;\n\n(iv) investment property;\n\n(v) letter-of-credit rights or letters of credit;\n\n(vi) rights to payment for money or funds advanced or\n\nsold, other than rights arising out of the use of\n\na credit or charge card or information contained\n\non or for use with the card; or\n\n(vii) rights to payment evidenced by an instrument.\n\n(3) \"Account debtor\" means a person obligated on an account,\n\nchattel paper, or general intangible. The term does not include\n\npersons obligated to pay a negotiable instrument, even if the\n\nnegotiable instrument evidences chattel paper.\n\n(4) \"Accounting\", except as used in \"accounting for\", means a\n\nrecord:\n\n(A) signed by a secured party;\n\n(B) indicating the aggregate unpaid secured obligations as\n\nof a date not more than thirty-five (35) days earlier\n\nor thirty-five (35) days later than the date of the\n\nrecord; and\n\n(C) identifying the components of the obligations in\n\nreasonable detail.\n\n(5) \"Agricultural lien\" means an interest in farm products:\n\n(A) which secures payment or performance of an obligation\n\nfor:\n\n(i) goods or services furnished in connection with a\n\ndebtor's farming operation; or\n\n(ii) rent on real property leased by a debtor in\n\nconnection with its farming operation;\n\n(B) which is created by statute in favor of a person that:\n\n(i) in the ordinary course of its business furnished\n\ngoods or services to a debtor in connection with\n\na debtor's farming operation; or\n\n(ii) leased real property to a debtor in connection\n\nwith the debtor's farming operation; and\n\n(C) whose effectiveness does not depend on the person's\n\npossession of the personal property.\n\n(6) \"As-extracted collateral\" means:\n\n(A) oil, gas, or other minerals that are subject to a\n\nsecurity interest that:\nbtor's farming operation; or\n\n(ii) leased real property to a debtor in connection\n\nwith the debtor's farming operation; and\n\n(C) whose effectiveness does not depend on the person's\n\npossession of the personal property.\n\n(6) \"As-extracted collateral\" means:\n\n(A) oil, gas, or other minerals that are subject to a\n\nsecurity interest that:\n\n(i) is created by a debtor having an interest in the\n\nminerals before extraction; and\n\n(ii) attaches to the minerals as extracted; or\n\n(B) accounts arising out of the sale at the wellhead or\n\nminehead of oil, gas, or other minerals in which the\n\ndebtor had an interest before extraction.\n\n(7) Reserved.\n\n(7A) \"Assignee\", except as used in \"assignee for benefit of\n\ncreditors\", means a person:\n\n(A) in whose favor a security interest that secures an\n\nobligation is created or provided for under a security\n\nagreement, whether or not the obligation is\n\noutstanding; or\n\n(B) to which an account, chattel paper, payment\n\nintangible, or promissory note has been sold. The\n\nterm includes a person to which a security interest\n\nhas been transferred by a secured party.\n\n(7B) \"Assignor\" means a person that:\n\n(A) under a security agreement, creates or provides for a\n\nsecurity interest that secures an obligation; or\n\n(B) sells an account, chattel paper, payment intangible,\n\nor promissory note. The term includes a secured party\n\nthat has transferred a security interest to another\n\nperson.\n\n(8) \"Bank\" means an organization that is engaged in the\n\nbusiness of banking. The term includes savings banks, savings and\n\nloan associations, credit unions, and trust companies.\n\n(9) \"Cash proceeds\" means proceeds that are money, checks,\n\ndeposit accounts, or the like.\n\n(10) \"Certificate of title\" means a certificate of title with\n\nrespect to which a statute provides for the security interest in\n\nquestion to be indicated on the certificate as a condition or result\n\nof the security interest's obtaining priority over the rights of a\n\nlien creditor with respect to the collateral. The term includes\n\nanother record maintained as an alternative to a certificate of\n\ntitle by the governmental unit that issues certificates of title if\n\na statute permits the security interest in question to be indicated\n\non the record as a condition or result of the security interest's\n\nobtaining priority over the rights of a lien creditor with respect\n\nto the collateral.\n\n(11) \"Chattel paper\" means:\n\n(A) a right to payment of a monetary obligation secured by\n\nspecific goods, if the right to payment and security\n\nagreement are evidenced by a record; or\n\n(B) a right to payment of a monetary obligation owed by a\n\nlessee under a lease agreement with respect to\n\nspecific goods and a monetary obligation owed by the\n\nlessee in connection with the transaction giving rise\n\nto the lease, if:\n\n(i) the right to payment and lease agreement are\n\nevidenced by a record; and\n\n(ii) the predominant purpose of the transaction giving\n\nrise to the lease was to give the lessee the\n\nright to possession and use of the goods.\n\nThe term does not include a right to payment arising out of a\n\ncharter or other contract involving the use or hire of a vessel or a\n\nright to payment arising out of the use of a credit or charge card\n\nor information contained on or for use with the card.\n\n(12) \"Collateral\" means the property subject to a security\n\ninterest or agricultural lien. The term includes:\n\n(A) proceeds to which a security interest attaches;\n\n(B) accounts, chattel paper, payment intangibles, and\n\npromissory notes that have been sold; and\n\n(C) goods that are the subject of a consignment.\n\n(13) \"Commercial tort claim\" means a claim arising in tort with\n\nrespect to which:\n\n(A) the claimant is an organization; or\n\n(B) the claimant is an individual and the claim:\nlien. The term includes:\n\n(A) proceeds to which a security interest attaches;\n\n(B) accounts, chattel paper, payment intangibles, and\n\npromissory notes that have been sold; and\n\n(C) goods that are the subject of a consignment.\n\n(13) \"Commercial tort claim\" means a claim arising in tort with\n\nrespect to which:\n\n(A) the claimant is an organization; or\n\n(B) the claimant is an individual and the claim:\n\n(i) arose in the course of the claimant's business or\n\nprofession; and\n\n(ii) does not include damages arising out of personal\n\ninjury to or the death of an individual.\n\n(14) \"Commodity account\" means an account maintained by a\n\ncommodity intermediary in which a commodity contract is carried for\n\na commodity customer.\n\n(15) \"Commodity contract\" means a commodity futures contract,\n\nan option on a commodity futures contract, a commodity option, or\n\nanother contract if the contract or option is:\n\n(A) traded on or subject to the rules of a board of trade\n\nthat has been designated as a contract market for such\n\na contract pursuant to federal commodities laws; or\n\n(B) traded on a foreign commodity board of trade,\n\nexchange, or market, and is carried on the books of a\n\ncommodity intermediary for a commodity customer.\n\n(16) \"Commodity customer\" means a person for which a commodity\n\nintermediary carries a commodity contract on its books.\n\n(17) \"Commodity intermediary\" means a person that:\n\n(A) is registered as a futures commission merchant under\n\nfederal commodities law; or\n\n(B) in the ordinary course of its business provides\n\nclearance or settlement services for a board of trade\n\nthat has been designated as a contract market pursuant\n\nto federal commodities law.\n\n(18) \"Communicate\" means:\n\n(A) to send a written or other tangible record;\n\n(B) to transmit a record by any means agreed upon by the\n\npersons sending and receiving the record; or\n\n(C) in the case of transmission of a record to or by a\n\nfiling office, to transmit a record by any means\n\nprescribed by filing-office rule.\n\n(19) \"Consignee\" means a merchant to which goods are delivered\n\nin a consignment.\n\n(20) \"Consignment\" means a transaction, regardless of its form,\n\nin which a person delivers goods to a merchant for the purpose of\n\nsale and:\n\n(A) the merchant:\n\n(i) deals in goods of that kind under a name other\n\nthan the name of the person making delivery;\n\n(ii) is not an auctioneer; and\n\n(iii) is not generally known by its creditors to be\n\nsubstantially engaged in selling the goods of\n\nothers;\n\n(B) with respect to each delivery, the aggregate value of\n\nthe goods is One Thousand Dollars ($1,000.00) or more\n\nat the time of delivery;\n\n(C) the goods are not consumer goods immediately before\n\ndelivery; and\n\n(D) the transaction does not create a security interest\n\nthat secures an obligation.\n\n(21) \"Consignor\" means a person that delivers goods to a\n\nconsignee in a consignment.\n\n(22) \"Consumer debtor\" means a debtor in a consumer\n\ntransaction.\n\n(23) \"Consumer goods\" means goods that are used or bought for\n\nuse primarily for personal, family, or household purposes.\n\n(24) \"Consumer-goods transaction\" means a consumer transaction\n\nin which:\n\n(A) an individual incurs an obligation primarily for\n\npersonal, family, or household purposes; and\n\n(B) a security interest in consumer goods secures the\n\nobligation.\n\n(25) \"Consumer obligor\" means an obligor who is an individual\n\nand who incurred the obligation as part of a transaction entered\n\ninto primarily for personal, family, or household purposes.\n\n(26) \"Consumer transaction\" means a transaction in which (i) an\n\nindividual incurs an obligation primarily for personal, family, or\n\nhousehold purposes, (ii) a security interest secures the obligation,\n\nand (iii) the collateral is held or acquired primarily for personal,\n\nfamily, or household purposes. The term includes consumer-goods\n\ntransactions.\ntransaction\" means a transaction in which (i) an\n\nindividual incurs an obligation primarily for personal, family, or\n\nhousehold purposes, (ii) a security interest secures the obligation,\n\nand (iii) the collateral is held or acquired primarily for personal,\n\nfamily, or household purposes. The term includes consumer-goods\n\ntransactions.\n\n(27) \"Continuation statement\" means an amendment of a financing\n\nstatement which:\n\n(A) identifies, by its file number, the initial financing\n\nstatement to which it relates; and\n\n(B) indicates that it is a continuation statement for, or\n\nthat it is filed to continue the effectiveness of, the\n\nidentified financing statement.\n\n(27A) \"Controllable account\" means an account evidenced by a\n\ncontrollable electronic record that provides that the account debtor\n\nundertakes to pay the person that has control under Section 12-105\n\nof this title of the controllable electronic record.\n\n(27B) \"Controllable payment intangible\" means a payment\n\nintangible evidenced by a controllable electronic record that\n\nprovides that the account debtor undertakes to pay the person that\n\nhas control under Section 12-105 of this title of the controllable\n\nelectronic record.\n\n(28) \"Debtor\" means:\n\n(A) a person having an interest, other than a security\n\ninterest or other lien, in the collateral, whether or\n\nnot the person is an obligor;\n\n(B) a seller of accounts, chattel paper, payment\n\nintangibles, or promissory notes; or\n\n(C) a consignee.\n\n(29) \"Deposit account\" means a demand, time, savings, passbook,\n\nor similar account maintained with a bank as defined in paragraph\n\n(8) of this subsection. The term does not include investment\n\nproperty or a deposit account evidenced by an instrument.\n\n(30) \"Document\" means a document of title or a receipt of the\n\ntype described in subsection (b) of Section 7-201 of this title.\n\n(31) Reserved.\n\n(32) \"Encumbrance\" means a right, other than an ownership\n\ninterest, in real property. The term includes mortgages and other\n\nliens on real property.\n\n(33) \"Equipment\" means goods other than inventory, farm\n\nproducts, or consumer goods.\n\n(34) \"Farm products\" means goods, other than standing timber,\n\nwith respect to which the debtor is engaged in a farming operation\n\nand which are:\n\n(A) crops grown, growing, or to be grown, including:\n\n(i) crops produced on trees, vines, and bushes; and\n\n(ii) aquatic goods produced in aquacultural\n\noperations;\n\n(B) livestock, born or unborn, including aquatic goods\n\nproduced in aquacultural operations;\n\n(C) supplies used or produced in a farming operation; or\n\n(D) products of crops or livestock in their unmanufactured\n\nstates.\n\n(35) \"Farming operation\" means raising, cultivating,\n\npropagating, fattening, grazing, or any other farming, livestock, or\n\naquacultural operation.\n\n(36) \"File number\" means the number assigned to an initial\n\nfinancing statement pursuant to subsection (a) of Section 1-9-519 of\n\nthis title.\n\n(37) \"Filing office\" means an office designated in Section 1-9-\n\n501 as the place to file a financing statement.\n\n(38) \"Filing-office rule\" means a rule adopted pursuant to\n\nSections 1-9-526 and 1-9-526.1 of this title.\n\n(39) \"Financing statement\" means a record or records composed\n\nof an initial financing statement and any filed record relating to\n\nthe initial financing statement.\n\n(40) \"Fixture filing\" means the filing of a financing statement\n\ncovering goods that are or are to become fixtures and satisfying\n\nsubsections (a) and (b) of Section 1-9-502 of this title. The term\n\nincludes the filing of a financing statement covering goods of a\n\ntransmitting utility which are or are to become fixtures.\n\n(41) \"Fixtures\" means goods that have become so related to\n\nparticular real property that an interest in them arises under real\n\nproperty law.\novering goods that are or are to become fixtures and satisfying\n\nsubsections (a) and (b) of Section 1-9-502 of this title. The term\n\nincludes the filing of a financing statement covering goods of a\n\ntransmitting utility which are or are to become fixtures.\n\n(41) \"Fixtures\" means goods that have become so related to\n\nparticular real property that an interest in them arises under real\n\nproperty law.\n\n(42) \"General intangible\" means any personal property,\n\nincluding things in action, other than accounts, chattel paper,\n\ncommercial tort claims, deposit accounts, documents, goods,\n\ninstruments, investment property, letter-of-credit rights, letters\n\nof credit, money, and oil, gas, or other minerals before extraction.\n\nThe term includes controllable electronic records, payment\n\nintangibles and software.\n\n(43) \"Good faith\" means honesty in fact and the observance of\n\nreasonable commercial standards of fair dealing.\n\n(44) (A) \"Goods\" means all things that are movable when a\n\nsecurity interest attaches.\n\n(B) The term includes:\n\n(i) fixtures;\n\n(ii) standing timber that is to be cut and removed\n\nunder a conveyance or contract for sale;\n\n(iii) the unborn young of animals;\n\n(iv) crops grown, growing, or to be grown, even if the\n\ncrops are produced on trees, vines, or bushes;\n\nand\n\n(v) manufactured homes.\n\n(C) The term also includes a computer program embedded in\n\ngoods and any supporting information provided in\n\nconnection with a transaction relating to the program\n\nif:\n\n(i) the program is associated with the goods in such\n\na manner that it customarily is considered part\n\nof the goods; or\n\n(ii) by becoming the owner of the goods, a person\n\nacquires a right to use the program in connection\n\nwith the goods.\n\n(D) The term does not include a computer program which is\n\nembedded in goods and that consist solely of the\n\nmedium in which the program is embedded.\n\n(E) The term also does not include accounts, chattel\n\npaper, commercial tort claims, deposit accounts,\n\ndocuments, general intangibles, instruments,\n\ninvestment property, letter-of-credit rights, letters\n\nof credit, money, or oil, gas, or other minerals\n\nbefore extraction.\n\n(45) \"Governmental unit\" means a subdivision, agency,\n\ndepartment, county, parish, municipality, or other unit of the\n\ngovernment of the United States, a state, or a foreign country. The\n\nterm includes an organization having a separate corporate existence\n\nif the organization is eligible to issue debt on which interest is\n\nexempt from income taxation under the laws of the United States.\n\n(46) \"Health-care-insurance receivable\" means an interest in or\n\nclaim under a policy of insurance which is a right to payment of a\n\nmonetary obligation for health-care goods or services provided or to\n\nbe provided.\n\n(47) (A) \"Instrument\" means a negotiable instrument or any\n\nother writing that evidences a right to the payment of\n\na monetary obligation, is not itself a security\n\nagreement or lease, and is of a type that in ordinary\n\ncourse of business is transferred by delivery with any\n\nnecessary endorsement or assignment.\n\n(B) \"Instrument\" includes:\n\n(i) an instrument as defined in subparagraph (A) of\n\nthis paragraph, whether the instrument is subject\n\nto Section 3-104 of this title because it is not\n\npayable to order; and\n\n(ii) a writing that contains both an acknowledgment by\n\na bank as defined in paragraph (8) of this\n\nsubsection that a sum of money has been received\n\nby the bank and its promise to repay the sum of\n\nmoney, which is considered a certificate of\n\ndeposit by the bank issuing it, even if the\n\nwriting provides that it is nontransferable or\n\nuses similar language.\n\n(C) The term does not include:\ner; and\n\n(ii) a writing that contains both an acknowledgment by\n\na bank as defined in paragraph (8) of this\n\nsubsection that a sum of money has been received\n\nby the bank and its promise to repay the sum of\n\nmoney, which is considered a certificate of\n\ndeposit by the bank issuing it, even if the\n\nwriting provides that it is nontransferable or\n\nuses similar language.\n\n(C) The term does not include:\n\n(i) investment property;\n\n(ii) letters of credit;\n\n(iii) writings that evidence a right to payment arising\n\nout of the use of a credit or charge card or\n\ninformation contained on or for use with the\n\ncard; or\n\n(iv) writings that evidence chattel paper.\n\n(48) \"Inventory\" means goods, other than farm products, which:\n\n(A) are leased by a person as lessor;\n\n(B) are held by a person for sale or lease or to be\n\nfurnished under a contract of service;\n\n(C) are furnished by a person under a contract of service;\n\nor\n\n(D) consist of raw materials, work in process, or\n\nmaterials used or consumed in a business.\n\n(49) \"Investment property\" means a security, whether\n\ncertificated or uncertificated, security entitlement, securities\n\naccount, commodity contract, or commodity account.\n\n(50) \"Jurisdiction of organization\", with respect to a\n\nregistered organization, means the jurisdiction under whose law the\n\norganization is formed or organized.\n\n(51) \"Letter-of-credit right\" means a right to payment or\n\nperformance under a letter of credit, whether or not the beneficiary\n\nhas demanded or is at the time entitled to demand payment or\n\nperformance. The term does not include the right of a beneficiary\n\nto demand payment or performance under a letter of credit.\n\n(52) \"Lien creditor\" means:\n\n(A) a creditor that has acquired a lien on the property\n\ninvolved by attachment, levy, or the like;\n\n(B) an assignee for benefit of creditors from the time of\n\nassignment;\n\n(C) a trustee in bankruptcy from the date of the filing of\n\nthe petition; or\n\n(D) a receiver in equity from the time of appointment.\n\n(53) (A) \"Manufactured home\" means a structure, transportable\n\nin one or more sections, which:\n\n(i) in the traveling mode, is eight (8) body feet or\n\nmore in width or forty (40) body feet or more in\n\nlength, or, when erected on site, is three\n\nhundred twenty (320) or more square feet;\n\n(ii) is built on a permanent chassis;\n\n(iii) is designed to be used as a dwelling with or\n\nwithout a permanent foundation when connected to\n\nthe required utilities; and\n\n(iv) includes the plumbing, heating, air-conditioning,\n\nand electrical systems contained therein.\n\n(B) The term includes any structure that meets all of the\n\nrequirements of this paragraph except the size\n\nrequirements and with respect to which the\n\nmanufacturer voluntarily files a certification\n\nrequired by the United States Secretary of Housing and\n\nUrban Development and complies with the standards\n\nestablished under Title 42 of the United States Code.\n\n(54) \"Manufactured-home transaction\" means a secured\n\ntransaction:\n\n(A) that creates a purchase-money security interest in a\n\nmanufactured home, other than a manufactured home held\n\nas inventory; or\n\n(B) in which a manufactured home, other than a\n\nmanufactured home held as inventory, is the primary\n\ncollateral.\n\n(54A) \"Money\" has the same meaning as in paragraph (24) of\n\nsubsection (b) of Section 1-201 of this title, but does not include\n\na deposit account.\n\n(55) \"Mortgage\" means a consensual interest in real property,\n\nincluding fixtures, which secures payment or performance of an\n\nobligation.\n\n(56) \"New debtor\" means a person that becomes bound as a debtor\n\nunder subsection (d) of Section 1-9-203 of this title by a security\n\nagreement previously entered into by another person.\n\n(57) (A) \"New value\" means:\ne, but does not include\n\na deposit account.\n\n(55) \"Mortgage\" means a consensual interest in real property,\n\nincluding fixtures, which secures payment or performance of an\n\nobligation.\n\n(56) \"New debtor\" means a person that becomes bound as a debtor\n\nunder subsection (d) of Section 1-9-203 of this title by a security\n\nagreement previously entered into by another person.\n\n(57) (A) \"New value\" means:\n\n(i) money;\n\n(ii) money's worth in property, services, or new\n\ncredit; or\n\n(iii) release by a transferee of an interest in\n\nproperty previously transferred to the\n\ntransferee.\n\n(B) The term does not include an obligation substituted\n\nfor another obligation.\n\n(58) \"Noncash proceeds\" means proceeds other than cash\n\nproceeds.\n\n(59) (A) \"Obligor\" means a person that, with respect to an\n\nobligation secured by a security interest in or an\n\nagricultural lien on the collateral:\n\n(i) owes payment or other performance of the\n\nobligation;\n\n(ii) has provided property other than the collateral\n\nto secure payment or other performance of the\n\nobligation; or\n\n(iii) is otherwise accountable in whole or in part for\n\npayment or other performance of the obligation.\n\n(B) The term does not include issuers or nominated persons\n\nunder a letter of credit.\n\n(60) \"Original debtor\" means a person that, as debtor, entered\n\ninto a security agreement to which a new debtor has become bound\n\nunder subsection (d) of Section 1-9-203 of this title.\n\n(61) \"Payment intangible\" means a general intangible under\n\nwhich the account debtor's principal obligation is a monetary\n\nobligation. The term includes a controllable payment intangible.\n\n(62) \"Person related to\", with respect to an individual, means:\n\n(A) the spouse of the individual;\n\n(B) a brother, brother-in-law, sister, or sister-in-law of\n\nthe individual;\n\n(C) an ancestor or lineal descendant of the individual or\n\nthe individual's spouse; or\n\n(D) any other relative, by blood or marriage, of the\n\nindividual or the individual's spouse who shares the\n\nsame home with the individual.\n\n(63) \"Person related to\", with respect to an organization,\n\nmeans:\n\n(A) a person directly or indirectly controlling,\n\ncontrolled by, or under common control with the\n\norganization;\n\n(B) an officer or director of, or a person performing\n\nsimilar functions with respect to, the organization;\n\n(C) an officer or director of, or a person performing\n\nsimilar functions with respect to, a person described\n\nin subparagraph (A) of this paragraph;\n\n(D) the spouse of an individual described in subparagraph\n\n(A), (B), or (C) of this paragraph; or\n\n(E) an individual who is related by blood or marriage to\n\nan individual described in subparagraph (A), (B), (C),\n\nor (D) of this paragraph and who shares the same home\n\nwith the individual.\n\n(64) \"Proceeds\" means the following property:\n\n(A) whatever is acquired upon the sale, lease, license,\n\nexchange, or other disposition of collateral;\n\n(B) whatever is collected on, or distributed on account\n\nof, collateral;\n\n(C) rights arising out of collateral;\n\n(D) to the extent of the value of collateral, claims\n\narising out of the loss, nonconformity, or\n\ninterference with the use of, defects or infringement\n\nof rights in, or damage to, the collateral; or\n\n(E) to the extent of the value of collateral and to the\n\nextent payable to the debtor or the secured party,\n\ninsurance payable by reason of the loss or\n\nnonconformity of, defects or infringement of rights\n\nin, or damage to, the collateral.\n\n(65) \"Promissory note\" means an instrument that evidences a\n\npromise to pay a monetary obligation, does not evidence an order to\n\npay, and does not contain an acknowledgment by a bank that the bank\n\nhas received for deposit a sum of money or funds.\n\nnonconformity of, defects or infringement of rights\n\nin, or damage to, the collateral.\n\n(65) \"Promissory note\" means an instrument that evidences a\n\npromise to pay a monetary obligation, does not evidence an order to\n\npay, and does not contain an acknowledgment by a bank that the bank\n\nhas received for deposit a sum of money or funds.\n\n(66) \"Proposal\" means a record signed by a secured party which\n\nincludes the terms on which the secured party is willing to accept\n\ncollateral in full or partial satisfaction of the obligation it\n\nsecures pursuant to Sections 1-9-620, 1-9-621, and 1-9-622 of this\n\ntitle.\n\n(67) \"Public-finance transaction\" means a secured transaction\n\nin connection with which:\n\n(A) debt securities are issued;\n\n(B) all or a portion of the securities issued have an\n\ninitial stated maturity of at least twenty (20) years;\n\nand\n\n(C) the debtor, obligor, secured party, account debtor or\n\nother person obligated on collateral, assignor or\n\nassignee of a secured obligation, or assignor or\n\nassignee of a security interest is a state or a\n\ngovernmental unit of a state.\n\n(68) \"Public organic record\" means a record that is available\n\nto the public for inspection and that is:\n\n(A) a record consisting of the record initially filed with\n\nor issued by a state or the United States to form or\n\norganize an organization and any record filed with or\n\nissued by the state or the United States which amends\n\nor restates the initial record;\n\n(B) an organic record of a business trust consisting of\n\nthe record initially filed with a state and any record\n\nfiled with the state which amends or restates the\n\ninitial record, if a statute of the state governing\n\nbusiness trusts requires that the record be filed with\n\nthe state; or\n\n(C) a record consisting of legislation enacted by the\n\nLegislature of a state or the Congress of the United\n\nStates which forms or organizes an organization, any\n\nrecord amending the legislation, and any record filed\n\nwith or issued by the state or United States which\n\namends or restates the name of the organization.\n\n(69) \"Pursuant to commitment\", with respect to an advance made\n\nor other value given by a secured party, means pursuant to the\n\nsecured party's obligation, whether or not a subsequent event of\n\ndefault or other event not within the secured party's control has\n\nrelieved or may relieve the secured party from its obligation.\n\n(70) \"Record\", except as used in \"for record\", \"of record\",\n\n\"record or legal title\", and \"record owner\", means information that\n\nis inscribed on a tangible medium or which is stored in an\n\nelectronic or other medium and is retrievable in perceivable form.\n\n(71) \"Registered organization\" means an organization formed or\n\norganized solely under the law of a single state or the United\n\nStates by the filing of a public organic record with, the issuance\n\nof a public organic record by, or the enactment of legislation by\n\nthe state or United States. The term includes a business trust that\n\nis formed or organized under the law of a single state if a statute\n\nof the state governing business trusts requires that the business\n\ntrusts' organic record be filed with the state.\n\n(72) \"Secondary obligor\" means an obligor to the extent that:\n\n(A) the obligor's obligation is secondary; or\n\n(B) the obligor has a right of recourse with respect to an\n\nobligation secured by collateral against the debtor,\n\nanother obligor, or property of either.\nstate if a statute\n\nof the state governing business trusts requires that the business\n\ntrusts' organic record be filed with the state.\n\n(72) \"Secondary obligor\" means an obligor to the extent that:\n\n(A) the obligor's obligation is secondary; or\n\n(B) the obligor has a right of recourse with respect to an\n\nobligation secured by collateral against the debtor,\n\nanother obligor, or property of either.\n\n(73) \"Secured party\" means:\n\n(A) a person in whose favor a security interest is created\n\nor provided for under a security agreement, whether or\n\nnot any obligation to be secured is outstanding;\n\n(B) a person that holds an agricultural lien;\n\n(C) a consignor;\n\n(D) a person to which accounts, chattel paper, payment\n\nintangibles, or promissory notes have been sold;\n\n(E) a trustee, indenture trustee, agent, collateral agent,\n\nor other representative in whose favor a security\n\ninterest or agricultural lien is created or provided\n\nfor; or\n\n(F) a person that holds a security interest arising under\n\nSection 2-401, 2-505, paragraph (3) of Section 2-711,\n\nparagraph (5) of Section 2A-508, 4-210, or 5-118 of\n\nthis title.\n\n(74) \"Security agreement\" means an agreement that creates or\n\nprovides for a security interest.\n\n(75) Reserved.\n\n(76) \"Software\" means a computer program and any supporting\n\ninformation provided in connection with a transaction relating to\n\nthe program. The term does not include a computer program that is\n\nincluded in the definition of goods.\n\n(77) \"State\" means a state of the United States, the District\n\nof Columbia, Puerto Rico, the United States Virgin Islands, or any\n\nterritory or insular possession subject to the jurisdiction of the\n\nUnited States.\n\n(78) \"Supporting obligation\" means a letter-of-credit right or\n\nsecondary obligation that supports the payment or performance of an\n\naccount, chattel paper, a document, a general intangible, an\n\ninstrument, or investment property.\n\n(79) Reserved.\n\n(80) \"Termination statement\" means an amendment of a financing\n\nstatement which:\n\n(A) identifies, by its file number, the initial financing\n\nstatement to which it relates; and\n\n(B) indicates either that it is a termination statement or\n\nthat the identified financing statement is no longer\n\neffective.\n\n(81) \"Transmitting utility\" means a person primarily engaged in\n\nthe business of:\n\n(A) operating a railroad, subway, street railway, or\n\ntrolley bus;\n\n(B) transmitting communications electrically,\n\nelectromagnetically, or by light;\n\n(C) transmitting goods by pipeline or sewer; or\n\n(D) transmitting or producing and transmitting\n\nelectricity, steam, gas, or water.\n\n(b) \"Control\" as provided in Section 7-106 of this title and\n\nthe following definitions in other articles of this title apply to\n\nthis article:\n\n\"Applicant\" - Section 5-102 of this title.\n\n\"Beneficiary\" - Section 5-102 of this title.\n\n\"Broker\" - Section 8-102 of this title.\n\n\"Certificated security\" - Section 8-102 of this title.\n\n\"Check\" - Section 3-104 of this title.\n\n\"Clearing corporation\" - Section 8-102 of this title.\n\n\"Contract for sale\" - Section 2-106 of this title.\n\n\"Controllable electronic record\" – Section 12-102 of this title.\n\n\"Customer\" - Section 4-104 of this title.\n\n\"Entitlement holder\" - Section 8-102 of this title.\n\n\"Financial asset\" - Section 8-102 of this title.\n\n\"Holder in due course\" - Section 3-302 of this title.\n\n\"Issuer\" (with respect to a letter of credit or letter-of-credit\n\nright)- Section 5-102 of this title.\n\n\"Issuer\" – (with respect to a security) – Section 8-201 of this\n\ntitle.\n\n\"Issuer\" – (with respect to documents of title) – Section 7-102\n\nof this title.\n\n\"Lease\" - Section 2A-103 of this title.\n\n\"Lease agreement\" - Section 2A-103 of this title.\n\n\"Lease contract\" - Section 2A-103 of this title.\n\n\"Leasehold interest\" - Section 2A-103 of this title.\n\n\"Lessee\" - Section 2A-103 of this title.\n\n\"Lessee in ordinary course of business\" - Section 2A-103 of this\n\ntitle.\ntitle.\n\n\"Issuer\" – (with respect to documents of title) – Section 7-102\n\nof this title.\n\n\"Lease\" - Section 2A-103 of this title.\n\n\"Lease agreement\" - Section 2A-103 of this title.\n\n\"Lease contract\" - Section 2A-103 of this title.\n\n\"Leasehold interest\" - Section 2A-103 of this title.\n\n\"Lessee\" - Section 2A-103 of this title.\n\n\"Lessee in ordinary course of business\" - Section 2A-103 of this\n\ntitle.\n\n\"Lessor\" - Section 2A-103 of this title.\n\n\"Lessor's residual interest\" - Section 2A-103 of this title.\n\n\"Letter of credit\" - Section 5-102 of this title.\n\n\"Merchant\" - Section 2-104 of this title.\n\n\"Negotiable instrument\" - Section 3-104 of this title.\n\n\"Nominated person\" - Section 5-102 of this title.\n\n\"Note\" - Section 3-104 of this title.\n\n\"Proceeds of a letter of credit\" - Section 5-114 of this title.\n\n\"Protected purchaser\" – Section 8-303 of this title.\n\n\"Prove\" - Section 3-103 of this title.\n\n\"Qualifying purchaser\" – Section 12-102 of this title.\n\n\"Sale\" - Section 2-106 of this title.\n\n\"Securities account\" - Section 8-501 of this title.\n\n\"Securities intermediary\" - Section 8-102 of this title.\n\n\"Security\" - Section 8-102 of this title.\n\n\"Security certificate\" - Section 8-102 of this title.\n\n\"Security entitlement\" - Section 8-102 of this title.\n\n\"Uncertificated security\" - Section 8-102 of this title.\n\n(c) Article 1 of this title contains general definitions and\n\nprinciples of construction and interpretation applicable throughout\n\nthis article.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"1c3a40bece9b320bf942ece4ae06629a8b0f6246ee33036cdbc37ed6f5b81582","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-101","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-103"},"notice":"GroundRules: Original legal text. Not legal advice."}