{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-103","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-103","heading":"Purchase-money security interest; application of","body":"payments; burden of establishing.\n\nPURCHASE-MONEY SECURITY INTEREST; APPLICATION OF PAYMENTS;\n\nBURDEN OF ESTABLISHING\n\n(a) In this section:\n\n(1) “purchase-money collateral” means goods or software that\n\nsecures a purchase-money obligation incurred with respect to that\n\ncollateral; and\n\n(2) “purchase-money obligation” means an obligation of an\n\nobligor incurred as all or part of the price of the collateral or\n\nfor value given to enable the debtor to acquire rights in or the use\n\nof the collateral if the value is in fact so used.\n\n(b) A security interest in goods is a purchase-money security\n\ninterest:\n\n(1) to the extent that the goods are purchase-money collateral\n\nwith respect to that security interest;\n\n(2) if the security interest is in inventory that is or was\n\npurchase-money collateral, to the extent that the security interest\n\nsecures a purchase-money obligation incurred with respect to other\n\ninventory in which the secured party holds or held a purchase-money\n\nsecurity interest; and\n\n(3) to the extent that the security interest secures a\n\npurchase-money obligation incurred with respect to software in which\n\nthe secured party holds or held a purchase-money security interest.\n\n(c) A security interest in software is a purchase-money\n\nsecurity interest to the extent that the security interest also\n\nsecures a purchase-money obligation incurred with respect to goods\n\nin which the secured party holds or held a purchase-money security\n\ninterest if:\n\n(1) the debtor acquired its interest in the software in an\n\nintegrated transaction in which it acquired an interest in the\n\ngoods; and\n\n(2) the debtor acquired its interest in the software for the\n\nprincipal purpose of using the software in the goods.\n\n(d) The security interest of a consignor in goods that are the\n\nsubject of a consignment is a purchase-money security interest in\n\ninventory.\n\n(e) In a transaction other than a consumer-goods transaction,\n\nif the extent to which a security interest is a purchase-money\n\nsecurity interest depends on the application of a payment to a\n\nparticular obligation, the payment must be applied:\n\n(1) in accordance with any reasonable method of application to\n\nwhich the parties agree;\n\n(2) in the absence of the parties’ agreement to a reasonable\n\nmethod, in accordance with any intention of the obligor manifested\n\nat or before the time of payment; or\n\n(3) in the absence of an agreement to a reasonable method and a\n\ntimely manifestation of the obligor’s intention, in the following\n\norder:\n\n(A) to obligations that are not secured; and\n\n(B) if more than one obligation is secured, to obligations\n\nsecured by purchase-money security interests in the\n\norder in which those obligations were incurred.\n\n(f) In a transaction other than a consumer-goods transaction, a\n\npurchase-money security interest does not lose its status as such,\n\neven if:\n\n(1) the purchase-money collateral also secures an obligation\n\nthat is not a purchase-money obligation;\n\n(2) collateral that is not purchase-money collateral also\n\nsecures the purchase-money obligation; or\n\n(3) the purchase-money obligation has been renewed, refinanced,\n\nconsolidated, or restructured.\n\n(g) In a transaction other than a consumer-goods transaction, a\n\nsecured party claiming a purchase-money security interest has the\n\nburden of establishing the extent to which the security interest is\n\na purchase-money security interest.\n\n(h) The limitation of the rules in subsections (e), (f), and\n\n(g) of this section to transactions other than consumer-goods\n\ntransactions is intended to leave to the court the determination of\n\nthe proper rules in consumer-goods transactions. The court may not\n\ninfer from that limitation the nature of the proper rule in\n\nconsumer-goods transactions and may continue to apply established\n\napproaches.","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":"ab0ef68183d003df987c53d656f61f5dc8a520d1d04b776adbe301df7213f349","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-102","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-104"},"notice":"GroundRules: Original legal text. Not legal advice."}