{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-203","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-203","heading":"Attachment and enforceability of security interest –","body":"Proceeds - Supporting obligations - Formal requisites.\n\nATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST;\n\nPROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES\n\n(a) A security interest attaches to collateral when it becomes\n\nenforceable against the debtor with respect to the collateral,\n\nunless an agreement expressly postpones the time of attachment.\n\n(b) Except as otherwise provided in subsections (c) through (i)\n\nof this section, a security interest is enforceable against the\n\ndebtor and third parties with respect to the collateral only if:\n\n(1) value has been given;\n\n(2) the debtor has rights in the collateral or the power to\n\ntransfer rights in the collateral to a secured party; and\n\n(3) one of the following conditions is met:\n\n(A) the debtor has signed a security agreement that\n\nprovides a description of the collateral and, if the\n\nsecurity interest covers timber to be cut, a\n\ndescription of the land concerned;\n\n(B) the collateral is not a certificated security and is\n\nin the possession of the secured party under Section\n\n1-9-313 of this title pursuant to the debtor's\n\nsecurity agreement;\n\n(C) the collateral is a certificated security in\n\nregistered form and the security certificate has been\n\ndelivered to the secured party under Section 8-301 of\n\nthis title pursuant to the debtor's security\n\nagreement;\n\n(D) the collateral is controllable accounts, controllable\n\nelectronic records, controllable payment intangibles,\n\ndeposit accounts, electronic documents, investment\n\nproperty, or letter-of-credit rights, and the secured\n\nparty has control under Section 7-106, 1-9-104, 1-9-\n\n106, 1-9-107, or 1-9-107A of this title pursuant to\n\nthe debtor's security agreement; or\n\n(E) the collateral is chattel paper and the secured party\n\nhas possession and control under Section 1-9-314A of\n\nthis title pursuant to the debtor's security\n\nagreement.\n\n(c) Subsection (b) of this section is subject to Section 4-210\n\nof this title on the security interest of a collecting bank, Section\n\n5-118 of this title on the security interest of a letter-of-credit\n\nissuer or nominated person, Section 1-9-110 of this title on a\n\nsecurity interest arising under Article 2 or 2A of this title, and\n\nSection 1-9-206 of this title on security interests in investment\n\nproperty.\n\n(d) A person becomes bound as debtor by a security agreement\n\nentered into by another person if, by operation of law other than\n\nthis article or by contract:\n\n(1) the security agreement becomes effective to create a\n\nsecurity interest in the person's property; or\n\n(2) the person becomes generally obligated for the obligations\n\nof the other person, including the obligation secured under the\n\nsecurity agreement, and acquires or succeeds to all or substantially\n\nall of the assets of the other person.\n\n(e) If a new debtor becomes bound as debtor by a security\n\nagreement entered into by another person:\n\n(1) the agreement satisfies paragraph (3) of subsection (b) of\n\nthis section with respect to existing or after-acquired property of\n\nthe new debtor to the extent the property is described in the\n\nagreement; and\n\n(2) another agreement is not necessary to make a security\n\ninterest in the property enforceable.\n\n(f) The attachment of a security interest in collateral gives\n\nthe secured party the rights to proceeds provided by Section 1-9-315\n\nof this title and is also attachment of a security interest in a\n\nsupporting obligation for the collateral.\n\n(g) The attachment of a security interest in a right to payment\n\nor performance secured by a security interest or other lien on\n\npersonal or real property is also attachment of a security interest\n\nin the security interest, mortgage, or other lien.\n\n(h) The attachment of a security interest in a securities\n\naccount is also attachment of a security interest in the security\n\nentitlements carried in the securities account.\nsecurity interest in a right to payment\n\nor performance secured by a security interest or other lien on\n\npersonal or real property is also attachment of a security interest\n\nin the security interest, mortgage, or other lien.\n\n(h) The attachment of a security interest in a securities\n\naccount is also attachment of a security interest in the security\n\nentitlements carried in the securities account.\n\n(i) The attachment of a security interest in a commodity\n\naccount is also attachment of a security interest in the commodity\n\ncontracts carried in the commodity account.","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":"5eca9805d7719bdbb74ace3f1b72532a7ab65c8b3e673c35f142429072643099","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-202","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-204"},"notice":"GroundRules: Original legal text. Not legal advice."}