{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-208","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-208","heading":"Additional duties of secured party having control of","body":"collateral.\n\nADDITIONAL DUTIES OF SECURED PARTY\n\nHAVING CONTROL OF COLLATERAL\n\n(a) This section applies to cases in which there is no\n\noutstanding secured obligation and the secured party is not\n\ncommitted to make advances, incur obligations, or otherwise give\n\nvalue.\n\n(b) Within ten (10) days after receiving a signed demand by the\n\ndebtor:\n\n(1) a secured party having control of a deposit account under\n\nparagraph (2) of subsection (a) of Section 1-9-104 of this title\n\nshall send to the bank with which the deposit account is maintained\n\na signed record that releases the bank from any further obligation\n\nto comply with instructions originated by the secured party;\n\n(2) a secured party having control of a deposit account under\n\nparagraph (3) of subsection (a) of Section 1-9-104 of this title\n\nshall:\n\n(A) pay the debtor the balance on deposit in the deposit\n\naccount; or\n\n(B) transfer the balance on deposit into a deposit account\n\nin the debtor's name;\n\n(3) a secured party, other than a buyer, having control under\n\nSection 1-9-105 of this title of an authoritative electronic copy of\n\na record evidencing chattel paper shall transfer control of the\n\nelectronic copy to the debtor or a person designated by the debtor;\n\n(4) a secured party having control of investment property under\n\nparagraph (2) of subsection (d) of Section 8-106 of this title or\n\nsubsection (b) of Section 1-9-106 of this title shall send to the\n\nsecurities intermediary or commodity intermediary with which the\n\nsecurity entitlement or commodity contract is maintained a signed\n\nrecord that releases the securities intermediary or commodity\n\nintermediary from any further obligation to comply with entitlement\n\norders or directions originated by the secured party;\n\n(5) a secured party having control of a letter-of-credit right\n\nunder Section 1-9-107 of this title shall send to each person having\n\nan unfulfilled obligation to pay or deliver proceeds of the letter\n\nof credit to the secured party a signed release from any further\n\nobligation to pay or deliver proceeds of the letter of credit to the\n\nsecured party;\n\n(6) a secured party having control under Section 7-106 of this\n\ntitle of an authoritative electronic copy of an electronic document\n\nshall transfer control of the electronic copy to the debtor or a\n\nperson designated by the debtor; and\n\n(7) a secured party having control under Section 12-105 of this\n\ntitle of a controllable electronic record, other than a buyer of a\n\ncontrollable account or controllable payment intangible evidenced by\n\nthe controllable electronic record, shall transfer control of the\n\ncontrollable electronic record to the debtor or a person designated\n\nby the debtor.","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":"71b007b0b7844bbe436dd096b6a47a2deacf0e3e31a975b7397e65d6e3e5ea73","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-207","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-209"},"notice":"GroundRules: Original legal text. Not legal advice."}