{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-320.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-320.2","heading":"Definitions; requisites of an effective financing","body":"statement.\n\nDEFINITIONS; REQUISITES OF AN\n\nEFFECTIVE FINANCING STATEMENT\n\nAs used in this section and Sections 1-9-320.1 through 1-9-320.7\n\nof this title:\n\n(a) “Buyer in the ordinary course of business” means a\n\nperson who, in the ordinary course of business, buys\n\nfarm products from a person engaged in farming\n\noperations who is in the business of selling farm\n\nproducts.\n\n(b) “Central filing system” means a system for filing\n\neffective financing statements on a statewide basis\n\nand which has been certified by the Secretary of the\n\nUnited States Department of Agriculture.\n\n(c) “Commission merchant” means any person engaged in the\n\nbusiness of receiving any farm product for sale, on\n\ncommission, or for or on behalf of another person.\n\n(d) “Effective financing statement” means a statement\n\nthat:\n\n(i) is an original or reproduced form consistent with\n\nthe provisions of this act and approved by the\n\nOklahoma County Clerk;\n\n(ii) is signed and filed with the Oklahoma County\n\nClerk by the secured party;\n\n(iii) contains:\n\n(A) the name and address of the secured party,\n\n(B) the name and address of the person indebted\n\nto the secured party,\n\n(C) the social security number of the debtor or,\n\nin the case of a debtor doing business other\n\nthan as an individual, the Internal Revenue\n\nService taxpayer identification number of\n\nsuch debtor,\n\n(D) the farm product name,\n\n(E) each county in this state where the farm\n\nproduct is produced or to be produced or a\n\nblanket code covering all 77 Oklahoma\n\ncounties,\n\n(F) a description of the farm products subject\n\nto the security interest only if needed to\n\ndistinguish it from other such farm products\n\nowned by the same person or persons but not\n\nsubject to the particular interest; and\n\n(G) the crop year, unless every crop of the farm\n\nproduct in question, for the duration of the\n\neffective financing statement, is to be\n\nsubject to the particular security interest;\n\n(iv) must be amended in writing, within three (3)\n\nmonths, similarly filed, to reflect material\n\nchanges;\n\n(v) remains effective for a period of five (5) years\n\nfrom the date of filing, subject to extensions\n\nfor additional periods of five (5) years each by\n\nrefiling or filing a continuation statement\n\nwithin six (6) months before the expiration of\n\nthe initial five-year period;\n\n(vi) is not removed from the public database but is\n\nnot reported as an active file when the statement\n\nlapses on the expiration of the effective period\n\nof the statement or when a termination statement\n\nfrom the secured party is accepted, whichever\n\noccurs first;\n\n(vii) is accompanied by the requisite filing fee\n\nprovided for in Section 111 of Title 28 of the\n\nOklahoma Statutes;\n\n(viii) substantially complies with the requirements of\n\nthis paragraph even though it contains minor\n\nerrors that are not seriously misleading; and\n\n(ix) may reflect multiple products or products in\n\nmultiple counties.\n\n(e) “Farm product” means an agricultural commodity such as\n\nwheat, corn, soybeans, or a species of livestock such\n\nas cattle, hogs, sheep, horses, or poultry used or\n\nproduced in farming operations, or a product of such\n\ncrop or livestock in its unmanufactured state (such as\n\nginned cotton, wool-clip, maple syrup, milk, and\n\neggs), that is in the possession of a person engaged\n\nin farming operations.\n\n(f) “Knows” or “knowledge” means actual knowledge.\n\n(g) “Person” means any individual, partnership,\n\ncorporation, limited liability company, trust, or any\n\nother business entity.\n\n(h) “Security interest” means an interest in farm products\n\nthat secures payment or performance of an obligation.\nlip, maple syrup, milk, and\n\neggs), that is in the possession of a person engaged\n\nin farming operations.\n\n(f) “Knows” or “knowledge” means actual knowledge.\n\n(g) “Person” means any individual, partnership,\n\ncorporation, limited liability company, trust, or any\n\nother business entity.\n\n(h) “Security interest” means an interest in farm products\n\nthat secures payment or performance of an obligation.\n\n(i) “Selling agent” means any person, other than a\n\ncommission merchant, who is engaged in the business of\n\nnegotiating the sale and purchase of any farm product\n\non behalf of a person engaged in farming operations.\n\nUnless otherwise provided for in this act, for purposes of this\n\nsection and Sections 4 and 6 of this act, receipt of notice shall be\n\npresumed if notice is sent by first-class mail, postage prepaid.","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":"38cc4cd8387e38f4802a8220578247c1ccc3bd63b87eb612f54b97603fcb815c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-320.1","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-320.3"},"notice":"GroundRules: Original legal text. Not legal advice."}