{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-320.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-320.7","heading":"Written notification affecting farm products;","body":"disclosure requirements; penalty.\n\nWRITTEN NOTIFICATION AFFECTING FARM PRODUCTS;\n\nDISCLOSURE REQUIREMENTS; PENALTY\n\n(1) A secured party or a seller of farm products may furnish to\n\nthe buyer of such farm products, commission merchant, or selling\n\nagent, within one (1) year before the sale of the farm products, a\n\nwritten notice of a security interest, organized according to farm\n\nproducts, that:\n\n(a) is an original or reproduced copy thereof;\n\n(b) contains:\n\n(i) the name and address of the secured party;\n\n(ii) the name and address of the person indebted to\n\nthe secured party;\n\n(iii) the social security number of the debtor or, in\n\nthe case of a debtor doing business other than as\n\nan individual, the Internal Revenue Service\n\ntaxpayer identification number of the debtor; and\n\n(iv) a description of the farm products subject to the\n\nsecurity interest created by the debtor,\n\nincluding the amount of the products where\n\napplicable, crop year, county, and a reasonable\n\ndescription of the property;\n\n(c) must be amended in writing, within ten (10) days,\n\nsimilarly signed and transmitted, to reflect material\n\nchanges;\n\n(d) will lapse on the expiration period of the statement,\n\nor the transmission of a notice signed by the secured\n\nparty that the statement has lapsed, whichever occurs\n\nfirst; and\n\n(e) states any payment obligations imposed on the buyer of\n\nfarm products, commission merchant, or selling agent\n\nby the secured party as conditions for waiver or\n\nrelease of the security interest.\n\n(2) For purposes of this section, receipt of notice shall be\n\npresumed if notice is sent by certified mail.\n\n(3) (a) A secured party who intends to furnish written\n\nnotification of the existence of a security interest\n\nin farm products as provided in this section, shall\n\nrequire the person engaged in farming operations to\n\nexecute a security agreement containing a provision\n\nrequiring the person to furnish to the secured party a\n\nlist of the buyers, commission merchants, and selling\n\nagents to or through whom the person may sell the farm\n\nproducts. If the person engaged in farming operations\n\nsells the farm product collateral to a buyer or\n\nthrough a commission merchant or selling agent not\n\nincluded on the list, the person engaged in farming\n\noperations shall be subject to the penalty provisions\n\nof paragraph (b) of this subsection, unless the\n\nperson:\n\n(i) has notified the secured party in writing of the\n\nidentity of the buyer, commission merchant, or\n\nselling agent at least seven (7) days prior to\n\nthe sale; or\n\n(ii) has accounted to the secured party for the\n\nproceeds of the sale not later than twenty (20)\n\ndays after the sale.\n\n(b) A person violating the provisions of paragraph (a) of\n\nthis subsection shall be fined Five Thousand Dollars\n\n($5,000.00) or fifteen percent (15%) of the value or\n\nbenefit received for the farm product described in the\n\nsecurity agreement, whichever is greater.","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":"08a71d34dab3ec2fff94cd37b10f517bc781f04becb1ba94c3f435af7e8f74e5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-320.6","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-321"},"notice":"GroundRules: Original legal text. Not legal advice."}