{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-330","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-330","heading":"Priority of purchaser of chattel paper or instrument","body":"PRIORITY OF PURCHASER OF CHATTEL PAPER OR INSTRUMENT\n\n(a) A purchaser of chattel paper has priority over a security\n\ninterest in the chattel paper which is claimed merely as proceeds of\n\ninventory subject to a security interest if:\n\n(1) in good faith and in the ordinary course of the purchaser's\n\nbusiness, the purchaser gives new value, takes possession of each\n\nauthoritative tangible copy of the record evidencing the chattel\n\npaper, and obtains control under Section 1-9-105 of this title of\n\neach authoritative electronic copy of the record evidencing the\n\nchattel paper; and\n\n(2) the authoritative copies of the record evidencing the\n\nchattel paper do not indicate that the chattel paper has been\n\nassigned to an identified assignee other than the purchaser.\n\n(b) A purchaser of chattel paper has priority over a security\n\ninterest in the chattel paper which is claimed other than merely as\n\nproceeds of inventory subject to a security interest if the\n\npurchaser gives new value, takes possession of each authoritative\n\ntangible copy of the record evidencing the chattel paper, and\n\nobtains control under Section 1-9-105 of this title of each\n\nauthoritative electronic copy of the record evidencing the chattel\n\npaper in good faith, in the ordinary course of the purchaser's\n\nbusiness, and without knowledge that the purchase violates the\n\nrights of the secured party.\n\n(c) Except as otherwise provided in Section 1-9-327 of this\n\ntitle, a purchaser having priority in chattel paper under subsection\n\n(a) or (b) of this section also has priority in proceeds of the\n\nchattel paper to the extent that:\n\n(1) Section 1-9-322 of this title provides for priority in the\n\nproceeds; or\n\n(2) the proceeds consist of the specific goods covered by the\n\nchattel paper or cash proceeds of the specific goods, even if the\n\npurchaser's security interest in the proceeds is unperfected.\n\n(d) Except as otherwise provided in subsection (a) of Section\n\n1-9-331 of this title, a purchaser of an instrument has priority\n\nover a security interest in the instrument perfected by a method\n\nother than possession if the purchaser gives value and takes\n\npossession of the instrument in good faith and without knowledge\n\nthat the purchase violates the rights of the secured party.\n\n(e) For purposes of subsections (a) and (b) of this section,\n\nthe holder of a purchase-money security interest in inventory gives\n\nnew value for chattel paper constituting proceeds of the inventory.\n\n(f) For purposes of subsections (b) and (d) of this section, if\n\nthe authoritative copies of the record evidencing chattel paper or\n\nan instrument indicate that the chattel paper or instrument has been\n\nassigned to an identified secured party other than the purchaser, a\n\npurchaser of the chattel paper or instrument has knowledge that the\n\npurchase violates the rights of the secured party.","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":"439ffaccfed28299429f1712988e02b7ce0740230b0db1df9d02fe830c6d6846","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-329","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-331"},"notice":"GroundRules: Original legal text. Not legal advice."}