{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-513","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-513","heading":"Termination statement","body":"TERMINATION STATEMENT\n\n(a) A secured party shall cause the secured party of record for\n\na financing statement to file a termination statement for the\n\nfinancing statement if the financing statement covers consumer goods\n\nand:\n\n(1) there is no obligation secured by the collateral covered by\n\nthe financing statement and no commitment to make an advance, incur\n\nan obligation, or otherwise give value; or\n\n(2) the debtor did not authorize the filing of the initial\n\nfinancing statement.\n\n(b) To comply with subsection (a) of this section, a secured\n\nparty shall cause the secured party of record to file the\n\ntermination statement:\n\n(1) within one (1) month after there is no obligation secured\n\nby the collateral covered by the financing statement and no\n\ncommitment to make an advance, incur an obligation, or otherwise\n\ngive value; or\n\n(2) if earlier, within twenty (20) days after the secured party\n\nreceives a signed demand from a debtor.\n\n(c) In cases not governed by subsection (a) of this section,\n\nwithin twenty (20) days after a secured party receives a signed\n\ndemand from a debtor, the secured party shall cause the secured\n\nparty of record for a financing statement to send to the debtor a\n\ntermination statement for the financing statement or file the\n\ntermination statement in the filing office if:\n\n(1) except in the case of a financing statement covering\n\naccounts or chattel paper that has been sold or goods that are the\n\nsubject of a consignment, there is no obligation secured by the\n\ncollateral covered by the financing statement and no commitment to\n\nmake an advance, incur an obligation, or otherwise give value;\n\n(2) the financing statement covers accounts or chattel paper\n\nthat has been sold but as to which the account debtor or other\n\nperson obligated has discharged its obligation;\n\n(3) the financing statement covers goods that were the subject\n\nof a consignment to the debtor but are not in the debtor's\n\npossession; or\n\n(4) the debtor did not authorize the filing of the initial\n\nfinancing statement.\n\n(d) Except as otherwise provided in Section 1-9-510 of this\n\ntitle, upon the filing of a termination statement with the filing\n\noffice, the financing statement to which the termination statement\n\nrelates ceases to be effective. Except as otherwise provided in\n\nSection 1-9-510 of this title, for purposes of subsection (g) of\n\nSection 1-9-519, subsection (a) of Section 1-9-522, and subsection\n\n(c) of Section 1-9-523 of this title, the filing with the filing\n\noffice of a termination statement relating to a financing statement\n\nthat indicates that the debtor is a transmitting utility also causes\n\nthe effectiveness of the financing statement to lapse.","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":"95bf41a480ccfbbb55a682b7e7f6f7e5b12b6dab12ab714eda64d667d40fcf72","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-512","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-514"},"notice":"GroundRules: Original legal text. Not legal advice."}