{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-515","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-515","heading":"Duration and effectiveness of financing statement;","body":"effect of lapsed financing statement.\n\nDURATION AND EFFECTIVENESS OF FINANCING STATEMENT;\n\nEFFECT OF LAPSED FINANCING STATEMENT\n\n(a) Except as otherwise provided in subsections (b), (e), (f),\n\nand (g) of this section, a filed financing statement is effective\n\nfor a period of five (5) years after the date of filing.\n\n(b) Except as otherwise provided in subsections (e), (f), and\n\n(g) of this section, an initial financing statement filed in\n\nconnection with a public-finance transaction or manufactured-home\n\ntransaction is effective for a period of thirty (30) years after the\n\ndate of filing if it indicates that it is filed in connection with a\n\npublic-finance transaction or manufactured-home transaction.\n\n(c) The effectiveness of a filed financing statement lapses on\n\nthe expiration of the period of its effectiveness unless before the\n\nlapse a continuation statement is filed pursuant to subsection (d)\n\nof this section. Upon lapse, a financing statement ceases to be\n\neffective and any security interest or agricultural lien that was\n\nperfected by the financing statement becomes unperfected, unless the\n\nsecurity interest is perfected otherwise. If the security interest\n\nor agricultural lien becomes unperfected upon lapse, it is deemed\n\nnever to have been perfected as against a purchaser of the\n\ncollateral for value.\n\n(d) A continuation statement may be filed only within six (6)\n\nmonths before the expiration of the five-year period specified in\n\nsubsection (a) of this section or the thirty-year period specified\n\nin subsection (b) of this section, whichever is applicable.\n\n(e) Except as otherwise provided in Section 1-9-510 of this\n\ntitle, upon timely filing of a continuation statement, the\n\neffectiveness of the initial financing statement continues for a\n\nperiod of five (5) years commencing on the day on which the\n\nfinancing statement would have become ineffective in the absence of\n\nthe filing. Upon the expiration of the five-year period, the\n\nfinancing statement lapses in the same manner as provided in\n\nsubsection (c) of this section, unless, before the lapse, another\n\ncontinuation statement is filed pursuant to subsection (d) of this\n\nsection. Succeeding continuation statements may be filed in the\n\nsame manner to continue the effectiveness of the initial financing\n\nstatement.\n\n(f) If a debtor is a transmitting utility and a filed financing\n\nstatement so indicates, the financing statement is effective until a\n\ntermination statement is filed.\n\n(g) A record of a mortgage that is effective as a financing\n\nstatement filed as a fixture filing under subsection (c) of Section\n\n1-9-502 of this title remains effective as a financing statement\n\nfiled as a fixture filing until the mortgage is released or\n\nsatisfied of record or its effectiveness otherwise terminates as to\n\nthe real property.","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":"b5f0c364cae23df6a6b552d7b9c59864ed6a5df138f773854c2ae45d44b7e332","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-514","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-516"},"notice":"GroundRules: Original legal text. Not legal advice."}