{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-15-116","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-15-116","heading":"Transferable records","body":"TRANSFERABLE RECORDS\n\n(a) In this section, “transferable record” means an electronic\n\nrecord that:\n\n(1) would be a note under Article 3 of the Uniform Commercial\n\nCode or a document under Article 7 of the Uniform Commercial Code if\n\nthe electronic record were in writing; and\n\n(2) the issuer of the electronic record expressly has agreed is\n\na transferable record.\n\n(b) A person has control of a transferable record if a system\n\nemployed for evidencing the transfer of interests in the\n\ntransferable record reliably establishes that person as the person\n\nto which the transferable record was issued or transferred.\n\n(c) A system satisfies subsection (b) of this section, and a\n\nperson is deemed to have control of a transferable record, if the\n\ntransferable record is created, stored, and assigned in such a\n\nmanner that:\n\n(1) a single authoritative copy of the transferable record\n\nexists which is unique, identifiable, and, except as otherwise\n\nprovided in paragraphs (4), (5), and (6) of this subsection,\n\nunalterable;\n\n(2) the authoritative copy identifies the person asserting\n\ncontrol as:\n\n(A) the person to which the transferable record was issued, or\n\n(B) if the authoritative copy indicates that the transferable\n\nrecord has been transferred, the person to which the transferable\n\nrecord was most recently transferred;\n\n(3) the authoritative copy is communicated to and maintained by\n\nthe person asserting control or its designated custodian;\n\n(4) copies or revisions that add or change an identified\n\nassignee of the authoritative copy can be made only with the consent\n\nof the person asserting control;\n\n(5) each copy of the authoritative copy and any copy of a copy\n\nis readily identifiable as a copy that is not the authoritative\n\ncopy; and\n\n(6) any revision of the authoritative copy is readily\n\nidentifiable as authorized or unauthorized.\n\n(d) Except as otherwise agreed, a person having control of a\n\ntransferable record is the holder, as defined in paragraph 20 of\n\nSection 1-201 of the Uniform Commercial Code, of the transferable\n\nrecord and has the same rights and defenses as a holder of an\n\nequivalent record or writing under the Uniform Commercial Code,\n\nincluding, if the applicable statutory requirements under subsection\n\n(a) of Section 3-302, Section 7-501, or Section 9-308 of the Uniform\n\nCommercial Code are satisfied, the rights and defenses of a holder\n\nin due course, a holder to which a negotiable document of title has\n\nbeen duly negotiated, or a purchaser, respectively. Delivery,\n\npossession, and endorsement are not required to obtain or exercise\n\nany of the rights under this subsection.\n\n(e) Except as otherwise agreed, an obligor under a transferable\n\nrecord has the same rights and defenses as an equivalent obligor\n\nunder equivalent records or writings under the Uniform Commercial\n\nCode.\n\n(f) If requested by a person against which enforcement is\n\nsought, the person seeking to enforce the transferable record shall\n\nprovide reasonable proof that the person is in control of the\n\ntransferable record. Proof may include access to the authoritative\n\ncopy of the transferable record and related business records\n\nsufficient to review the terms of the transferable record and to\n\nestablish the identity of the person having control of the\n\ntransferable record.","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":"e9f3c48f10c94e9cb36809ce4a337ee3ac1f9fae0f5364b693ad0573ae367b38","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-15-115","next":"us-ok/okla.-stat.-tit.-12a-12a-15-117"},"notice":"GroundRules: Original legal text. Not legal advice."}