{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-859.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-859.1","heading":"Moveable machinery loans - Limitations","body":"The Oklahoma Industrial Finance Authority may loan money for the\n\npurchase of moveable machinery subject to the following limitations:\n\n1. All procedures required in order for the Authority to loan\n\nmoney secured by a mortgage on real property shall be followed;\n\n2. The Authority shall require the industrial development\n\nagency to furnish evidence that the Authority shall take a purchase\n\nmoney security interest;\n\n3. Within twenty-four (24) hours after loaning the money to an\n\nindustrial development agency to purchase any moveable machinery,\n\nthe Authority shall perfect a security interest in such machinery\n\npursuant to perfection procedures prescribed by Article 9 of Title\n\n12A of the Oklahoma Statutes;\n\n4. Any industrial development agency which receives money for\n\nthe purchase of a moveable machine shall agree to such procedures as\n\nthe Authority deems necessary to preserve its interest in such\n\nmoveable machinery. These procedures may include notification to\n\nthe Authority of the exact location of such moveable machinery and\n\nnotification of any changes in location of such moveable machinery;\n\n5. The loan must also be secured by a first or second mortgage\n\non the real estate of the industrial development project.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"69c53052932fca6e53dd70f9958ac73bdfc0d776494bf6245b387da110389d0d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-859","next":"us-ok/okla.-stat.-tit.-74-74-86.1"},"notice":"GroundRules: Original legal text. Not legal advice."}