{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-9075","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-9075","heading":"Rights and interests to revenues – Securitization","body":"property right.\n\nA. The rights and interests to receive revenues collected by a\n\nregulated utility through the irrevocable and nonbypassable\n\nmechanism created pursuant to a financing order shall become a\n\nsecuritization property right at the time the ratepayer-backed bond\n\nis issued pursuant to a financing order.\n\nB. The securitization property right under a financing order\n\nshall constitute a present property right for purposes of contracts\n\nconcerning the sale or pledge of property, even though the\n\nimposition and collection of the relevant charges depend on future\n\nacts of the regulated utility, the Oklahoma Corporation Commission\n\nand acts of others. The financing order shall remain in effect, and\n\nthe property interest shall continue to exist for the same period as\n\nthe maturity, with reasonable true-up and reconciliation periods set\n\nout in the financing order.\n\nC. All revenues and collections received through the\n\nirrevocable and nonbypassable mechanism created pursuant to a\n\nfinancing order shall be the further property and right of the owner\n\nof the securitization property.\n\nD. The rights of the securitization property owner are not\n\nsubject to setoff, counterclaim, surcharge or defense by the\n\nregulated utility or any other person, creditor or otherwise, in any\n\nbankruptcy or debt collection proceeding of the regulated utility or\n\nany other entity. A financing order shall remain in effect and\n\nunabated notwithstanding the bankruptcy or sale of the regulated\n\nutility, its successors or assignees.\n\nE. A valid and enforceable lien and security interest in\n\nsecuritization property may be created by a financing order and the\n\nexecution and delivery of a security agreement with the Oklahoma\n\nDevelopment Finance Authority in connection with the issuance of\n\nratepayer-backed bonds. The lien and security interest shall attach\n\nautomatically from the time the value is received by the Authority\n\nfor the bonds and transferred to the regulated utility in exchange\n\nfor securitization property and, on perfection through the filing of\n\nnotice with the Oklahoma Secretary of State, shall be a continuously\n\nperfected lien and security interest in the securitization property\n\nand all proceeds from the property shall have priority in the order\n\nof filing and take precedence over any subsequent judicial or other\n\nlien creditor.\n\nF. Any sale, assignment or transfer of the securitization\n\nproperty to the Authority that expressly states that a transfer is a\n\nsale or other absolute transfer signifies that the transaction is a\n\ntrue sale and is not a secured transaction and that title, legal and\n\nequitable, has passed to the Authority.\n\nG. Transfer of an interest in securitization property to an\n\nassignee shall be perfected against all third parties including\n\nsubsequent judicial or other lien creditors when the financing order\n\nbecomes effective, transfer documents have been delivered to the\n\nassignee and a notice of that transfer has been filed with the\n\nOklahoma Secretary of State.\n\nH. The priority of a lien and security interest perfected under\n\nthis section is not impaired by any later modification of the\n\nfinancing order or by the commingling of funds with other revenues\n\npaid by customers to the regulated utility, by utilities to the\n\nAuthority or otherwise paid. If securitization property has been\n\ntransferred to an assignee, any revenues related to that property\n\nshall be held in trust for the assignee.\n\nI. If a default or termination occurs under the ratepayer-\n\nbacked bonds, holders of the bonds or their representatives may\n\nforeclose on or otherwise enforce their lien and security interest\n\nin any securitization property, and the Commission may require any\n\nrevenues received under the irrevocable and nonbypassable mechanism\n\ncreated by a financing order be paid to a new holder of the\n\nsecuritization property.","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":"27a956325f5c21959ccd4262904f8dbf864910ec860b3c723ad0595f7262934d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-9074","next":"us-ok/okla.-stat.-tit.-74-74-9076"},"notice":"GroundRules: Original legal text. Not legal advice."}