The Oklahoma Senate introduced two bills on January 15, 2013 to enact the 2010 Amendments to UCC Article 9. Oklahoma had introduced bills to enact the 2010 Amendments in previous sessions, but they failed to pass before the legislature adjourned last year. The new legislative measures, Senate Bill 371 and Senate Bill 388, both adopt the Alternative A “Only If” approach for sufficiency of individual names in Section 9-503(a)(4) and provide text fields for the safe harbor forms in Section 9-521. The bills both include a significant non-uniform provision. As introduced, the bills set a delayed effective date of July 1, 2014. Yet, the transition period in Section 9-805(b)(2) ends on the uniform date of June 30, 2018. As a result, Oklahoma could have a four-year transition period. The good news is that this provision, if enacted, would impact only a tiny number of filed financing statements.
CSC will continue to track all UCC Article 9 legislation and provide updates of any significant developments. Additional resources on the 2010 Amendments to UCC Article 9, including legislative status charts, are available at http://csctransactionwatch.com/amendments/.
If you have questions or need more information on Article 9 legislation, please contact Paul Hodnefield, Associate General Counsel, at phodnefi@cscinfo.com or 800-927-9801, ext. 62375.