Oklahoma Senate Reintroduces the 2010 Amendments to UCC Article 9

January 27, 2012

The Oklahoma Senate introduced legislation on Wednesday, January 18, 2012 to enact the 2010 Amendments to U.C.C. Article 9.  Last year, the Oklahoma Legislature introduced similar legislation in both the house and senate, but neither bill made it out of committee.

Senate Bill 1219 adopts the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4).  The bill also provides the uniform effective date of July 1, 2013.  Section 9-521 does not provide images of the safe harbor forms.  Instead it provides text of the form fields.  There are no significant non-uniform departures from the official text of the 2010 Amendments.

As with any proposed law, SB 1219 may be amended at any point during the legislative process.  CSC will continue to provide updates of any significant developments with all state Article 9 legislation.