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Can you summarize OKST Title 12A, Article 9?
Uniform Commercial Code > Secured Transactions
Short Summary
These legal documents cover various aspects of secured transactions under the Oklahoma Statutes Uniform Commercial Code. They provide guidance on the sufficiency of description in legal documents related to secured transactions, specifying that a description of personal or real property is sufficient if it reasonably identifies what is described. Similarly, a description of collateral is considered sufficient if it identifies the collateral through specific listing, category, type defined in the title, quantity, formula, or any other objectively determinable method. However, descriptions such as ‘all the debtor’s assets’ or ‘all the debtor’s personal property’ are not considered sufficient. The documents also provide specific requirements for describing security entitlements, securities accounts, commodity accounts, and underlying financial assets or commodity contracts. They further mention that a description only by type of collateral defined in the title is insufficient for commercial tort claims and certain consumer transactions. The documents also address the control of letter-of-credit rights, certificated and uncertificated securities, electronic chattel paper, and deposit accounts. They outline the conditions under which a security interest in goods or software qualifies as a purchase-money security interest and provide guidelines for the application of payments in transactions other than consumer-goods transactions. The burden of establishing a purchase-money security interest lies with the secured party in transactions other than consumer-goods transactions. The documents also provide definitions and an index of definitions for terms and concepts related to secured transactions. These documents apply to individuals and entities involved in secured transactions, such as creditors, debtors, and other parties. However, there are exemptions to their application, such as when federal law preempts them or when another statute of Oklahoma or another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest. No specific penalties are mentioned in these documents.
Whom does it apply to?
Individuals and entities involved in secured transactions, such as creditors, debtors, and other parties
What does it govern?
Secured transactions under the Oklahoma Statutes Uniform Commercial Code
What are exemptions?
Exemptions include when federal law preempts them or when another statute of Oklahoma or another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Oklahoma