The Oklahoma Bar Journal January 2023

ARTICLE 9 Conforming changes relating to terminology or section references in Section 9-102(a) are as follows: Amended Subsection (2) updates exclusions from the definition of “account” for clearly unrelated terms, such as in “statement of account.” Amended Subsections (7A) parties and debtors and 2) purchasers and sellers of certain intangibles. Amended Subsection (11) updates the definition of chattel paper to separately address secured loans and leases of goods. Amended Subsections (27A) and (27B) add definitions of “controllable account” and “controllable payment intan gible” to mean an account or a payment intangible evidenced by a controllable electronic record. Amended Subsection (31A) adds a definition of “elec tronic money” as money in an electronic form. (42) includes “controlla ble electronic records” in the definition of general intangibles. Amended Subsection (47) makes clear that “instru ment” does not include a writing evidencing chattel paper. Amended Subsection (53A) Amended Subsection makes clear that “money” does not include deposit accounts or electronic money. Amended Subsection (61) makes clear that “payment intangible” includes control lable payment intangibles. and (7B) add definitions of “assignee” and “assignor” to clearly include 1) secured

apply to a controllable elec tronic record, a controllable account or a controllable payment intangible. extends perfection by con trol to the new categories of electronic records. Control of chattel paper is pursuant to amended Section 9-314A. Amended Section 9-204(c) makes clear that a security interest can attach to com mingled goods, consumer goods and commercial tort claims as proceeds. Amended Section 9-207 provides conforming changes as to terminology or section references. Amended Section 9-208 provides conforming changes as to terminology or section references and imposes on the secured party in control of elec tronic collateral the same duties as if the collateral was tangible. Amended Section 9-209 provides conforming changes as to terminology or section references. Amended Section 9-210 pro Amended Section 9-203

Amended Subsection (79A) makes clear that “tangible money” is money in a tan gible form. Under amended Section 9-104, control of a deposit account would be possible by a third party’s obtaining control for the secured party. Present Section 9-105 pro vides for control of electronic chattel paper and sets forth system requirements. The amendment carries forward those system’s requirements as applicable to “an electronic copy of a record evidencing electronic chattel paper.” It also adds provisions relating to more than one authori tative copy, what it means to have “exclusive control” and how to obtain control through another person. Amended Section 9-105A confirms that perfection of a security interest in money is by possession. The amendment provides the control method for perfec tion in electronic money. It is consistent with the methods for control of other electronic collateral. Amended Section 9-107A

vides conforming changes as to terminology or section references.

adopts the control provi sions of Section 12-105 to

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THE OKLAHOMA BAR JOURNAL