The Oklahoma Bar Journal January 2023

buyers if the buyer or lessee does not meet the require ments of Section 9-320 or 9-321. Sections 9-320 and 9-321, which specifically out line instances where buyers or lessees in ordinary course of business are exempt from taking property subject to existing security interests, still serve to pass the collat eral free and clear to those buyers and lessees. Amended Section 9-324 provides conforming changes as to terminology or section references. Amended Section 9-326A provides that a security interest in a controllable account, controllable elec tronic record or controllable payment intangible held by a secured party having control of the account, electronic record or payment intangible has priority over a conflict ing security interest held by a party without control. Amended Section 9-330 provides conforming changes as to terminol ogy or section references

security interests if the buyer gives value and obtains control.

Amended Section 9-317 provides as follows:

1) Buyers of chattel paper take free of a security interest if, without knowledge of the pre vious security interest, they receive delivery of each authoritative tan gible copy of the record and take control of all authoritative electronic copies of such chattel paper. 2) Buyers of electronic documents take free if, without knowledge of prior interests, the buyer receives control of each authoritative electronic document. 3) Buyers of controllable

Amended Section 9-322 provides conforming changes as to terminology or section references. Amended Section 9-323 modifies that section to expand the exceptions to the priority rules of Section 9-322 to additionally allow buyers and lessees in future advances free of such security interest to the extent such advances are made after the earlier of the time the secured party acquires knowledge of the purchase or 45 days after the purchase. Under the amendment, buyers in ordinary course of business seeking to take collateral securing future advances free from such security interest will take the collat eral subject to or free of the existing security interest to the same extent as all other ordinary course of business to take collateral securing

electronic records take free of prior security interests if the buyer

gives value and obtains control of the controlla ble electronic record. 4) Buyers of controllable

accounts and control lable payment intangi bles take free of prior

Amended Section 9-330 provides conforming changes as to terminology or section references in an effort to emphasize the importance of taking control of the authoritative copy of records evidencing chattel paper where there are competing claims to the chattel paper by secured parties.

30 | JANUARY 2023

THE OKLAHOMA BAR JOURNAL