The Oklahoma Bar Journal January 2023

financing statement filed as a fixture filing or as a financing statement cover ing as-extracted collateral or timber to be cut until the mortgage is released or satisfied of record or its effectiveness other wise terminates as to the real property.

Amended Section 9-341 provides conforming changes as to terminology or section references. Amended Section 9-404 provides conforming changes as to terminology or section references. Amended Section 9-406 clarifies that the term “promissory note” includes negotiable instruments that are not an instrument solely because they are a writing that evidences chattel paper. Further, Subsection (l) of the amendments excludes Subsections (a) through (c) from applying to controlla ble accounts or controllable payment intangibles. Note that Oklahoma did not include Subsections (j) and (k) of the uniform text in its previous enactment. 3 Amended Section 9-502 provides conforming changes as to terminology or section references. Amended Section 9-508 provides conforming changes as to terminology or section references. Amended Section 9-509 provides conforming changes as to terminology or section references. Amended Section 9-513 provides conforming changes as to terminology or section references. The FICL subcommittee suggests inserting the fol lowing (italicized) language into Oklahoma Section 1-9-515(g) 4 :

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. These changes are meant to align the new definition of chattel paper with existing priority rules. Amended Section 9-331 pro vides conforming changes as to terminology and section references to incor porate the terms controllable accounts, controllable elec tronic records and controlla ble payment intangibles into the priority rules previously governing instruments, documents and securities under other articles. This rule coordinates the UCC with the Uniform Electronic updates the treatment of pri ority rules with regard to the transfer of money. The rules regarding “tangible money” are largely unchanged, and a new section concerning the receipt of “electronic money” largely mirrors the tangible money rules and conditions the “takes free” rule on the transferee’s receipt of control of the electronic money. The official comments to this sec tion provide an expanded dis tinction between possessing a security interest in a deposit account (the right to payment by a depository) and a secu rity interest in electronic or tangible money. Amended Section 9-334 provides conforming changes as to terminology or section references. Transactions Act (UETA) and Electronic Signatures in Global and National Commerce Act (ESIGN). Amended Section 9-332

Amended Section 9-516 provides conforming changes as to terminology or section references. Amended Section 9-601 provides conforming changes as to terminology or section references. Amended Section 9-605 provides that a secured party owes no obligation to an unidentified debtor or obligor. The amendment adds a duty to unidentified debtors or obligors when the secured party knows the identifying information is missing from the record. Amended Section 9-608 provides conforming changes as to terminology or section references. Amended Section 9-611 pro updates the language used in the notice of disposition. Amended Section 9-614 updates the language used in the notice of plan to sell property. Amended Section 9-615 provides conforming changes as to terminology or section references. Amended Section 9-616 pro vides conforming changes as to terminology or section references. vides conforming changes as to terminology or section references. Amended Section 9-613

(g) A record of a mortgage that is effective as a financing statement filed as a fixture filing under subsection (c) of Section 1-9-502 of this title remains effective as a

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THE OKLAHOMA BAR JOURNAL