sec 24.9 Lapsed Financing Statements

A financing statement which constitutes a "fixture filing" under 12A O.S. § 1-9-502(a) and (b) other than:

(A) a real estate or oil and gas leasehold mortgage which is effective as a "fixture filing" under 12A O.S. § 1-9-301, and

(B) a financing statement filed with the Oklahoma Secretary of State under 12A O.S. § 1-9-501 which states that the debtor is a transmitting utility, and

(C) a financing statement filed in connection with a public-transaction or a manufactured-home transaction if it indicates that it is filed in connection with a public-finance transaction or a manufactured-home transaction 12A O.S. § 1-9-515(b), may be disregarded as lapsed provided:

five (5) years has elapsed from either

(a) the date of filing such financing statement or

(b) the date of commencement of the most recent five-year period through which the financing statement has been continued, and

(2) no continuation statement has been filed in the office of the county clerk in the county in which the financing statement was originally filed within the six (6) months prior to the expiration of the current five-year period of such financing statement.

Authority: 12A O.S. § 1-9-502 and 12A O.S. § 1-9-515

Comment: 1. A continuation statement may be filed only within six (6) months prior to the expiration of the current five-year period of the financing statement, 12A O.S. § 1-9-515(d).

(2) A record of a mortgage that is effective as a financing statement filed as a fixture filing remains effective until the effectiveness of the mortgage terminates under real property law, 12A O.S. § 1-9-515(g).

Historical Data

History: The 1993 Report of the Title Examination Standards Committee recommended this new standard, 64 O.B.J. 3245, 3249-50 (10/30/93). The Real Property Section approved it on November 4, 1993, and the House of Delegates adopted the standard on November 5, 1993, 64 O.B.J. 3409 (11/13/93).

The 2006 Title Examination Standards Committee recommended amending Standard 24.9 to reflect amendments made to Article 9 of Oklahoma’s version of the Uniform Commercial Code. 77 O.B.J. 3161 (11/4/06). The Real Property Law Section approved the amendment on November 16, 2006 and the House of Delegates adopted it on November 16, 2006. 77 O.B.J. 3438 (12/02/06) .