UCC filings are one of several major functions of County Clerks in Oklahoma and are made by creditors to declare the interest of the creditor in the personal property and/or fixtures of a debtor used as collateral for a secured transaction (such as a loan). Currently, most UCC filings in the State of Oklahoma are filed with the Oklahoma County Clerk’s Office, which serves as a centralized filing location for the State General Information; Types of Financial Transactions Covered Article 9 of the Uniform Commercial Code introduces a new concept covering the range of transactions in which debts are secured by personal property. It supercedes existing legislation dealing with such security devices as chattel mortgages, conditional sales, trust receipts, factors liens, and assignments of accounts receivable. The filing of UCC-1, Financing Statement, eliminates the necessity of filing such security agreements and the confidential information, including amount, terms of payment, interest rates, etc. Where to File
The proper place to file a financing statement in order to perfect a security interest is the UCC Central Filing Office, located in the Offices of the Oklahoma County Clerk. Follow these links for our office location, hours, mailing address and telephone numbers. In the case of goods which are to become fixtures, the filing must be done in the same office where a mortgage on the real estate would be filed. However, if the debtor is a consumer and the collateral is consumer goods, or if the debtor is a farmer with farms products as collateral or accounts arising from the sale of farm products, the filing should occur in the Oklahoma County Central Filing Office Standard Forms The filing system devised for the use of the Uniform Commercial Code Division is based on the use of standard forms designed in accordance with Oklahoma Statutes 2001Title 12A § 1-9-521. The use of the National Standard Forms (Revised 07-29-98) UCC-1, UCC-3 and UCC-11, as approved by the International Association of Corporate Administrators (IACA), meet the requirements of Title 12A § 1-9-521 and are deemed acceptable. The IACA National Standard Forms my be downloaded from the IACA Website at http://www.iaca.org/node/68 . Banks and other institutions that file frequently may find it beneficial to have these forms preprinted with the name of the financing institution in the spaces provided. Standard Forms for Uniform Commercial Code UCC-1 Financing Statement The National Standard Form UCC-1 and its addendum form UCC-1Ad are used to file initial financing statements as well as transitional filings. The Oklahoma UCC Central Filing Office will annotate and retain the original UCC-1 and any UCC-1 Addendums or attachments for its records. The Filing Office will annotate and return to the filing party any additional copies of the Original UCC-1, Addendums, or attachments supplied with the Original UCC-1. UCC-3 Continuation Amendment; Assignments; Partial Release; Etc. The National Standard Form UCC-3 and its addendum form UCC-3Ad are used to file amendments to initial financing statements. The Oklahoma UCC Central Filing Office will annotate and retain the original and one (1) copy of the UCC-3 and any UCC-3 Addendums or attachments for its records. The Filing Office will annotate and return to the filing party any additional copies of the UCC-3, Addendums, or attachments supplied with the UCC-3. UCC-11 Request for Copies or Filed Record of Information The National Standard Form UCC-11 (Revised 05-09-01) is to be used by persons requesting information on a specified debtor or ordering copies of financing statements currently on file. Send the original request and one copy for completion by the Filing Office. The original UCC-11 along any debtor information or copies will be returned to the requesting party. Non-Standard Forms In the event necessity requires the filing of additional collateral descriptions that will not fit on the prescribed National Standard Form, the secured party presenting the document for filing should prepare the proper National Standard Form and include the additional collateral description as an attachment to the appropriate National Standard Form. If the filer desires an annotated copy of the additional collateral description the filer should include a copy that may be imprinted and returned. Advantages for the Secured Party 1. The acknowledgement will be made more quickly because copy 3 of the forms presented to the filing officer can be validated and returned in a window envelope the day after it is filed. 2. By presenting copies for both the alphabetical and numerical files, the filing officer is able to file and index almost immediately. 3. The alphabetical and numerical copies, being mechanically conformed (one the carbon copy of the other) are less susceptible to error. 4. The use of standard forms eliminates the need for transmittal letters. 5. Clerical work and errors are reduced having the termination statement built into the validated copy of the financing statement. Also, it permits faster return of the original documents to the secured party. 6. Security agreements may be retained by the secured party as mandated by state statutes. The financing statement is the only instrument required to be filed. Filing Policy The administrative policy of the Uniform Commercial Code filing office of the Oklahoma County (Oklahoma Central Filing) is to accept all financing statements substantially complying with Oklahoma Statutes 2001 Title 12A § 1-9-501 through § 1-9-527 and accompanied by the proper filing fee. Points to Remember When Filing 1. Be sure you have enclosed the proper filing fee (exact amount only). 2. Be sure the debtor’s name and address is included. 3. Be sure the secured party’s name and address is included. 4. Be sure you have listed collateral. 5. If filing a UCC-3 be sure to include the original file number and date. Duration of Filing The filing of any financing statement is valid for five years, and may be continued by a properly filed continuation statement. A continuation statement may be filed six months before the expiration of the five-year period. Filing Provisions Title 12A Oklahoma Statutes 2001 Section 9, Part 5, sets forth all duties of the filing officer and the fees to be charged for filings and information. It also set forth the provisions for obtaining information from the Oklahoma Uniform Commercial Code (UCC) Central Filing Office. In addition, Part 5 of Article 9 indicates the proper place of filing, what constitutes a filing, the formal requisites of a financing statement, the duration of filing, the effect of lapsed filing, the assignment of security interests and the release of collateral |