| Perfection
|| Possession and Sale || New Title
and Plates || Other Issues
|| Kelley Blue Book | |
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| LAWDOG™ Oklahoma Repossession |
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| Perfection Requires Notation On Certificate
With exceptions for dealer inventory for sale or lease, and certain out of state vehicles,
a security interest, in vehicle for which a certificate of title may be properly issued by
the Oklahoma Tax Commission, is perfected only when a lien entry form, and existing
certificate of title, if any, or application for certificate, and certificate of origin
with name and address of secured party, date of security agreement and required fee are
delivered to Commission or to a motor license agent. See Oklahoma State Statutes Section
47-1110
from the Office of Attorney General of the State
of Oklahoma, W. A. Drew Edmondson |
| Date of Perfection of Security Interest
To create security interest in vehicle, certificate of title or signed approved
application form for new certificate, and certificate of origin, are surrendered to
secured party. Secured party must deliver these and lien entry form and required lien
filing fee, within twenty (20) days, to the Commission or to motor license agent. If
documents are delivered to the Commission or motor license agent within twenty (20) days
after date of lien entry form, perfection of security interest begins from date of
execution of lien. If delivered later than 20 days after date of lien entry form,
perfection begins from actual date of delivery to Commission or motor license agent. The
documents with record of date of receipt clearly marked are returned to debtor, together
with notice that debtor is required to register and pay all additional fees and taxes due
within thirty (30) days from date of purchase of vehicle. See Oklahoma State Statutes
Section 47-1110 |
| Lienholder Has Duty To Record Interest
To create security interest in vehicle previously registered to debtor, on which all taxes
due the State of Oklahoma have been paid, certificate of ownership is surrendered to
secured party. The secured party has duty to record security interest, and, at same time,
obtains new certificate of title showing secured interest on face. The Commission has duty
to record lien upon certificate issued at time of registering and paying all fees and
taxes due on vehicle. See Oklahoma State Statutes Section 47-1110
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| Possession After Default Without Breach of
Peace Unless otherwise agreed a secured party has on default the right to
take possession of the collateral. In taking possession a secured party may proceed
without judicial process only if this can be done without breach of the peace or may
proceed by action. See Oklahoma State Statutes Section 12A-9-503
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| Right To Redeem At any time
before secured party has disposed of collateral or entered into a contract for disposition
under Section 12A-9-504 or before discharge under Section 12A-9-505, debtor or any other
secured party may, unless otherwise agreed in writing after default, redeem the collateral
by tendering fulfillment of all obligations secured by the collateral, expenses reasonably
incurred by secured party in retaking, holding and preparing the collateral for
disposition, in arranging for sale, and, to extent provided in agreement and not
prohibited by law, reasonable attorneys' fees and legal expenses. See Oklahoma State
Statutes Section 9-506 |
| Compulsory Sale If debtor
has paid sixty percent (60%) of the cash price in case of a purchase money security
interest in consumer goods or sixty percent (60%) of the loan in case of another security
interest in consumer goods, and has not signed, after default, a statement renouncing or
modifying rights under this part, secured party who has taken possession of collateral
must dispose of it under Section 12A-9-504, and if he fails to do so within ninety (90)
days after possession, debtor may recover certain damages. See Oklahoma State Statutes
Section 9-505 |
| Acceptance As Satisfaction
In any other case involving consumer goods or any other collateral a secured party in
possession may, after default, propose to retain the collateral in satisfaction of the
obligation. Written notice of such proposal shall be sent to the debtor if he has not
signed, after default, a statement renouncing or modifying his rights under this
subsection. In the case of consumer goods, no other notice need be given. In other cases,
notice shall be sent to any other secured party and any holder of a subordinate lien from
whom the secured party has received, before sending his notice to the debtor or before the
debtor's renunciation of his rights, written notice of a claim of an interest in the
collateral. If the secured party receives objection in writing from a person entitled to
receive notification within twenty-one (21) days after the notice was sent, the secured
party must dispose of the collateral under Section 12A-9-504. In the absence of such
written objection, the secured party may retain the collateral in satisfaction of the
debtor's obligation. See Oklahoma State Statutes Section 9-505 |
| Sale And Application of Proceeds
A secured party, after default, may sell, lease or otherwise dispose of any or all of the
collateral in its then condition or following any commercially reasonable preparation or
processing. Any sale of goods is subject to the Article on Sales (Article 2). The proceeds
of disposition shall be applied, in the order following, to reasonable expenses of
retaking, holding, preparing for sale or lease, selling, leasing and the like and, to
extent provided for in the agreement and not prohibited by law, reasonable attorneys' fees
and legal expenses incurred by secured party. Proceeds are next applied to satisfaction of
debt secured by the security interest under which the sale is made. See Oklahoma State
Statutes Section 12A-9-504 |
| Subordinate Liens If
proceeds remain, they would next apply to satisfaction of debt secured by any subordinate
security interest in the collateral if written notice of demand is received before
distribution of proceeds is completed. If requested by secured party, holder of a
subordinate security interest must seasonably furnish reasonable proof of interest, and
unless he does so, secured party need not comply with his demand. See Oklahoma State
Statutes Section 12A-9-504 |
| Accounting and Deficiency
If the security interest secures debt, secured party must account to debtor for any
surplus, and, unless otherwise agreed, debtor is liable for any deficiency. See Oklahoma
State Statutes Section 12A-9-504 |
| Public or Private Sale After Reasonable
Notice Disposition of the collateral may be by public or private
proceedings and may be at any time and place and on any terms but every aspect of the
disposition, including method, manner, time, place and terms must be commercially
reasonable. Unless collateral is perishable or threatens to decline speedily in value,
reasonable notice of the time and place of any public sale, or the time after which any
private sale is to be made, must be sent by secured party to debtor if he has not signed,
after default, a statement renouncing or modifying right to notice of sale. See Oklahoma
State Statutes Section 12A-9-504 |
| Subordinate Interest In the
case of consumer goods, no other notification need be sent. In other cases, notice must be
sent to any other secured party and any holder of a subordinate lien from whom secured
party has received, before sending notice to debtor or before renunciation of rights,
written notice of claim of interest in the collateral. The secured party may buy at any
public sale and, if the collateral is of a type customarily sold in a recognized market or
is of a type which is the subject of widely distributed standard price quotations, he may
buy at private sale. See Oklahoma State Statutes Section 12A-9-504 |
| Good Faith Sales Generally Pass Good Title
When collateral is disposed of by a secured party after default, the disposition transfers
to a purchaser for value all of the debtor's rights therein, discharges the security
interest under which it is made and any security interest or lien subordinate thereto. The
purchaser takes free of all such rights and interests even though secured party fails to
comply with the requirements of this Part or of any judicial proceedings in the case of a
public sale, if purchaser has no knowledge of any defects in the sale and if he does not
buy in collusion with secured party, other bidders or the person conducting the sale, or
in any other case, if purchaser acts in good faith. See Oklahoma State Statutes Section
12A-9-504 |
| Certain Transfers To Liable Parties
A person who is liable to a secured party under a guaranty, indorsement, repurchase
agreement or the like and who receives a transfer of collateral from the secured party or
is subrogated to his rights has thereafter the rights and duties of the secured party.
Such a transfer of collateral is not a sale or disposition of the collateral under this
article. See Oklahoma State Statutes Section 12A-9-504 |
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| Provided, when the ownership of any motor vehicle shall pass by operation
of law, the person owning the vehicle may, upon furnishing satisfactory proof to the
Commission of ownership, procure a title to the motor vehicle, regardless of whether a
certificate of title has ever been issued. See Oklahoma State Statutes Section 47-1107 |
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