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47-1110.


47-1110.


    A.  1.  Except for a security interest in vehicles held by a
dealer for sale or lease, as defined in Section 1-112 of this title
and a vehicle being registered in this state which was previously
registered in another state and which title contains the name of a
secured party on the face of the other state certificate or title, a
security interest, as defined in Section 1-201 of Title 12A of the
Oklahoma Statutes, in a vehicle as to which a certificate of title
may be properly issued by the Oklahoma Tax Commission shall be
perfected only when a lien entry form, and the existing certificate
of title, if any, or application for a certificate of title and
manufacturer's certificate of origin containing the name and address
of the secured party and the date of the security agreement and the
required fee are delivered to the Commission or to a motor license
agent.  When a vehicle title is presented to a motor license agent
for transferring or registering and the documents reflect a lien
holder, the motor license agent shall perfect the lien pursuant to
subsection G of Section 1105 of Title 47 of the Oklahoma Statutes.
For the purposes of this section, the term "vehicle" shall not
include special mobilized machinery, machinery used in highway
construction or road material construction and rubber-tired road
construction vehicles including rubber-tired cranes.  The filing and
duration of perfection of a security interest, pursuant to the
provisions of Title 12A of the Oklahoma Statutes, including, but not
limited to, Section 9-302 of Title 12A of the Oklahoma Statutes,
shall not be applicable to perfection of security interests in
vehicles as to which a certificate of title may be properly issued by
the Commission, except as to vehicles held by a dealer for sale or
lease and except as provided in subsection D of this section.  In all
other respects Title 12A of the Oklahoma Statutes shall be applicable
to such security interests in vehicles as to which a certificate of
title may be properly issued by the Commission.
    2.  Whenever a person creates a security interest in a vehicle,
the person shall surrender to the secured party the certificate of
title or the signed application for a new certificate of title, on
the form prescribed by the Commission, and the manufacturer's
certificate of origin.  The secured party shall deliver the lien
entry form and the required lien filing fee within twenty (20) days
as provided hereafter with certificate of title or the application
for certificate of title and the manufacturer's certificate of origin
to the Commission or to a motor license agent.  If the lien entry
form, the lien filing fee and the certificate of title or application
for certificate of title and the manufacturer's certificate of origin
are delivered to the Commission or to a motor license agent within
twenty (20) days after the date of the lien entry form, perfection of
the security interest shall begin from the date of the execution of
the lien entry form, but, otherwise, perfection of the security
interest shall begin from the date of the delivery to the Commission
or to a motor license agent.
    3.   a.   For each security interest recorded on a certificate of
              title, or manufacturer's certificate of origin, such
              person shall pay a fee of Ten Dollars ($10.00), which
              shall be in addition to other fees provided for in the
              Oklahoma Vehicle License and Registration Act.  Upon
              the receipt of the lien entry form and the required
              fees with either the certificate of title or an
              application for certificate of title and manufacturer's
              certificate of origin, a motor license agent shall, by
              placement of a clearly distinguishing mark, record the
              date and number shown in a conspicuous place, on each
              of these instruments.  Of the ten-dollar fee, the motor
              license agent shall retain Two Dollars ($2.00) for
              recording the security interest lien.
         b.   It shall be unlawful for any person to solicit, accept
              or receive any gratuity or compensation for acting as a
              messenger and for acting as the agent or representative
              of another person in applying for the recording of a
              security interest or for the registration of a motor
              vehicle and obtaining the license plates or for the
              issuance of a certificate of title therefor unless the
              Commission has appointed and approved the person to
              perform such acts; and before acting as a messenger,
              any such person shall furnish to the Commission a
              surety bond in such amount as the Commission shall
              determine appropriate.
    4.  The certificate of title or the application for certificate
of title and manufacturer's certificate of origin with the record of
the date of receipt clearly marked thereon shall be returned to the
debtor together with a notice that the debtor is required to register
and pay all additional fees and taxes due within thirty (30) days
from the date of purchase of the vehicle.
    5.  Any person creating a security interest in a vehicle that has
been previously registered in the debtor's name and on which all
taxes due the state have been paid shall surrender the certificate of
ownership to the secured party.  The secured party shall have the
duty to record the security interest as provided in this section and
shall, at the same time, obtain a new certificate of title which
shall show the secured interest on the face of the certificate of
title.
    6.  The lien entry form with the date and assigned number thereof
clearly marked thereon shall be returned to the secured party.  If
the lien entry form is received and authenticated, as herein
provided, by a motor license agent, the agent shall make a report
thereof to the Commission upon the forms and in the manner as may be
prescribed by the Commission.
    7.  The Commission shall have the duty to record the lien upon
the face of the certificate of title issued at the time of
registering and paying all fees and taxes due on the vehicle.
    B.  1.  A secured party shall, within seven (7) business days
after the satisfaction of the security interest, furnish directly or
by mail a release of a security interest to the Commission and mail a
copy thereof to the last-known address of the debtor.  If the
security interest has been satisfied by payment from a licensed used
motor vehicle dealer to whom the motor vehicle has been transferred,
the secured party shall also, within seven (7) business days after
such satisfaction, mail an additional copy of the release to the
dealer.  If the secured party fails to furnish the release as
required, the secured party shall be liable to the debtor for a
penalty of One Hundred Dollars ($100.00) and, in addition, any loss
caused to the debtor by such failure.
    2.  Upon release of a security interest the owner may obtain a
new certificate of title omitting reference to the security interest,
by submitting to the Commission or to a motor license agent:
         a.   a release signed by the secured party, an application
              for new certificate of title and the proper fees, or
         b.   by submitting to the Commission or the motor license
              agent an affidavit, supported by such documentation as
              the Commission may require, by the owner on a form
              prescribed by the Commission stating that the security
              interest has been satisfied and stating the reasons why
              a release cannot be obtained, an application for a new
              certificate of title and the proper fees.
Upon receiving such affidavit that the security interest has been
satisfied, the Commission shall issue a new certificate of title
eliminating the satisfied security interest and the name and address
of the secured parties who have been paid and satisfied.
    The words "security interest" when used in this act do not
include liens dependent upon possession.
    C.  The Commission shall file and index certificates of title so
that at all times it will be possible to trace a certificate of title
to the vehicle designated therein, identify the lien entry form, and
the names and addresses of secured parties, or their assignees, so
that all or any part of such information may be made readily
available to those who make legitimate inquiry of the Commission as
to the existence or nonexistence of security interest in the vehicle.
    D.  Any security interest in a vehicle properly perfected prior
to July 1, 1979, may be continued as to its effectiveness or duration
as provided by subsection (3) of Section 9-401 and subsection (3) of
Section 9-403 of Title 12A of the Oklahoma Statutes, or may be
terminated, assigned or released as provided by Sections 9-404, 9-405
and 9-406 of Title 12A of the Oklahoma Statutes, as fully as if this
section had not been enacted, or, at the option of the secured party,
may also be perfected under this section, and, if so perfected, the
time of perfection under this section shall be the date the security
interest was originally perfected under the prior law.  Upon request
of the secured party, the debtor or any other holder of the
certificate of title shall surrender the certificate of title to the
secured party and shall do such other acts as may be required to
perfect the security interest under this section.
    E.  The priority of a valid security interest in a manufactured
home, including without limitation a mobile home or sectional home,
perfected pursuant to this section, shall not be affected by reason
of the manufactured home becoming a fixture or otherwise being
permanently attached to real property after the date of perfection of
the security interest.  A security interest in a manufactured home
perfected pursuant to this section shall have priority over a
conflicting interest of a mortgagee or other lien encumbrancer, or
the owner of the real property upon which the manufactured home
became affixed or otherwise permanently attached.  The holder of the
security interest in the manufactured home, upon default, may remove
the manufactured home from such real property.  The holder of the
security interest in the manufactured home shall reimburse the owner
of the real property who is not the debtor and who has not otherwise
agreed to access the real property for the cost of repair of any
physical injury to the real property, but shall not be liable for any
diminution in value to the real property caused by the removal of the
manufactured home, trespass, or any other damages caused by the
removal.  The debtor shall notify the holder of the security interest
in the manufactured home of the street address, if any, and the legal
description of the real property upon which the manufactured home is
affixed or otherwise permanently attached and shall sign such other
documents, including any appropriate mortgage, as may reasonably be
requested by the holder of such security interest.
    F.  In the case of motor vehicles or trailers, notwithstanding
any other provision of law, a transaction does not create a sale or
security interest merely because it provides that the rental price is
permitted or required to be adjusted under the agreement either
upward or downward by reference to the amount realized upon sale or
other disposition of the motor vehicle or trailer.





operative July 1, 1989.  


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