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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
   Commission shall accept a release of a security interest in any form
   that identifies the debtor, the secured party, and the vehicle, and
   contains the signature of the secured party. The Commission shall not
   require any particular form for the release of a security interest.
   
   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.
   

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