§ 4-156. Security interest; perfection and nonperfection.
A. This section shall apply to all motor vehicles as defined in Section 4-101 of this Title covered by a certificate of title issued under a law of this jurisdiction or of another jurisdiction under the law of which indication, or delivery for indication, of a security interest is required as a condition of perfection. Except as otherwise provided in this section, perfection and the effect of perfection or nonperfection of the security interests are governed by the law, including the conflict of law rules, of the jurisdiction where the security interest was made and executed. Until such time as an Osage Nation law is adopted governing the same, security interests made and executed within the jurisdiction of the Osage Nation shall be made and executed in conformity with the laws of the State of Oklahoma.
B. Notwithstanding any provisions to the contrary contained within this chapter, a security interest in a motor vehicle as to which a certificate of title may be properly issued by the Tax Commission shall be perfected only when a lien entry form, which shall be upon a form prescribed by the Tax Commission, and existing certificate of title, if any, or the application for a certificate of title and the 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 Tax Commission:
1. Whenever a person creates a security interest in a vehicle, such 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 Tax Commission, and the manufacturer’s certificate of origin to Tax Commission. If the lien entry form, the required filing fee and the certificate of title of the application for certificate of title and the manufacturer’s certificate of origin are delivered to the Tax Commission within ten (10) days after the date of the lien entry form, perfection of the security interest shall begin from the date of delivery to the Tax Commission.
2. Upon receipt of the lien entry form and the required fees with either the certificate of title or an application for a certificate of title and manufacturer’s certificate of origin, the Tax Commission shall, by placement of a clearly distinguishable mark, record the date and number, shown in a conspicuous place, on each of these instruments.
3. The certificate of title or the application for a 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.
4. 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 Tax Commission have been paid shall surrender the certificate of title 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 duplicate certificate of title which shall show the secured interest of the face of such certificate of title.
5. The lien entry form with the date and assigned number thereof clearly marked thereon shall be returned to the secured party.
6. The Tax 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 such vehicle.
C. Except with respect to the rights of a buyer described in the next subsection, a security interest in a motor vehicle, perfected in another jurisdiction otherwise than by notation on a certificate of title, brought into this jurisdiction and thereafter covered by a certificate of title issued by this jurisdiction is subject to the rules stated herein.
D. If a motor vehicle is brought into this jurisdiction while a security interest therein is perfected in any manner under the law of the jurisdiction from which the motor vehicle is removed, and a certificate of title issued by this jurisdiction and the certificate of title of the other jurisdiction does not show that the motor vehicle is subject to a security interest or that it may be subject to security interests not shown on the certificate title of such other jurisdiction, the security interest is subordinate to the rights of a buyer of the motor vehicle who is not in the business of selling motor vehicles to the extent that such a buyer gives value and receives delivery of the motor vehicle after issuance of the certificate of title by the other jurisdiction and that such a buyer is without knowledge of the security interest. ONCA 06-10, eff. Sept. 29, 2006; ONCA 09-01, eff. Dec. 11, 2008.