§ 9-202. Attachment and enforceability of security interest; proceeds; formal requisites.
A. Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.
B. Enforceability. Except as otherwise provided in subsections (C) through (G) of this section, a security interest is enforceable against the debtor and third parties with respect to the collateral only if:
1. Value has been given;
2. The debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party; and
3. One of the following conditions is met:
a. The debtor has signed a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned;
b. The collateral is in the possession of the secured party pursuant to the debtor’s security agreement and this Osage Nation Secured Transactions Act; or
c. The collateral is a security or an investment account and the secured party has control pursuant to the debtor’s security agreement.
C. Other Applicable Law. Subsection (B) of this section is subject to a collecting bank’s interest in items under applicable law or agreement, any recognized security interest of a letter-of-credit issuer or nominated person under applicable law or agreement, a security interest arising under recognized sales and leases law, and a security interest in a security or in an investment account arising due to the purchase or delivery of the financial asset.
D. Proceeds. The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by this Osage Nation Secured Transactions Act.
E. Lien Securing Right to Payment. The attachment of a security interest in a right to payment or performance secured by a security interest, mortgage or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage, or other lien.
F. Certain Items Credited to Investment Account. The attachment of a security interest in an investment account is also attachment of a security interest in any securities or commodity contracts credited to the investment account.
G. Whether Other Persons Bound. Law other than this Osage Nation Secured Transactions Act determines when and if another person becomes bound by a security agreement entered into by a debtor. ONCA 07-22, eff. June 18, 2007.