§ 9-316. Continued perfection of security interest following change in governing law.
A. General Rule – Effect on Perfection of Change in Governing Law. A security interest to which the Osage Nation Secured Transactions Act becomes applicable that is perfected pursuant to the law of another jurisdiction remains perfected until the earliest of:
1. The time perfection would have ceased under the law of that jurisdiction;
2. The expiration of four months after the debtor becomes subject to the jurisdiction of the Osage Nation (subsections (D) and (E) of this section); or
3. The expiration of one year after a transfer of collateral to a person that thereby becomes a debtor and is subject to the jurisdiction of the Osage Nation.
B. Security Interest Perfected or Unperfected under Law of the Osage Nation. If a security interest described in subsection (A) of this section becomes perfected under the law of the Osage Nation before the end of the applicable period described in that subsection, it remains perfected thereafter until perfection lapses in accordance with this Osage Nation Secured Transactions Act. Otherwise, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
C. Goods Covered by Certificate of Title from the Osage Nation. A security interest to which this Osage Nation Secured Transactions Act becomes applicable which is perfected by any method under the law of another jurisdiction when the goods become covered by a certificate of title from the Osage Nation remains perfected until the security interest would have become unperfected under the law of the other jurisdiction had the goods not become so covered. However, the security interest becomes unperfected as against a purchaser of the goods for value and is deemed never to have been perfected as against a purchaser of the goods for value, if the applicable requirements for perfection under 27A ONC § 9-311(B)or § 9-313, dealing with perfection by compliance with other law or by possession, are not satisfied before the earlier of:
1. The time the security interest would have become unperfected under the law of the other jurisdiction had the goods not become covered by a certificate of title from the Osage Nation; or
2. The expiration of four months after the goods had become so covered.
D. When Debtor Subject to Jurisdiction of This Osage Nation for Purposes of This Section. For purposes of this section only, a debtor becomes subject to the jurisdiction of this Osage Nation if:
1. The debtor is an individual whose principal residence comes to be within the territorial jurisdiction of the Osage Nation as defined in Article II of the Osage Constitution or who becomes a member of the Osage Nation;
2. The debtor is an organization, other than a registered organization, and its sole place of business or, if it has more than one place of business, its chief executive office, comes to be within the territorial jurisdiction of the Osage Nation as defined in Article II of the Osage Constitution; or
3. The debtor comes to be:
a. A registered organization that is organized solely under the law of the Osage Nation, or
b. Incorporated under a charter issued to a tribe by the United States Secretary of the Interior pursuant to 25 U.S.C. § 477 or 25 U.S.C. § 503, as the same may be amended from time to time. The term “registered organization” means an organization organized solely under the law of the Osage Nation, a single state, or the United States and as to which the Osage Nation, the state, or the United States must maintain a public record showing the organization to have been organized. The term “place of business” means a place where a debtor conducts its affairs.
E. Continuation of Jurisdiction – Cessation of Existence, Etc. For purposes of subsection (D) of this section:
1. A person other than a registered organization continues to be subject to the jurisdiction of the Osage Nation notwithstanding the fact that it ceases to exist, have a residence, or have a place of business; and
2. A registered organization continues to be subject to the jurisdiction of the Osage Nation notwithstanding:
a. The suspension, revocation, forfeiture, or lapse of the registered organization’s status as such, or
b. The dissolution, winding up, or cancellation of the existence of the registered organization. ONCA 07-22, eff. June 18, 2007.