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A. Information Required for Perfection; Other Required Contents. A financing statement is sufficient to perfect a security interest only if it provides the name of the debtor, the name of the secured party or a representative of the secured party, and indicates the collateral covered by the financing statement with a description, whether or not specific, that reasonably identifies the collateral or states that it covers all assets or all personal property. A financing statement or a record of a mortgage that covers as-extracted collateral or timber to be cut, or that is filed as a fixture filing and covers goods that are or are to become fixtures, is sufficient only if in addition it includes such further information as required by filing office regulation. A record that constitutes a termination statement, assigns a record, continues a record, or otherwise amends a record must comply with the regulations of the filing office for such records.

B. Other Information and Filing Office Regulations. A record may include information other than that required by subsection (A) of this section, such as addresses for the debtor and secured party, the characterization of a party as an individual or an organization and, if an organization, the type of organization, and the jurisdiction of organization of the debtor, or a trade name for the debtor, and may use other terms such as “consignor,” “lessor,” or “licensor,” to the extent permitted by and in compliance with the regulations of the filing office, and shall include such other information to the extent required by such regulations.

C. Duration of Effectiveness. A validly filed financing statement is effective for five years after the date of filing unless sooner terminated, except as follows:

1. If the financing statement correctly indicates that it is filed in connection with a manufactured-home transaction or a public-finance transaction, it is effective for thirty (30) years after the date of filing unless sooner terminated;

2. If the debtor is a transmitting utility and the financing statement so indicates, the financing statement is effective until terminated; and

3. A mortgage that is effective as a financing statement is effective until the mortgage is satisfied of record.

D. Continuation and Lapse. A financing statement lapses at the end of the period specified in subsection (C) of this section unless a continuation statement is filed within six months before the expiration of the period. A lapsed financing statement ceases to perfect the security interest unless it is perfected otherwise before lapse, and the security interest is deemed to never have been perfected against a purchaser of the collateral for value.

E. Effect of Continuation and Other Amendments. Upon proper continuation, the effectiveness of a filed financing statement continues for an additional period commencing on the date on which it otherwise would have become ineffective, and again may lapse unless further continued. An amendment to a financing statement other than a continuation statement does not extend the effectiveness of a financing statement, is effective only from its date of filing, and may be effective as a termination statement as prescribed in the regulations of the filing office.

F. Termination Statement. Upon the filing of a termination statement, the financing statement to which the termination statement relates ceases to be effective. A secured party or secured party of record shall file, cause to be filed, or send a termination statement in accordance with the regulations promulgated under this Osage Nation Secured Transactions Act.

G. Persons Entitled to File. Only a person authorized by the debtor in compliance with this subsection or with regulations of the filing office, or a person otherwise designated by those regulations, may file a record that is effective. By signing a security agreement, the debtor authorizes the filing of a financing statement and amendments covering:

1. The collateral described in the security agreement; and

2. Property that becomes collateral under 27A ONC § 9-315(A)(2), relating to identifiable proceeds.

H. Change of Name; Transfer of Collateral; New Person Becoming Bound. If a debtor so changes its name, or an organization its identity or corporate structure, that a filed financing statement becomes seriously misleading, the financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the change, unless an appropriate filing is made before the expiration of that time. If a security interest continues in collateral transferred by the debtor (27A ONC § 9-315(A)), a filed financing statement with respect to collateral remains effective, even if the secured party knows of or consents to the transfer. ONCA 07-22, eff. June 18, 2007.