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Part 5 FILING

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§ 9-501. Acceptance, refusal, and effectiveness of financing statements; administration.
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A. Place to File. The place to file a financing statement to perfect a security interest governed by this Osage Nation Secured Transactions Act or another record relating to a security interest is the Secretary of the Osage Nation who shall administer the filing system on behalf of the Osage Nation. However, if:

1. The collateral is as-extracted collateral or timber to be cut; or

2. The financing statement is filed as a fixture filing, the collateral is goods that are or are to become fixtures, and the debtor is not a transmitting utility, then the place to file the financing statement is the office designated for the filing or recording of a record of a mortgage on the related real property.

B. Pre-Filing; Acceptance and Refusal. A financing statement may be filed before a security agreement is made or a security interest attaches. Receipt by the duly authorized representative of the Executive Branch of a financing statement or other record, in appropriate form by an appropriate method, and tender of the filing fee, constitutes filing, and in those cases the filing office must accept the record. If the duly authorized representative of the Executive Branch refuses the record, he or she must communicate that fact to the person that presented the record, as well as the reason for refusal and the date and time that the record would have otherwise been filed.

C. Effectiveness of Financing Statement; Minor Errors. A record in appropriate form and communicated to the Secretary of the Osage Nation by an appropriate method is effective even if:

1. It is improperly refused by the filing office, except as against a purchaser of the collateral for value in reasonable reliance on the absence of the record from the files;

2. It is incorrectly indexed by the Secretary of the Osage Nation; or

3. It has minor errors or omissions in information required to perfect a security interest, unless the errors or omissions make the record seriously misleading. If a financing statement fails sufficiently to provide the name of the debtor, the name provided does not make the financing statement seriously misleading if a search of the filing office’s records under the debtor’s correct name using the filing office’s standard search logic, if any, would disclose the financing statement.

D. Subordination in Certain Cases of Reliance. If information that the filing office’s regulations require to be included in a record, but that 27A ONC § 9-502(A) does not require for perfection of a security interest, is incorrect at the time the record is filed, the security interest is subordinate to a conflicting perfected security interest or the interest of a purchaser other than a secured party, to the extent that:

1. The holder of the conflicting security interest gives value in reasonable reliance on the incorrect information; or

2. The purchaser gives value and, in the case of a buyer or lessee of property capable of being possessed, takes possession, all in reasonable reliance on the incorrect information.

E. Fees. The filing office may set fees for filing and indexing a record under subsection (A) of this section by regulation.

F. Regulations. The filing office is charged with administration of this Part. In accordance with applicable administrative and interpretive rules and after review and approval of the Osage Nation Congress, the Secretary of the Osage Nation shall promulgate and make available the following, in both cases consistent with this Osage Nation Secured Transactions Act and with Osage Nation and commercial policy:

1. Regulations to the extent thought necessary for the effective implementation and enforcement of this Part; and

2. An implementation manual providing guidance to persons entering into transactions governed by this Osage Nation Secured Transactions Act.

G. Delegation of Administration. The Osage Congress may delegate the administration of this Part to a third party, including the filing office or offices of another jurisdiction. No delegation of performance relieves the filing office of any duty imposed on it by this Osage Nation Secured Transactions Act. ONCA 07-22, eff. June 18, 2007.