Oklahoma § 4-201.2 - Definitions

§ 4-201.2. Definitions

As used in the Livestock Owner’s Lien Act of 2011:

1. “Affiliate” means any person who is controlled, directly or

indirectly, by a first purchaser, or who controls, directly or

indirectly, a first purchaser. "Control" or "controlled by" means

the possession, directly or indirectly, of the power to direct or

cause the direction of the management and policies of a person,

whether through ownership, by contract, or otherwise;

2. "Agreement to sell" means any enforceable agreement, whether

oral or written, by which a livestock owner, either directly or

through a sales agent, agrees to sell livestock to a first

purchaser;

3. "Article 9" means Article 9 of the Oklahoma Uniform

Commercial Code in effect as of the relevant date or a comparable

article under the uniform commercial code of another state to the

extent applicable;

4. "First purchaser" means the first person that purchases

livestock, either directly or through a sales agent, under an

agreement to sell;

5. “Livestock” means cattle, bison, horses, sheep, goats,

asses, mules, swine, domesticated rabbits, chickens, turkeys, or any

domesticated animal raised primarily for human food consumption;

Oklahoma Statutes - Title 4. Animals

6. "Livestock owner" means a person owning an interest in

livestock before the acquisition thereof by a first purchaser;

7. “Owner’s lender” means a person that has a valid mortgage

lien or security interest in a livestock owner’s livestock at the

time of delivery of such Livestock to the first purchaser;

8. "Owner’s lien" means the lien granted by this act;

9. "Permitted lien" means any of the following liens or

security interests:

a.

a mortgage lien or security interest granted by a

first purchaser which secures payment under a written

instrument of indebtedness signed by the first

purchaser and accepted in writing by the payee thereof

prior to the effective date of this act with a

principal amount and a fixed maturity stated therein;

provided, however, a permitted lien does not include a

mortgage lien or security interest which:

(1) secures payment of any indebtedness incurred

after the effective date of this act,

(2) secures payment under a written instrument of

indebtedness not signed by a first purchaser and

accepted in writing by the payee thereof prior to

the effective date of this act,

(3) secures payment under a written instrument of

indebtedness modified, amended or restated from

or after the effective date of this act which

modification, amendment or restatement increases

the principal amount which was owing at the

effective date of this act,

(4) secures payment under a written instrument of

indebtedness modified, amended or restated from

or after the effective date of this act which

modification, amendment or restatement extends

the stated maturity thereof which was in effect

at the effective date of this act, or

(5) is not validly perfected with a first priority

against the claims of all persons under

applicable law other than persons holding a

statutory or regulatory lien as to which first

priority is granted by statute or regulation, or

b.

a validly perfected and enforceable lien created by

statute in relation to livestock purchased under an

agreement to sell which secures payment of any

indebtedness incurred by the first purchaser prior to

the effective date of this act;

10. "Person" means any individual, executor, administrator,

estate, agent, trust, trustee, institution, receiver, business

trust, firm, business entity, corporation, partnership, limited

Oklahoma Statutes - Title 4. Animals

liability company, cooperative, joint venture, governmental entity

or agency, association or any other group or combination acting as a

unit;

11. "Proceeds" means:

a.

any right or amount paid or to be paid in

consideration of, or as a consequence of, the sale of

livestock such as cash proceeds, accounts, chattel

paper, instruments, or payment intangibles, or

b.

any by-products from the slaughter of livestock, or

any right or amount paid or to be paid in

consideration of, or as a consequence of, the sale of

such by-products;

12. "Purchaser" means a person who is not an affiliate of a

first purchaser and who takes, receives or purchases livestock from

a first purchaser;

13. "Sales agent" means any person who is authorized, including,

without limitation, a livestock auction, auctioneer, commission

company, or broker, to sell livestock on behalf of, or for the

benefit of, another person; and

14. "Sales price" means the amount a first purchaser agrees to

pay a livestock owner or sales agent under an agreement to sell.

Added by Laws 2011, c. 123, § 3, eff. Nov. 1, 2011.