Oklahoma § 74-859.1 - Moveable machinery loans - Limitations
Full text of Oklahoma Oklahoma Statutes § 74-859.1 — Moveable machinery loans - Limitations, with citation guidance and answers to common questions.
§ 74-859.1. Moveable machinery loans - Limitations
The Oklahoma Industrial Finance Authority may loan money for the
purchase of moveable machinery subject to the following limitations:
1. All procedures required in order for the Authority to loan
money secured by a mortgage on real property shall be followed;
2. The Authority shall require the industrial development
agency to furnish evidence that the Authority shall take a purchase
money security interest;
3. Within twenty-four (24) hours after loaning the money to an
industrial development agency to purchase any moveable machinery,
the Authority shall perfect a security interest in such machinery
pursuant to perfection procedures prescribed by Article 9 of Title
12A of the Oklahoma Statutes;
4. Any industrial development agency which receives money for
the purchase of a moveable machine shall agree to such procedures as
the Authority deems necessary to preserve its interest in such
moveable machinery. These procedures may include notification to
the Authority of the exact location of such moveable machinery and
notification of any changes in location of such moveable machinery;
5. The loan must also be secured by a first or second mortgage
on the real estate of the industrial development project.
Added by Laws 1987, c. 9, § 5, emerg. eff. March 31, 1987. Amended
by Laws 1988, c. 88, § 5, emerg. eff. March 30, 1988; Laws 2000, c.
371, § 182, eff. July 1, 2001.
Frequently Asked Questions About Oklahoma § 74-859.1
What does Oklahoma Statutes § 74-859.1 cover?
Section 74-859.1 ("Moveable machinery loans - Limitations") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 74-859.1?
A common citation format is "Oklahoma Statutes § 74-859.1" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 74-859.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.