Oklahoma Secured Transactions Forms

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Oklahoma Secured Transactions Forms FAQ

What is a secured transaction?

A secured transaction is created by means of a security agreement in which a lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. By creating a security interest, the secured party is also assured that if the debtor should go bankrupt he or she may be able to recover the value of the loan by taking possession of the specified collateral instead of receiving only a portion of the borrowers property after it is divided among all creditors.

What law governs secured transactions?

The Uniform Commercial Code is a model statute covering transactions in such matters as the sale of goods, credit, bank transactions, conduct of business, warranties, negotiable instruments, loans secured by personal property and other commercial matters. Article 9 of the Uniform Commercial Code covers most types of security agreements for personal property that are both consensual and commercial. All states have adopted and adapted the entire UCC, with the exception of Louisiana, which only adopted parts of it. General contract law principles will also apply.

What is collateral?

Collateral is the property that secures the debt and may be forfeited to the creditor if the debtor fails to pay the debt. Property of numerous types may serve as collateral, such as houses, cars, jewelry, shares of stock of a company, inventory, accounts receivable, etc.


1. What Is an Oklahoma Advance Directive?

An Oklahoma Advance Directive is a legal document that allows you to make your wishes known about the medical treatment you would like to receive in case you become unable to communicate your choices. This document also allows you to appoint someone you trust to make medical decisions on your behalf if you are unable to do so. In Oklahoma, an Advance Directive is recognized as a legal way to ensure your healthcare preferences are carried out when you may not be able to express them yourself. It is important to have an Advance Directive to make sure your medical wishes are respected and to provide guidance to your loved ones and healthcare providers.


2. Who Should Have an Advance Directive for Health Care in Oklahoma?

In Oklahoma, an advance directive for health care is a valuable legal document that anyone can have to express their healthcare wishes in case they become unable to make decisions. It is recommended for individuals of all ages, especially those who have specific desires regarding their medical treatment, such as end-of-life care preferences or medical treatments they would like to refuse. Having an advance directive ensures that your wishes are respected and followed, providing peace of mind to both you and your loved ones during challenging medical situations.


3. How to Select Your Agent(s)

When it comes to selecting an agent in Oklahoma, it's important to keep a few things in mind. First, you should do your homework and research different agents in the area. Look for agents who specialize in your specific needs or interests, whether it's buying a home, selling property, or investing in real estate. Additionally, consider reading reviews and asking for recommendations from friends or family who have had positive experiences with agents. It's also crucial to meet with potential agents in person and gauge their communication skills, professionalism, and knowledge of the local market. Lastly, don't be afraid to ask questions and clarify any doubts you may have. Ultimately, selecting the right agent is crucial in ensuring a smooth and successful real estate transaction in Oklahoma.


4. Which Decisions Can Your Agent(s) Make On Your Behalf?

In Oklahoma, your agent(s) can make certain decisions on your behalf if you grant them the authority to do so. These decisions may include managing your financial affairs, such as paying bills, buying or selling property, or making investments. Your agents can also make healthcare decisions for you, including consenting to or refusing medical treatment, choosing healthcare providers, or accessing your medical records. It's important to clearly communicate your wishes to your agents and ensure they understand their role and responsibilities in making these decisions on your behalf.


5. What to Do If You Change Your Mind

If you change your mind about something in Oklahoma, there are few important steps you can take to navigate the situation. Firstly, try to communicate your decision with clarity and respect to anyone involved. It's generally advisable to do this as early as possible, to avoid inconveniencing others. Depending on the situation, you might need to fill out certain forms or notify the appropriate parties, such as employers, landlords, or event organizers. If there are any legal or financial implications, it's wise to seek professional advice. Remember, it's okay to change your mind, but it's important to handle it responsibly and consider the impact on others.