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The Oklahoma EFS-1 form serves as a crucial document for individuals and businesses engaged in agricultural production within the state. This form facilitates the filing of an Effective Financing Statement, which establishes a security interest in farm products. When completed correctly, the EFS-1 notifies potential buyers of agricultural products about existing liens, thereby ensuring transparency in transactions. The filing fee for this form is $10, payable to the Oklahoma Secretary of State. It is important to submit the form in triplicate, ensuring that all signatures are in ink. The first section of the form requires detailed information about the debtor, including names, addresses, and Social Security or Tax Identification Numbers. Each debtor must be listed individually, and a signature is mandatory for validation. The second section focuses on the products subject to the security interest, necessitating the inclusion of specific product codes, names, and the county where they are produced. Additional details, such as crop years and product descriptions, may also be provided. The EFS-1 remains effective for five years unless terminated earlier, with the option to file a continuation to extend its validity. Understanding the nuances of this form is essential for anyone looking to secure their agricultural interests in Oklahoma.
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Important Questions on Oklahoma Efs 1
What is the Oklahoma EFS-1 form?
The Oklahoma EFS-1 form, or Effective Financing Statement, is used to establish a security interest in agricultural products produced in Oklahoma. It provides notice to buyers that a lien exists against specified collateral, ensuring that the secured party has a claim to the products listed on the form.
How much does it cost to file the EFS-1 form?
The filing fee for the EFS-1 form is $10. This fee must be paid to the Oklahoma Secretary of State at the time of filing.
How do I complete the EFS-1 form?
Complete the form by typing or printing legibly. Provide the names and addresses of the debtor and secured party, including Social Security Numbers or Tax Identification Numbers. List the products subject to the security interest with their corresponding product codes and county of production. Signatures in ink are required for each debtor and the secured party.
How many products can I list on the EFS-1 form?
You can list up to 20 products on a single EFS-1 form. If you have more than 20 products, you will need to use additional forms and indicate "SEE ATTACHMENT" on the first form.
What if I need to file for multiple debtors?
If you have multiple debtors, each debtor must be listed separately on the EFS-1 form. Each debtor block requires its own signature, and you cannot list the same debtor more than once on the form.
What is the duration of the EFS filing?
The EFS-1 filing is effective for five years from the date of filing. If you need to extend this period, you can file a continuation form (EFS-2) within six months before the expiration date.
What happens if I don’t include a crop year?
If you do not specify a crop year, the EFS will apply to all crop years for the duration of the lien. If you want to limit the filing to specific crop years, you must list those four-digit years on the form.
Can I file the EFS-1 form electronically?
As of now, the EFS-1 form must be submitted in triplicate via mail or in person. You can include a self-addressed stamped envelope for a faster return of your filed confirmation copy.
Where do I send the completed EFS-1 form?
Mail your completed EFS-1 forms to the Secretary of State, Central Filing System for Agricultural Liens, at 2300 N Lincoln Blvd, Room 101, Oklahoma City, OK 73105-4897.
How can I check the status of my EFS-1 filing?
To check the status of your filing, you can visit the Oklahoma Secretary of State's website or call their office at 405-521-2474 for assistance.
How to Write Oklahoma Efs 1
After gathering the necessary information, you can proceed to fill out the Oklahoma EFS-1 form. This form is essential for individuals or businesses seeking to establish a security interest in agricultural products. Follow these steps to ensure accurate completion.
- Begin by entering the Debtor Name and Address in Section I. Include the last name, first name, and middle name or initial for individuals. For businesses, list the first significant word of the name.
- Provide the Social Security Number (SSN) or Tax Identification Number (TIN) for the debtor. Individuals should use their SSN, while businesses should use their TIN.
- Each debtor must sign in ink. Ensure that there is a signature for every debtor listed.
- Next, fill in the Secured Party Name and Mailing Address. Include the TIN for the secured party as well.
- In Section II, list the Product Code and Product Name for each agricultural product. Refer to the product code list for accurate entries.
- Indicate the County Produced using the appropriate two-digit county code. If applicable, use the code “00” to blanket all counties.
- Optionally, enter the Crop Year if not covering all years. Specify the year in which the crop is harvested or animals are born.
- Provide a Product Description if less than all of a product is covered. Ensure this description is specific to distinguish it from other products.
- Once completed, make three copies of the form. Submit all copies with original signatures in ink.
- Include a self-addressed stamped envelope for faster return of the filed confirmation copy, if desired.
- Finally, submit the forms along with a $10 filing fee to the Secretary of State, Central Filing System for Agricultural Liens, at the provided address.
Similar forms
The Oklahoma EFS-1 form shares similarities with the UCC-1 Financing Statement, which is used nationwide to perfect a security interest in personal property. Both forms require detailed information about the debtor and secured party, including names, addresses, and identification numbers. The UCC-1 is filed with the Secretary of State's office in the relevant state and serves to notify other creditors about the secured party's interest in the debtor's assets. Like the EFS-1, it provides a way for creditors to establish priority over other claims against the same collateral.
Another document comparable to the EFS-1 is the UCC-3 Financing Statement Amendment. This form allows secured parties to make changes to previously filed UCC-1 statements, such as adding or deleting collateral or changing the debtor's information. Similar to the EFS-1, the UCC-3 requires signatures and must be filed with the appropriate state office. Both forms help maintain accurate records of security interests, ensuring that all parties involved are aware of any changes to the status of the collateral.
The Notice of Lien is another document that functions similarly to the EFS-1. It is often used in various states to inform the public that a lien has been placed on a debtor's property. Like the EFS-1, it includes information about the debtor, the secured party, and the nature of the lien. Both documents serve to protect the interests of creditors by providing public notice of their claims against the debtor’s assets.
The Agricultural Lien Form is also akin to the EFS-1, specifically designed for agricultural producers. This form allows farmers to secure loans against their crops or livestock. Both documents require detailed descriptions of the collateral and aim to protect the lender's interests in agricultural products. The Agricultural Lien Form is often used in conjunction with the EFS-1 to provide a comprehensive security interest in farm products.
In addition, the Security Agreement bears resemblance to the EFS-1. This document outlines the terms of the security interest between the debtor and the secured party. While the EFS-1 serves as a public notice of that interest, the Security Agreement details the obligations of both parties. Both documents are essential for establishing and enforcing a security interest in collateral.
The Mortgage is another related document, particularly in real estate transactions. A mortgage secures a loan with the property itself, similar to how the EFS-1 secures loans against agricultural products. Both documents require detailed information about the property and the parties involved. They provide legal protection to lenders by establishing their rights over the collateral in case of default.
For those venturing into the realm of corporate formation in Washington, understanding the Articles of Incorporation is key; this document serves as the foundation for establishing a business entity. It is essential to gather accurate information about the corporation, including its name and purpose, and to understand the role of incorporators and registered agents. For more detailed guidance on completing this vital form, you can refer to legalpdf.org, which offers comprehensive resources and directions.
The Promissory Note is also similar to the EFS-1 in that it outlines the terms of a loan. While the EFS-1 secures the loan against specific collateral, the Promissory Note details the borrower's promise to repay the loan. Both documents are crucial in financial transactions, ensuring that lenders have recourse in the event of non-payment.
The Conditional Sales Agreement can be compared to the EFS-1 as well. This document allows a seller to retain ownership of goods until the buyer completes payment. Similar to the EFS-1, it establishes a security interest in the goods sold. Both documents protect the seller's interests and provide a clear framework for the transaction.
Lastly, the Assignment of Rents is akin to the EFS-1 in that it secures a lender's interest in rental income from a property. This document grants the lender the right to collect rents directly if the borrower defaults. Both the Assignment of Rents and the EFS-1 serve to protect the lender's interests by providing a clear claim to specific income streams related to the collateral.
Example - Oklahoma Efs 1 Form
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Oklahoma Effective Financing Statement |
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FILING FEE $10- payable to Oklahoma Secretary of State |
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Please read instructions before completing the form. |
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For Secretary of State Use Only |
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Submit in triplicate with signatures in ink. |
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Section I |
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1. Debtor Name, Address |
2. Debtor Name, Address |
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SSN/TIN |
SSN/TIN |
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Signature_____________________________________________ |
Signature_____________________________________________ |
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SECURED PARTY Name, Mailing Address |
3. Debtor Name, Address |
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SSN/ TIN |
SSN/TIN |
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Authorized Signature__________________________________ |
Signature_____________________________________________ |
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Section II PRODUCTS SUBJECT TO A SECURITY INTEREST. Product Code, Product Name and County Produced MUST be filled in. See current Product and County code lists. Crop year and description are optional. See instructions. The secured party has an interest in the farm products listed and the proceeds from these products while this Effective Financing Statement is active.
Product |
Product Name |
County |
Crop |
Product Description |
Code |
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Produced |
Year |
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Instructions for Completing the
This statement must be typed or legibly printed. Submit the EFS in triplicate to receive a filed stamped confirmation copy. For faster return of the confirmation copy, include a
Section I
DEBTOR NAME: A debtor is any person or business subjecting an
List only one individual, business or DBA per debtor block. A debtor may not be listed more than once on the
ADDRESS: A street address, rural route or post office box, city, state and zip code must be entered.
SOCIAL SECURITY NUMBER OR FEDERAL TAX IDENTIFICATION NUMBER: For individuals, their social security number must be listed. For each business, the Tax ID number must be listed. For a business without a Tax ID number, the owner’s social security number may be listed for one business.
SIGNATURE: Each debtor block MUST have a signature. For businesses, an authorized representative must sign his or her
name.
SECURED PARTY: Name, mailing address and Tax ID number must be completed. If an individual is listed as the secured party, he or she must sign. For a business, an authorized representative must sign. One secured party per filing.
Section II (See Product and County Code lists for help in completing this section)
PRODUCT CODE: The
PRODUCT NAME: The product name from the product list must be entered. There is a limit of 20 product listings per EFS
filing.
COUNTY PRODUCED: The
CROP YEAR: No entry is required if all crop years are covered. If no crop year is listed, the EFS is applicable for every crop year for the duration of the lien. If fewer than all crop years are covered, the
DEFINITION: For a crop grown in the soil: the calendar year in which it is harvested or to be harvested. For animals: the calendar year in which they are born or acquired.
For poultry or eggs: the calendar year in which they are sold or to be sold.
PRODUCT DESCRIPTION: No entry is required if all of a product is covered. If less than all of a product is covered, describe the product or location to distinguish it from other such products owned by the debtor that are not subject to the security interest. Please describe only the product listed. The filing is applicable only for the product description listed. Brand symbols cannot be included unless they can be typed on a normal keyboard.
DURATION OF FILING: An EFS is effective for five years from the filing date of the
ATTACHMENTS: If there is more debtor or product information than can be listed on the first EFS form, write SEE ATTACHMENT at the top of the first form, and use additional EFS forms. On additional forms, write ATTACHMENT on the top of each form. Submit three copies of each attachment form when filing. There is no additional fee for filing the EFS with attachments.
FILING FEE: $10.00 |
For information, please visit us at www.sos.ok.gov |
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Or call |
MAIL FORMS TO: |
Secretary of State, Central Filing System for Agricultural Liens |
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2300 N Lincoln Blvd Room 101 |
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Oklahoma City, OK |
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Documents used along the form
When dealing with the Oklahoma EFS-1 form, it’s important to understand that several other forms and documents may be necessary to ensure a smooth filing process. Each of these documents serves a specific purpose and helps clarify the details surrounding the effective financing statement. Below is a list of commonly used forms alongside the EFS-1.
- EFS-2 (Continuation Statement): This form is used to extend the effectiveness of an existing EFS-1 filing for an additional five years. It must be filed within six months before the original filing expires to maintain the security interest.
- EFS-3 (Termination Statement): If a secured party wishes to terminate the security interest listed in the EFS-1, this form is required. Filing this statement releases the lien and notifies interested parties that the obligation has been satisfied.
- Attachment Forms: When there is more debtor or product information than can be accommodated on the EFS-1, additional forms can be used. Each must be marked "SEE ATTACHMENT" on the first form, allowing for comprehensive documentation of all relevant details.
- Product Code List: This is a reference document that provides the necessary codes for various agricultural products. It assists in accurately completing the EFS-1 form by ensuring the correct product codes are used.
- County Code List: Similar to the product code list, this document contains the codes for Oklahoma counties. It is essential for identifying where the agricultural products are produced, which is a requirement on the EFS-1 form.
- Self-Addressed Stamped Envelope: While not a formal document, including a self-addressed stamped envelope with your filing can expedite the return of your filed confirmation copy. This is a helpful addition to ensure you receive your documentation promptly.
- Tractor Bill of Sale Form: For those handling tractor ownership transfers, consider our comprehensive Tractor Bill of Sale guidelines to facilitate a smooth transaction process.
- Proof of Identity Documents: In some cases, additional identification may be required to validate the identity of the debtor or secured party. This could include a driver's license or other government-issued ID.
Understanding these forms and their purposes can help streamline the filing process and ensure that all necessary information is accurately submitted. Being prepared with the right documents will provide peace of mind as you navigate the requirements of the Oklahoma EFS-1 filing.
Key takeaways
When filling out the Oklahoma EFS-1 form, it is essential to follow specific guidelines to ensure proper submission and processing. Here are key takeaways to keep in mind:
- Filing Fee: The cost to file the EFS-1 form is $10, payable to the Oklahoma Secretary of State.
- Submission Requirements: Submit the form in triplicate, with all signatures in ink, to receive a filed stamped confirmation copy.
- Debtor Information: Only one debtor can be listed per block. This can be an individual or a business entity.
- Signature Requirement: Each debtor block must have an original signature. For businesses, an authorized representative must sign.
- Product Information: Complete the section on products subject to a security interest by providing the product code, product name, and county produced.
- County Code: Use a valid two-digit county code for the location where the farm product is produced. The code “00” can blanket all counties.
- Duration of Filing: The EFS is effective for five years unless a termination is filed. To extend, file a continuation (EFS-2) within six months before expiration.
- Purpose of Filing: The EFS serves as notice to buyers that there is a lien against the collateral listed, enabling proper financial transactions.
- Attachments: If additional information is needed, indicate "SEE ATTACHMENT" on the first form and submit additional forms as necessary.
- Timeliness: Filings accepted by the 20th of the month will be included in that month’s agricultural lien list; those after will appear in the next month’s list.
Understanding these key points will facilitate a smoother filing process and help ensure that your interests are adequately protected under Oklahoma law.