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FIRST BETHANY BANK & TRUST v. ARVEST UNITED BANK

No. 97,310.

77 P.3d 595 (2003)

2003 OK 64

FIRST BETHANY BANK & TRUST, N.A., a National Banking Association, Plaintiff/Appellee, v. ARVEST UNITED BANK, a State Savings Bank, Defendant/Appellant.

Supreme Court of Oklahoma.

As Corrected July 2, 2003.

Attorney(s) appearing for the Case

Margaret E. Travis, Kline, Kline, Elliott, Castleberry & Bryant, P.C., Oklahoma City, Oklahoma, and Peter G. Pierce, Bethany, Oklahoma, for Appellee.

Mitchell D. Blackburn and Kiran A. Phansalker, Conner & Winters, P.C., Oklahoma City, Oklahoma, for Appellant.

HODGES, J.

I. ISSUE

¶ 1 The dispositive issue presented for our review is whether title 12A, section 9-312(4) of the 1991 Oklahoma Statutes, the law applicable to this appeal, allows an exception to section 9-312(5)'s first-to-file priority rule for a purchase money security interest (PMSI) in accounts receivable. It should be noted that the Oklahoma Commercial Code (OCC), which is based on the Uniform Commercial Code (UCC), was amended in 2001 to clarify...

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