Guidelines for Filing Effective Financing Statements
$10 Filing Fee – new EFS is $10. Each later action – Amendment, Assignment, Continuation, Partial Release or Termination – is $10.
Debtor information – For an individual: list the full legal name, a nickname may be listed in parentheses. Ensure that debtors have signed the form when required, and verify the accuracy of each SSN/TIN. Do not list an individual and a DBA in the same debtor block – these must be listed as separate debtors.
Secured Party Signature – Required on all statements submitted for filing
County Produced – Required for all products listed. The blanket code “00” may be used to cover all 77 Oklahoma counties. CFS staff will use the blanket code “00” on any EFS-1 submitted without the county code(s).
Crop year – There is no blanket crop year code. If the EFS reflects “00” in the crop year it will be recorded as the year 2000. For livestock, the crop year is the year the livestock is born or acquired. The crop year does not affect the expiration date of an Effective Financing Statement.
Description – List only information a buyer will use to determine whether livestock or crops have a lien against them. If a livestock brand is listed, a detailed description must be provided. Brand symbols that cannot be typed with a normal keyboard will not be recorded in the monthly master list.
Duration – An Effective Financing Statement is active for 5 years unless it is terminated earlier. Statutes require the EFS to be terminated within 20 days after the loan is paid in full. Failure to terminate the EFS when required subjects the Secured Party to a minimum $500 fine.
Continuation – An EFS Continuation can be accepted any time within the six months prior to expiration. Effective Financing Statements automatically expire five years from the EFS-1 filing date and are removed from the active records. Filing the EFS Continuation will extend the duration of the EFS-1 for another 5 years.
Priority – There is no priority among EFS filings. The purpose of filing is to ensure that a joint check is made payable to the debtor and all applicable secured parties.
Confirmation – The third copy of a statement is returned as proof of filing. Statements must be submitted in triplicate in order to receive a confirmation copy.
Secured Party Contact – Including the name and telephone number of an individual who can answer questions may avoid having an EFS returned for correction.