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In the realm of agricultural finance in Oklahoma, the EFS-1 form plays a crucial role for both debtors and secured parties. This form, known as the Effective Financing Statement, is essential for establishing a security interest in agricultural products. With a filing fee of just $10, it’s accessible to individuals and businesses alike. When completing the EFS-1, accuracy is paramount; the form requires detailed information about the debtor, including names, addresses, and social security or tax identification numbers. Additionally, the secured party must be clearly identified, ensuring that all parties involved are properly documented. Section II of the form necessitates a comprehensive list of products subject to the security interest, including product codes, names, and the county where the products are produced. This section is not merely a formality; it delineates the specific agricultural assets that are under lien. Understanding the nuances of the EFS-1 form is vital, as it not only provides necessary notice to potential buyers of agricultural products but also serves as a means to protect the financial interests of those who lend against these assets. With a duration of effectiveness spanning five years, it is important for filers to be aware of the continuation process to maintain their security interests over time. In an industry where timely and accurate documentation can make all the difference, mastering the EFS-1 form is a critical step for anyone involved in Oklahoma's agricultural sector.
Document Properties
| Fact Name | Details |
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| Filing Fee | The fee to file the EFS-1 form is $10, payable to the Oklahoma Secretary of State. |
| Submission Requirements | The form must be submitted in triplicate with original signatures in ink. |
| Duration of Filing | The EFS is valid for five years from the filing date unless terminated or renewed. |
| Governing Law | The EFS-1 form is governed by Oklahoma law regarding agricultural liens. |
Common mistakes
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Neglecting to Read Instructions: Many individuals skip the instructions entirely, which can lead to incomplete or incorrect submissions.
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Incorrect Debtor Information: Listing multiple debtors in one block or failing to follow the proper name format can result in a rejected form.
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Omitting Signatures: Each debtor block requires a signature. Missing signatures can invalidate the filing.
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Failure to Use Triplicate Copies: Submitting fewer than three copies of the form can delay processing and confirmation.
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Improper Address Format: Not including a complete address, such as city, state, and zip code, can lead to confusion and errors in processing.
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Incorrect Social Security or Tax ID Numbers: Listing an incorrect SSN or TIN can cause issues with identifying the debtor or secured party.
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Missing Product Information: Failing to fill in the product code, name, and county can lead to incomplete filings.
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Not Using Authorized Signatures: Only authorized representatives should sign for businesses. Unauthorized signatures can invalidate the document.
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Ignoring Product Description Requirements: If only part of a product is covered, a description is necessary. Omitting this can lead to confusion.
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Neglecting to Include Attachments: If more information is needed, failing to indicate "SEE ATTACHMENT" can result in incomplete filings.
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Misconceptions
Misconception 1: The EFS-1 form can be submitted with just one copy.
Many believe that only one copy of the EFS-1 form is necessary. In reality, you must submit the form in triplicate to ensure proper filing and receive a stamped confirmation copy.
Misconception 2: Social Security Numbers are optional for businesses.
Some think that a business can skip providing a Tax ID number. However, every business must include its Tax ID number. If a business lacks one, the owner's Social Security number can be used.
Misconception 3: Any product can be listed under a single blanket code.
It's a common misunderstanding that a single code can cover multiple products. Each product must have its own specific three-digit code. There is no blanket code for all products.
Misconception 4: The EFS-1 form is only for individuals.
Many assume that only individuals can file the EFS-1 form. In fact, any business entity—including partnerships, corporations, and LLCs—can be a debtor on the form.
Misconception 5: The EFS-1 filing is permanent and does not expire.
Some believe that once filed, the EFS-1 remains effective indefinitely. In truth, it is valid for five years unless a termination is filed. You can extend it by filing a continuation form.
Misconception 6: A signature is not necessary for additional copies of the form.
It’s a misconception that signatures are only required on the original form. Each debtor block must have an original signature, although additional copies may use photocopied signatures.
Misconception 7: You can include multiple debtors in one block.
Some people think they can list several debtors in one section. Each debtor must be listed separately in its own block on the EFS-1 form.
Misconception 8: There’s no need to describe the product if it’s all covered.
Many believe that product descriptions are unnecessary if all products are covered. However, if less than all of a product is included, you must provide a description to clarify what is subject to the security interest.
Misconception 9: The EFS-1 form is only for agricultural products.
Some may think that the EFS-1 is limited to agricultural products. While it primarily deals with agricultural liens, the principles can apply to other types of secured interests in specific contexts.
Preview - 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.
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Product Name |
County |
Crop |
Product Description |
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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 |
All
FAQ
What is the purpose of the Oklahoma EFS-1 form?
The Oklahoma EFS-1 form, or Effective Financing Statement, serves to notify registered buyers of agricultural products that a lien exists against specific collateral. This ensures that buyers are aware of any security interests in the farm products listed on the form. However, it's important to note that filing this form does not perfect your security interest; it merely provides public notice of it.
Who qualifies as a debtor on the EFS-1 form?
A debtor can be any individual or business that subjects an Oklahoma-produced agricultural product to a security interest. This includes individuals, partnerships, corporations, limited liability companies, trusts, or any other business entities. Each debtor must be listed separately on the form, and they cannot be repeated. For individuals, the last name should come first, followed by the first name and middle initial, if applicable. Businesses should include the first significant word of their name.
What information must be provided in Section I of the EFS-1 form?
Section I requires detailed information about the debtor and secured party. You must include the names, addresses, and Social Security Numbers or Tax Identification Numbers of both the debtor and the secured party. Each debtor must sign the form, and if the secured party is a business, an authorized representative must also sign. It is crucial to ensure that all information is accurate and complete to avoid issues with the filing.
How do I complete Section II regarding products?
In Section II, you must list the products subject to the security interest. Each product must include a three-digit product code, the product name, and the two-digit county code where it is produced. You can list up to 20 products on a single EFS-1 filing. If the filing covers all crop years, you do not need to specify a crop year; otherwise, you should include the relevant four-digit crop year. If you are covering only a portion of a product, provide a description to distinguish it from other products owned by the debtor.
What is the filing fee for the EFS-1 form, and how should it be submitted?
The filing fee for the EFS-1 form is $10, payable to the Oklahoma Secretary of State. When submitting the form, you must provide three copies with original signatures in ink on at least one copy. If you would like a filed stamped confirmation copy returned quickly, including a self-addressed stamped envelope can expedite the process. All forms should be mailed to the Secretary of State's Central Filing System for Agricultural Liens in Oklahoma City.
How long is the EFS-1 filing effective?
An EFS-1 filing is effective for five years from the date of filing unless a termination statement is filed. If you wish to extend the filing for another five years, you can submit a continuation form (EFS-2) within six months before the original filing expires. Be mindful of the deadlines to ensure that your security interest remains valid.
Documents used along the form
The Oklahoma EFS-1 form is a crucial document for securing a financing statement related to agricultural products. When filing this form, several other documents may accompany it to ensure all necessary information is provided and to facilitate the process. Below is a list of additional forms and documents that are often used alongside the EFS-1.
- EFS-2 Form: This form is used to extend the duration of the effective financing statement. If the original EFS-1 is nearing its five-year expiration, the EFS-2 must be filed within six months prior to the expiration date to maintain the secured interest.
- Attachment Forms: When the information regarding debtors or products exceeds the space available on the EFS-1, attachment forms are used. Simply write "SEE ATTACHMENT" on the EFS-1 and submit the additional forms, ensuring they are labeled accordingly.
- Termination Statement: If the secured party wishes to terminate the security interest before the expiration of the EFS, a termination statement must be filed. This document formally releases the lien on the specified collateral.
- Texas Quitclaim Deed Form: This form allows individuals to transfer interest in real property without guaranteeing the title's validity, ideal for family transactions or clearing up title issues. For more information, visit UsaLawDocs.com.
- Self-Addressed Stamped Envelope: Including this envelope with your submission can expedite the return of the filed stamped confirmation copy. It is not a formal document but a helpful addition to ensure quicker processing.
- Product and County Code Lists: These lists provide the necessary codes for accurately completing the EFS-1 form. They ensure that the product names and counties are correctly represented, which is essential for the validity of the filing.
- Signature Authorization Form: If a business is filing the EFS-1, this form may be required to prove that the individual signing the document has the authority to do so on behalf of the business entity.
Using these additional forms and documents can streamline the filing process and help ensure that all required information is accurately presented. It is always advisable to double-check the requirements and procedures to avoid any delays in processing your EFS-1 filing.
Guide to Using Oklahoma Efs 1
After completing the Oklahoma EFS-1 form, it must be submitted in triplicate to the Secretary of State's office. Ensure all signatures are in ink and include a self-addressed stamped envelope for a quicker return of the confirmation copy. The filing fee of $10 is required with your submission.
- Obtain the EFS-1 Form: Download or print the form from the Oklahoma Secretary of State's website.
- Fill Out Section I:
- Enter the debtor's name and address. For individuals, list the last name first, followed by the first and middle name or initial. Include nicknames in parentheses.
- Provide the Social Security Number (SSN) for individuals or the Tax Identification Number (TIN) for businesses.
- Sign the form in ink. If a business, an authorized representative must sign.
- Complete the secured party's name, mailing address, and TIN. An authorized representative must sign if it’s a business.
- Fill Out Section II:
- List the product code and product name for each agricultural product. Refer to the product code list for accuracy.
- Indicate the county where the product is produced using the two-digit county code. Use "00" to cover all counties if applicable.
- Optionally, enter the crop year and provide a product description if not all products are covered.
- Check for Completeness: Ensure all required fields are filled out and signatures are present.
- Prepare for Submission: Make three copies of the completed form. Include a self-addressed stamped envelope for the return confirmation copy.
- Pay the Filing Fee: Include a check for $10 made payable to the Oklahoma Secretary of State.
- Mail the Forms: Send the completed forms and payment to the Secretary of State, Central Filing System for Agricultural Liens, at the provided address.