Oklahoma Enacts Revised Article 1

Governor Brad Henry signed Oklahoma HB 2028 into law May 5, making Oklahoma the 12th state to enact a version of Revised Article 1.  Like all eleven of its predecessors, Oklahoma's version of Revised Article 1 rejects uniform R1-301 in favor of a choice of law provision closely resembling pre-revised 1-105.  Like six of its predecessors (Arkansas, Delaware, Minnesota, Montana, New Mexico, and Texas), Oklahoma's version of Revised Article 1 adopts uniform R1-201(b)(20).  By its terms, HB 2028 will take effect on January 1, 2006.