Oregon Revised Statutes

Chapter 79 — Secured Transactions

204 sections

79.0101 UCC 9-101

Short title. This chapter may be cited as Uniform Commercial Code—Secured Transactions.

Definitions and index of definitions. (1) As used in this chapter: “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. “Account,” except as used in “account for”: Means a right to payment of a monetary obligation, whether or not earned by performance: For property that …

79.0103 UCC 9-103

Purchase-money security interest; application of payments; burden of establishing. (1) As used in this section: “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the c…

79.0104 UCC 9-104

Control of deposit account. (1) A secured party has control of a deposit account if: The secured party is the bank with which the deposit account is maintained; The debtor, secured party and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the depos…

79.0105 UCC 9-105

Control of electronic chattel paper. (1) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. A system satisfies the provisions of subsection (1) of this section if the record or …

79.0106 UCC 9-106

Control of investment property. (1) A person has control of a certificated security, uncertificated security or security entitlement as provided in ORS 78.1060. A secured party has control of a commodity contract if: The secured party is the commodity intermediary with which the commodity contract is carried; or The commodity customer, secured party and …

79.0107 UCC 9-107

Control of letter-of-credit right. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under ORS 75.1140 (3) or otherwise applicable law or practice.

79.0108 UCC 9-108

Sufficiency of description. Except as otherwise provided in subsections (3), (4) and (5) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. Except as otherwise provided in subsection of this section, a description of collateral reasonably identifies the c…

79.0109 UCC 9-109

Scope. (1) Except as otherwise provided in subsections (3) and (4) of this section, this chapter applies to: A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; An agricultural lien; A sale of accounts, chattel paper, payment intangibles or promissory notes; A consignment; A security inte…

79.0110 UCC 9-110

Security interests arising under ORS chapter 72 or 72A. A security interest arising under ORS 72.4010, 72.5050, 72.7110 (3) or 72A.5080 (5) is subject to this chapter. However, until the debtor obtains possession of the goods: The security interest is enforceable, even if ORS 79.0203 (2)(c) has not been satisfied; Filing is not required to perfect the secu…

79.0201 UCC 9-201

General effectiveness of security agreement. (1) Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. A transaction subject to this chapter is subject to any applicable rule of law which establishes a different r…

79.0202 UCC 9-202

Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.

79.0203 UCC 9-203

Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. (1) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. Except as otherwise provided in subsections to (9) of this sec…

79.0204 UCC 9-204

After-acquired property; future advances. (1) Except as otherwise provided in subsection (2) of this section, a security agreement may create or provide for a security interest in after-acquired collateral. A security interest does not attach under a term constituting an after-acquired property clause to: Consumer goods, other than an accession when given …

79.0205 UCC 9-205

Use or disposition of collateral permissible. (1) A security interest is not invalid or fraudulent against creditors solely because: The debtor has the right or ability to: Use, commingle or dispose of all or part of the collateral, including returned or repossessed goods; Collect, compromise, enforce or otherwise deal with collateral; Accept the return …

79.0206 UCC 9-206

Security interest arising in purchase or delivery of financial asset. (1) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if: The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at…

79.0207 UCC 9-207

Rights and duties of secured party having possession or control of collateral. (1) Except as otherwise provided in subsection (4) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary s…

79.0208 UCC 9-208

Additional duties of secured party having control of collateral. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations or otherwise give value. Within 10 days after receiving an authenticated demand by the debtor: A secured party having control of a depo…

79.0209 UCC 9-209

Duties of secured party if account debtor has been notified of assignment. (1) Except as otherwise provided in subsection (3) of this section, this section applies if: There is no outstanding secured obligation; and The secured party is not committed to make advances, incur obligations, or otherwise give value. Within 10 days after receiving an authentica…

79.0210 UCC 9-210

Request for accounting; request regarding list of collateral or statement of account. (1) As used in this section: “Request” means a record of a type described in paragraph (b), (c) or (d) of this subsection. “Request for an accounting” means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations se…

79.0301 UCC 9-301

Law governing perfection and priority of security interests. Except as otherwise provided in ORS 79.0303 to 79.0306, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral: Except as otherwise provided in this section, while a debtor is located in a jurisdic…

79.0302 UCC 9-302

Law governing perfection and priority of agricultural liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products.

79.0303 UCC 9-303

Law governing perfection and priority of security interests in goods covered by a certificate of title. (1) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. Goods become covered by a certificate…

79.0304 UCC 9-304

Law governing perfection and priority of security interests in deposit accounts. (1) The local law of a bank’s jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a deposit account maintained with that bank. The following rules determine a bank’s jurisdiction for purposes of ORS 79.0301 to 79…

79.0305 UCC 9-305

Law governing perfection and priority of security interests in investment property. (1) Except as otherwise provided in subsection (3) of this section, the following rules apply: While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a se…

79.0306 UCC 9-306

Law governing perfection and priority of security interests in letter-of-credit rights. (1) Subject to subsection (3) of this section, the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-of-credit right if the issuer’s…

79.0307 UCC 9-307

Location of debtor. As used in this section, “place of business” means a place where a debtor conducts its affairs. Except as otherwise provided in this section, the following rules determine a debtor’s location: A debtor who is an individual is located at the individual’s principal residence. A debtor that is an organization and has only one place of bu…

79.0308 UCC 9-308

When security interest or agricultural lien is perfected; continuity of perfection. (1) Except as otherwise provided in this section and ORS 79.0309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in ORS 79.0310 to 79.0316 have been satisfied. A security interest is perfected when it attaches if the …

79.0309 UCC 9-309

Security interest perfected upon attachment. The following security interests are perfected when they attach: A purchase-money security interest in consumer goods, except as otherwise provided in ORS 79.0311 (2) with respect to consumer goods that are subject to a statute or treaty described in ORS 79.0311 (1); An assignment of accounts or payment intangib…

79.0310 UCC 9-310

When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. (1) Except as otherwise provided in subsection (2) of this section and ORS 79.0312 (2), a financing statement must be filed to perfect all security interests and agricultural liens. The filing of a financ…

79.0311 UCC 9-311

Perfection of security interests in property subject to certain statutes, regulations and treaties. (1) Except as otherwise provided in subsection of this section, the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to: A statute, regulation or treaty of the United States whose requirements f…

79.0312 UCC 9-312

Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession. (1) A security interest in chattel paper, negotiable documents, instruments or investme…

79.0313 UCC 9-313

When possession by or delivery to secured party perfects security interest without filing. (1) Except as otherwise provided in subsection (2) of this section, a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money or tangible chattel paper by taking possession of the collateral. A secured party may perfect…

79.0314 UCC 9-314

Perfection by control. A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper or electronic documents may be perfected by control of the collateral under ORS 77.1060, 79.0104, 79.0105, 79.0106 or 79.0107. A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or el…

79.0315 UCC 9-315

Secured party’s rights on disposition of collateral and in proceeds. (1) Except as otherwise provided in this chapter and in ORS 72.4030 (2): A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party authorized the disposition free of the security int…

79.0316 UCC 9-316

Effect of change in governing law. (1) A security interest perfected pursuant to the law of the jurisdiction designated in ORS 79.0301 (1) or 79.0305 (3) remains perfected until the earliest of: The time perfection would have ceased under the law of that jurisdiction; The expiration of four months after a change of the debtor’s location to another jurisdic…

79.0317 UCC 9-317

Interests that take priority over or take free of security interest or agricultural lien. (1) A security interest or agricultural lien is subordinate to the rights of: A person entitled to priority under ORS 79.0322; and Except as otherwise provided in subsection of this section, a person that becomes a lien creditor before the earlier of the time: The s…

79.0318 UCC 9-318

No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers. (1) A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold. For purposes of determining the rights of cre…

79.0319 UCC 9-319

Rights and title of consignee with respect to creditors and purchasers. (1) Except as otherwise provided in subsection (2) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the…

79.0320 UCC 9-320

Buyer of goods. (1) Except as otherwise provided in subsection of this section, a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the buyer knows of its existence. Except…

79.0321 UCC 9-321

Licensee of general intangible and lessee of goods in ordinary course of business. (1) As used in this section, “licensee in ordinary course of business” means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course f…

79.0322 UCC 9-322

Priorities among conflicting security interests in and agricultural liens on same collateral. (1) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules: Conflicting perfected security interests and agricultural liens rank accord…

79.0323 UCC 9-323

Future advances. Except as otherwise provided in subsection of this section, for purposes of determining the priority of a perfected security interest under ORS 79.0322 (1)(a), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: Is made while the security interest is …

79.0324 UCC 9-324

Priority of purchase-money security interests. (1) Except as otherwise provided in subsection of this section, a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in ORS 79.0327, a perfected security interest in its iden…

79.0325 UCC 9-325

Priority of security interests in transferred collateral. (1) Except as otherwise provided in subsection (2) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: The debtor acquired the collateral subject to the security interest created by the other person; The …

79.0326 UCC 9-326

Priority of security interests created by new debtor. (1) Subject to subsection (2) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of ORS 7…

79.0327 UCC 9-327

Priority of security interests in deposit account. The following rules govern priority among conflicting security interests in the same deposit account: A security interest held by a secured party having control of the deposit account under ORS 79.0104 has priority over a conflicting security interest held by a secured party that does not have control. Exc…

79.0328 UCC 9-328

Priority of security interests in investment property. The following rules govern priority among conflicting security interests in the same investment property: A security interest held by a secured party having control of investment property under ORS 79.0106 has priority over a security interest held by a secured party that does not have control of the in…

79.0329 UCC 9-329

Priority of security interests in letter-of-credit right. The following rules govern priority among conflicting security interests in the same letter-of-credit right: A security interest held by a secured party having control of the letter-of-credit right under ORS 79.0107 has priority to the extent of its control over a conflicting security interest held b…

79.0330 UCC 9-330

Priority of purchaser of chattel paper or instrument. (1) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if: In good faith and in the ordinary course of the purchaser’s business, the purchaser gives new value and takes possession of the c…

79.0331 UCC 9-331

Priority of rights of purchasers of instruments, documents and securities under ORS chapters 73, 77 and 78; priority of interests in financial assets and security entitlements under ORS chapter 78. (1) This chapter does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly ne…

79.0332 UCC 9-332

Transfer of money; transfer of funds from deposit account. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transfer…

79.0333 UCC 9-333

Priority of certain liens arising by operation of law. (1) As used in this section, “possessory lien” means an interest, other than a security interest or an agricultural lien: Which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business; Which is…

79.0334 UCC 9-334

Priority of security interests in fixtures and crops. (1) A security interest under this chapter may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this chapter in ordinary building materials incorporated into an improvement on land. This chapter does not prevent creation of an e…

79.0335 UCC 9-335

Accessions. (1) A security interest may be created in an accession and continues in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. Except as otherwise provided in subsections and (7) of this section, the other provisions of ORS 7…

79.0336 UCC 9-336

Commingled goods. As used in this section, “commingled goods” means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.…

79.0337 UCC 9-337

Priority of security interests in goods covered by certificate of title. If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title or manufactured structure ownership document or records a manufactured structure in a county deed record and the certificate, document or rec…

79.0338 UCC 9-338

Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. Except for information on the jurisdiction of organization for an organization that is not a registered organization, if a security interest or agricultural lien is perfected by a filed financing statement providing information d…

79.0339 UCC 9-339

Priority subject to subordination. This chapter does not preclude subordination by agreement by a person entitled to priority.

79.0340 UCC 9-340

Effectiveness of right of recoupment or setoff against deposit account. (1) Except as otherwise provided in subsection (3) of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account. Except as otherwise provided in subsection …

79.0341 UCC 9-341

Bank’s rights and duties with respect to deposit account. Except as otherwise provided in ORS 79.0340 , and unless the bank otherwise agrees in an authenticated record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by: The creation, attachment or perfection of a security int…

79.0342 UCC 9-342

Bank’s right to refuse to enter into or disclose existence of control agreement. This chapter does not require a bank to enter into an agreement of the kind described in ORS 79.0104 (1)(b), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person un…

79.0401 UCC 9-401

Alienability of debtor’s rights. (1) Except as otherwise provided in subsection (2) of this section and ORS 79.0406, 79.0407, 79.0408 and 79.0409, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this chapter. An agreement between the debtor and secured party which prohibits a transfer of …

79.0402 UCC 9-402

Secured party not obligated on contract of debtor or in tort. The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions.

79.0403 UCC 9-403

Agreement not to assert defenses against assignee. (1) As used in this section, “value” has the meaning provided in ORS 73.0303 (1). Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable b…

79.0404 UCC 9-404

Rights acquired by assignee; claims and defenses against assignee. Unless an account debtor has made an enforceable agreement not to assert defenses or claims and subject to subsections to (5) of this section, the rights of an assignee are subject to: All terms of the agreement between the account debtor and assignor and any defense or claim in recoupment…

79.0405 UCC 9-405

Modification of assigned contract. (1) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsecti…

79.0406 UCC 9-406

Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective. (1) Subject to subsections (2) to (9) of this section, an account debtor on an account, chattel paper or a payment intangible may discharge its obligation…

79.0407 UCC 9-407

Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest. (1) Except as otherwise provided in subsection (2) of this section, a term in a lease agreement is ineffective to the extent that it: Prohibits, restricts or requires the consent of a party to the lease to the assignment or transfer of, or th…

79.0408 UCC 9-408

Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. (1) Except as otherwise provided in subsection (2) of this section, a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a general intangible, i…

79.0409 UCC 9-409

Restrictions on assignment of letter-of-credit rights ineffective. A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit which prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary’s assignment of or creation of a security interest in a le…

79.0501 UCC 9-501

Filing office. (1) Except as otherwise provided in subsection (2) of this section, if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: The office designated for the filing or recording of a record of a mortga…

79.0502 UCC 9-502

Contents of financing statement; record of mortgage as financing statement; time of filing financing statement. (1) Subject to subsection of this section, a financing statement is sufficient only if it: Provides the name of the debtor; Provides the name of the secured party or a representative of the secured party; and Indicates the collateral covered by…

79.0503 UCC 9-503

Name of debtor and secured party. (1) A financing statement sufficiently provides the name of the debtor: Except as otherwise provided in paragraph of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the …

79.0504 UCC 9-504

Indication of collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: A description of the collateral pursuant to ORS 79.0108; or An indication that the financing statement covers all assets or all personal property.

79.0505 UCC 9-505

Filing and compliance with other statutes and treaties for consignments, leases, other bailments and other transactions. (1) A consignor, lessor or other bailor of goods, a licensor or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in ORS 79.0311 (1), using the terms “consig…

79.0506 UCC 9-506

Effect of errors or omissions. (1) A financing statement substantially satisfying the requirements of ORS 79.0501 to 79.0528 is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. Except as otherwise provided in subsection of this section, a financing statement that fails su…

79.0507 UCC 9-507

Effect of certain events on effectiveness of financing statement. (1) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition. Except as otherwi…

79.0508 UCC 9-508

Effectiveness of financing statement if new debtor becomes bound by security agreement. (1) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effect…

79.0509 UCC 9-509

Persons entitled to file a record. (1) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if: The debtor authorizes the filing in an authenticated record or pursuant to subsection or (3) of this section; or The person holds an agri…

79.0510 UCC 9-510

Effectiveness of filed record. (1) A filed record is effective only to the extent that it was filed by a person that may file it under ORS 79.0509. A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record. A continuation statement that is not filed within the six-month period…

79.0511 UCC 9-511

Secured party of record. (1) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under ORS 79.0514 (1), the assignee named in the initial fin…

79.0512 UCC 9-512

Amendment of financing statement. (1) Subject to ORS 79.0509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (5) of this section, otherwise amend the information provided in, a financing statement by filing an amendment that: Identifies, by its file number, the initial financing statem…

79.0513 UCC 9-513

Termination statement. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligati…

79.0514 UCC 9-514

Assignment of powers of secured party of record. (1) Except as otherwise provided in subsection (3) of this section, an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured …

79.0515 UCC 9-515

Duration and effectiveness of financing statement; effect of lapsed financing statement; renewal notice; rules. (1) Except as otherwise provided in subsections (2), (5), (6) and (7) of this section, a filed financing statement is effective for a period of five years after the date of filing. Except as otherwise provided in subsections , (6) and (7) of this…

79.0516 UCC 9-516

What constitutes filing; effectiveness of filing. (1) Except as otherwise provided in subsection (2) of this section, communication of a record to and receipt by a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. Filing does not occur with respect to a record that a filing office refuses to acce…

79.0517 UCC 9-517

Effect of indexing errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.

79.0518 UCC 9-518

Claim concerning inaccurate or wrongfully filed record. (1) A person may file in the filing office an information statement with respect to a record indexed there under the person’s name if the person believes that the record is inaccurate or was wrongfully filed. An information statement under subsection of this section must: Identify the record to which…

79.0519 UCC 9-519

Numbering, maintaining and indexing records; communicating information provided in records. For each record filed in a filing office, the filing office shall: Assign a unique number to the filed record; Create a record that bears the number assigned to the filed record and the date and time of filing; Maintain the filed record for public inspection; and …

79.0520 UCC 9-520

Acceptance and refusal to accept record. (1) A filing office shall refuse to accept a record for filing for a reason set forth in ORS 79.0516 (2) and may refuse to accept a record for filing only for a reason set forth in ORS 79.0516 (2). If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record t…

79.0521 UCC 9-521

Uniform form of written financing statement and amendment. A filing office that accepts written records may not refuse to accept a written initial financing statement, addendum or amendment in the form and format set forth in the final official text of the 2010 revisions to Article 9 of the Uniform Commercial Code promulgated by The American Law Institute an…

79.0522 UCC 9-522

Maintenance and destruction of records. (1) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under ORS 79.0515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and…

79.0523 UCC 9-523

Information from filing office; sale or license of records. (1) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send an image of the record showing the number assigned to the record pursuant to ORS 79.0519 (1)(a) and the date and time of the filing of the record to the person indicated on the financin…

79.0524 UCC 9-524

Delay by filing office. Delay by the filing office beyond a time limit prescribed by ORS 79.0501 to 79.0528 is excused if: The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment or other circumstances beyond control of the filing office; and The filing office exercises reasonable diligen…

79.0525 UCC 9-525

Fees; rules. (1) Except as otherwise provided in subsection (4) of this section, the nonrefundable fee for filing and indexing a record under ORS 79.0501 to 79.0528 may not exceed $15. The number of names required to be indexed does not affect the amount of the fee in subsection (1) of this section. The nonrefundable fee for responding to a request for inf…

79.0526 UCC 9-526

Filing-office rules. The Secretary of State shall adopt and publish rules applicable to its filing procedures, processes and operations to implement this chapter. The filing-office rules must be: Consistent with this chapter; and Adopted and published in accordance with ORS chapter 183. To keep the filing-office rules and practices of the filing office i…

79.0527 UCC 9-527

Duty to report. The Secretary of State shall report to the Legislative Assembly on or before January 15 of each odd-numbered year regarding the operation of the filing office. The report must contain a statement of the extent to which the filing-office rules are not in harmony with the most recent version of the Model Rules promulgated by the International A…

79.0528 Liability of Secretary of State

Except as provided in ORS 30.260 to 30.300, the Secretary of State and the secretary’s officers and employees shall not be liable to debtors, secured parties or any other person in administering this chapter or ORS 80.100 to 80.130. DEFAULT (Default and Enforcement of Security Interest)

79.0601 UCC 9-601

Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes. (1) After default, a secured party has the rights provided in ORS 79.0601 to 79.0628 and, except as otherwise provided in ORS 79.0602, those provided by agreement of the parties. A secured party: May reduce a claim to judgment,…

79.0602 UCC 9-602

Waiver and variance of rights and duties. Except as otherwise provided in ORS 79.0624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: ORS 79.0207 (2)(d)(C), which deals with use and operation of the collateral by t…

79.0603 UCC 9-603

Agreement on standards concerning rights and duties. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in ORS 79.0602 if the standards are not manifestly unreasonable. Subsection (1) of this section does not apply to the duty under ORS 79…

79.0604 UCC 9-604

Procedure if security agreement covers real property or fixtures. (1) If a security agreement covers both personal and real property, a secured party may proceed: Under ORS 79.0601 to 79.0628 as to the personal property without prejudicing any rights with respect to the real property; or As to both the personal property and the real property in accordance …

79.0605 UCC 9-605

Unknown debtor or secondary obligor. A secured party does not owe a duty based on its status as secured party: To a person that is a debtor or obligor, unless the secured party knows: That the person is a debtor or obligor; The identity of the person; and How to communicate with the person; or To a secured party or lienholder that has filed a financing …

79.0606 UCC 9-606

Time of default for agricultural lien. For purposes of ORS 79.0601 to 79.0628, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.

79.0607 UCC 9-607

Collection and enforcement by secured party. (1) If so agreed, and in any event after default, a secured party: May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; May take any proceeds to which the secured party is entitled under ORS 79.0315; May …

79.0608 UCC 9-608

Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. (1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under ORS 79.0607 in the follow…

79.0609 UCC 9-609

Secured party’s right to take possession after default. (1) After default, a secured party: May take possession of the collateral; and Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under ORS 79.0610. A secured party may proceed under subsection (1) of this section: Pursuant to judicial process; or Withou…

79.0610 UCC 9-610

Disposition of collateral after default. (1) After default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. Every aspect of a disposition of collateral, including the method, manner, time, place and other terms, must be …

79.0611 UCC 9-611

Notification before disposition of collateral. (1) As used in this section, “notification date” means the earlier of the date on which: A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or The debtor and any secondary obligor waive the right to notification. Except as otherwise provided in subsecti…

79.0612 UCC 9-612

Timeliness of notification before disposition of collateral. Except as otherwise provided in subsection of this section, a notification of disposition sent after default and 15 days or more before the earliest time of disposition, as set forth in the notification, is sent within a reasonable time before the disposition. In a transaction other than a consu…

79.0613 UCC 9-613

Contents and form of notification before disposition of collateral: general. Except in a consumer-goods transaction, the following rules apply: The contents of a notification of disposition are sufficient if the notification: Indicates the name of the debtor and the name, address and telephone number of the secured party; Describes the collateral that is …

79.0614 UCC 9-614

Contents and form of notification before disposition of collateral: consumer-goods transaction. In a consumer-goods transaction, the following rules apply: A notification of disposition must provide the following information: The information specified in ORS 79.0613 (1); A description of any liability for a deficiency of the person to which the notificati…

79.0615 UCC 9-615

Application of proceeds of disposition; liability for deficiency and right to surplus. (1) A secured party shall apply or pay over for application the cash proceeds of disposition under ORS 79.0610 in the following order to: The reasonable expenses of retaking, holding, preparing for disposition, processing and disposing, and, to the extent provided for by …

79.0616 UCC 9-616

Explanation of calculation of surplus or deficiency. (1) As used in this section: “Explanation” means a writing that: States the amount of the surplus or deficiency; Provides an explanation in accordance with subsection (3) of this section of how the secured party calculated the surplus or deficiency; States, if applicable, that future debits, credits, c…

79.0617 UCC 9-617

Rights of transferee of collateral. (1) A secured party’s disposition of collateral after default: Transfers to a transferee for value all of the debtor’s rights in the collateral; Discharges the security interest under which the disposition is made; and Discharges any subordinate security interest or other subordinate lien. A transferee that acts in goo…

79.0618 UCC 9-618

Rights and duties of certain secondary obligors. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: Receives an assignment of a secured obligation from the secured party; Receives a transfer of collateral from the secured party and agrees to accept the rights and assume …

79.0619 UCC 9-619

Transfer of record or legal title. (1) As used in this section, “transfer statement” means a record authenticated by a secured party stating: That the debtor has defaulted in connection with an obligation secured by specified collateral; That the secured party has exercised its post-default remedies with respect to the collateral; That, by reason of the e…

79.0620 UCC 9-620

Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. (1) Except as otherwise provided in subsection (7) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: The debtor consents to the acceptance under subsection (3) of this sectio…

79.0621 UCC 9-621

Notification of proposal to accept collateral. (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the colla…

79.0622 UCC 9-622

Effect of acceptance of collateral. (1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: Discharges the obligation to the extent consented to by the debtor; Transfers to the secured party all of a debtor’s rights in the collateral; Discharges the security interest or agricultural lien that is the sub…

79.0623 UCC 9-623

Right to redeem collateral. (1) A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. To redeem collateral, a person shall tender: Fulfillment of all obligations secured by the collateral; and The reasonable expenses and attorney fees described in ORS 79.0615 (1)(a). A redemption may occur at any time before a se…

79.0624 UCC 9-624

Waiver. (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under ORS 79.0611 only by an agreement to that effect entered into and authenticated after default. A debtor may waive the right to require disposition of collateral under ORS 79.0620 (5) only by an agreement to that effect entered into and authenticat…

79.0625 UCC 9-625

Remedies for secured party’s failure to comply with article. If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions. Subject to subsections (3), (4) and (6) of this section, a person is liable for dam…

79.0626 UCC 9-626

Action in which deficiency or surplus is in issue. (1) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: A secured party need not prove compliance with the provisions of ORS 79.0601 to 79.0628 relating to collection, enforcement, disposition, or …

79.0627 UCC 9-627

Determination of whether conduct was commercially reasonable. The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enf…

79.0628 UCC 9-628

Nonliability and limitation on liability of secured party; liability of secondary obligor. (1) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person and knows how to communicate with the person: The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statemen…