79A.1010 UCC 9-101. Short title
This chapter may be cited as Uniform Commercial Code–Secured Transactions.
Oregon Revised Statutes
Chapter 79A — Secured Transactions
134 sections79A.1020 UCC 9-102. Definitions and index of definitions
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,” “account statement,” “account to,” “commodity account,” as defined in paragraph (o) of this subsection, “customer’s account,” “deposit account,” as def…
79A.1030 UCC 9-103. Purchase-money security interest; application of payments; burden of establishing
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 collateral or for value given to enable the debtor to acquire rights in or the use of th…
79A.1040 UCC 9-104. Control of deposit account
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 a signed record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by th…
79A.1050 UCC 9-105. Control of electronic copy of record evidencing chattel paper
A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned. A system satisfies subsection (1) of this section if the record or reco…
79A.1053 UCC 9-105A. Control of electronic money
A person has control of electronic money if: The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person: Power to avail itself of substantially all the benefit from the electronic money; and Exclusive power, subject to subsection (2) of this section, …
79A.1060 UCC 9-106. Control of investment property
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 commodity intermediary have agreed th…
79A.1070 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.
79A.1073 UCC 9-107A. Control of controllable electronic record, controllable account or controllable payment intangible
A secured party has control of a controllable electronic record as provided in ORS 80.1050. A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible.
79A.1076 UCC 9-107B. No requirement to acknowledge or confirm; no duties
A person that has control under ORS 79A.1040, 79A.1050 or 79A.1053 is not required to acknowledge that it has control on behalf of another person. If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this chapter otherwise provides, the person does not owe any duty to t…
79A.1080 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 (4) of this section, a description of collateral reasonably identifies the collateral if it identifies…
79A.1090 UCC 9-109. Scope
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 interest arisin…
79A.1100 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 79A.2030 (2)(c) has not been satisfied; Filing is not required to perfect the security interest; The rights of the secured party after d…
79A.2010 UCC 9-201. General effectiveness of security agreement
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 rule for consumers and is also subject to ORS 83.5…
79A.2020 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.
79A.2030 UCC 9-203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites
Except as otherwise provided in subsections (3) to (9) of this section, 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 (3) to (9) of this section, a security interest is enforc…
79A.2040 UCC 9-204. After-acquired property; future advances
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. Subject to paragraph (b) of this subsection, a security interest does not attach under a term constituting an after-acquired property clause to: Consumer goods, other than an accession when given a…
79A.2050 UCC 9-205. Use or disposition of collateral permissible
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 of collateral or make repossessions; or Use, comm…
79A.2060 UCC 9-206. Security interest arising in purchase or delivery of financial asset
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 the time of the purchase; and The securities intermediary credits the fi…
79A.2070 UCC 9-207. Rights and duties of secured party having possession or control of collateral
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 steps to preserve rights against prior parties unless otherwise agreed. Except as o…
79A.2080 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 a signed demand by the debtor: A secured party having control of a deposit account under ORS 79A.1040 (1)(b) shall send to the bank with which th…
79A.2090 UCC 9-209. Duties of secured party if account debtor has been notified of assignment
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 a signed demand by the debtor, a secured party shall send to an account debtor that has rece…
79A.2100 UCC 9-210. Request for accounting; request regarding list of collateral or statement of account
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 signed by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the subjec…
79A.3010 UCC 9-301. Law governing perfection and priority of security interests
Except as otherwise provided in ORS 79A.3030 to 79A.3060 and in ORS 79A.3063 and 79A.3066, 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 jurisdiction, the local law of tha…
79A.3020 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.
79A.3030 UCC 9-303. Law governing perfection and priority of security interests in goods covered by certificate of title
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 of title when a valid application for the certificate of title and the applicable fee are delivered to the a…
79A.3040 UCC 9-304. Law governing perfection and priority of security interests in deposit accounts
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 even if the transaction does not bear any relation to the bank’s jurisdiction. The following rules determine a bank’s jurisdiction for purposes of ORS 79A.3010 to 79A.3420…
79A.3050 UCC 9-305. Law governing perfection and priority of security interests in investment property
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 security interest in the certificated security represented thereby. The local law of the …
79A.3060 UCC 9-306. Law governing perfection and priority of security interests in letter-of-credit rights
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 jurisdiction or nominated person’s jurisdiction is a state. For purposes of ORS 79A.3010 t…
79A.3063 UCC 9-306A. Law governing perfection and priority of security interests in chattel paper
Except as provided in subsection (4) of this section, if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an authoritative electronic copy and an authoritative tangible copy, the local law of the chattel paper’s jurisdiction governs perfection, the effect of perfection or nonperfection and the priori…
79A.3066 UCC 9-306B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records and controllable payment intangibles
Except as provided in subsection (2) of this section, the local law of the controllable electronic record’s jurisdiction specified in ORS 80.1070 (3) and (4) governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllabl…
79A.3070 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 business is located at …
79A.3080 UCC 9-308. When security interest or agricultural lien is perfected; continuity of perfection
Except as otherwise provided in this section and ORS 79A.3090, a security interest is perfected if it has attached and all of the applicable requirements for perfection in ORS 79A.3100 to 79A.3160 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches. An agri…
79A.3090 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 79A.3110 (2) with respect to consumer goods that are subject to a statute or treaty described in ORS 79A.3110 (1); An assignment of accounts or payment intangibles which does not by itself or in conjunct…
79A.3100 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
Except as otherwise provided in subsection (2) of this section and ORS 79A.3120 (2), a financing statement must be filed to perfect all security interests and agricultural liens. The filing of a financing statement is not necessary to perfect a security interest: That is perfected under ORS 79A.3080 (4), (5), (6) or (7); That is perfected under ORS 79A.30…
79A.3110 UCC 9-311. Perfection of security interests in property subject to certain statutes, regulations and treaties
Except as otherwise provided in subsection (4) 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 for a security interest’s obtaining priority over the rights of a lien creditor with respect to the pr…
79A.3120 UCC 9-312. Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, 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
A security interest in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, instruments, investment property or negotiable documents may be perfected by filing. Except for goods in which filing is not necessary or effective to perfect a security interest under this chapter, a security interest in goods may …
79A.3130 UCC 9-313. When possession by or delivery to secured party perfects security interest without filing
Except as otherwise provided in subsection (2) of this section, a secured party may perfect a security interest in goods, instruments, negotiable tangible documents or tangible money by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under ORS 78…
79A.3140 UCC 9-314. Perfection by control
A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property or letter-of-credit rights may be perfected by control of the collateral under ORS 77.1060, 79A.1040, 79A.1050, 79A.1053, 79A.1060, 79A.1070 or 79A.1073. A security int…
79A.3143 UCC 9-314A. Perfection by possession and control of chattel paper
A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the electronic record evidencing the chattel paper. A security interest is perfected under subsection (1) of this section not earli…
79A.3150 UCC 9-315. Secured party’s rights on disposition of collateral and in proceeds
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 interest or agricultural lien; and A security interest attaches to any iden…
79A.3160 UCC 9-316. Effect of change in governing law
A security interest perfected pursuant to the law of the jurisdiction designated in ORS 79A.3010 (1), 79A.3050 (3), 79A.3063 or 79A.3066 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 jurisdiction; or The exp…
79A.3170 UCC 9-317. Interests that take priority over or take free of security interest or agricultural lien
A security interest or agricultural lien is subordinate to the rights of: A person entitled to priority under ORS 79A.3220; and Except as otherwise provided in subsection (5) of this section, a person that becomes a lien creditor before the earlier of the time: The security interest or agricultural lien is perfected; or One of the conditions specified in…
79A.3180 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
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 creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer’s security inte…
79A.3190 UCC 9-319. Rights and title of consignee with respect to creditors and purchasers
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 goods identical to those the consignor had or had power to transfer. For p…
79A.3200 UCC 9-320. Buyer of goods
Except as otherwise provided in subsection (5) 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 as otherwise pro…
79A.3210 UCC 9-321. Licensee of general intangible and lessee of goods in ordinary course of business
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 from a person in the business of licensing general intangibles of that kind. A person be…
79A.3220 UCC 9-322. Priorities among conflicting security interests in and agricultural liens on same collateral
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 according to priority in time of filing or perfection. Priority dates from the earlier of the time a fil…
79A.3230 UCC 9-323. Future advances
Except as otherwise provided in subsection (3) of this section, for purposes of determining the priority of a perfected security interest under ORS 79A.3220 (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 perfected only…
79A.3240 UCC 9-324. Priority of purchase-money security interests
Except as otherwise provided in subsection (7) 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 79A.3270, a perfected security interest in its identifiable proceeds also has priority, if the pur…
79A.3250 UCC 9-325. Priority of security interests in transferred collateral
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 security interest created by the other person was perfected wh…
79A.3260 UCC 9-326. Priority of security interests created by new debtor
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 79A.3160 (9)(a) or 79A.5080 is subordinate to a security in…
79A.3263 UCC 9-326A. Priority of security interest in controllable account, controllable electronic record and controllable payment intangible
A security interest in a controllable account, controllable electronic record or controllable payment intangible held by a secured party having control of the account, electronic record or payment intangible has priority over a conflicting security interest held by a secured party that does not have control. Note: 79A.3263 was added to and made a part of OR…
79A.3270 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 79A.1040 has priority over a conflicting security interest held by a secured party that does not have control. Except as otherwise provided in subsections (3) and (…
79A.3280 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 79A.1060 has priority over a security interest held by a secured party that does not have control of the investment property. Except as otherwise provided in su…
79A.3290 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 79A.1070 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. Security i…
79A.3300 UCC 9-330. Priority of purchaser of chattel paper or instrument
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, takes possession of each authoritative tangible copy of the record evidencing the chat…
79A.3310 UCC 9-331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments and securities under other chapters; priority of interests in financial assets and security entitlements and protection against assertion of claim under ORS chapters 78 and 80
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 negotiated, a protected purchaser of a security or a qualifying purchaser of a controllable account, controllable electronic record or controllable payment intangible. These holders or purchasers take pri…
79A.3320 UCC 9-332. Transfer of money; transfer of funds from deposit account
A transferee of tangible money takes the money free of a security interest if the transferee receives possession of the money without acting 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 if the transferee receives the …
79A.3330 UCC 9-333. Priority of certain liens arising by operation of law
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 created by statute or rule of law in favor of the person; …
79A.3340 UCC 9-334. Priority of security interests in fixtures and crops
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 encumbrance upon fixtures under real property law. In case…
79A.3350 UCC 9-335. Accessions
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 (4) and (7) of this section, the other provisions of ORS 79A.3010 to 79…
79A.3360 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. If collateral bec…
79A.3370 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 record does not show that the goods are subject to the security interest or …
79A.3380 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 described in ORS 79A.5160 (2)(e) which is incorrect at the time the financing statement is filed: The security interest or agricult…
79A.3390 UCC 9-339. Priority subject to subordination
This chapter does not preclude subordination by agreement by a person entitled to priority. (Rights of Bank)
79A.3400 UCC 9-340. Effectiveness of right of recoupment or setoff against deposit account
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 (3) of this section, the application of this chapter to a security interest …
79A.3410 UCC 9-341. Bank’s rights and duties with respect to deposit account
Except as otherwise provided in ORS 79A.3400 (3), and unless the bank otherwise agrees in a signed 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 interest in the deposit account; The bank’s knowledge of the secu…
79A.3420 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 79A.1040 (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 unless requested to do so by its customer. RIGHTS OF THIRD PARTIES
79A.4010 UCC 9-401. Alienability of debtor’s rights
Except as otherwise provided in subsection (2) of this section and ORS 79A.4060, 79A.4070, 79A.4080 and 79A.4090, 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 the debtor’s rights in collateral…
79A.4020 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.
79A.4030 UCC 9-403. Agreement not to assert defenses against assignee
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 by an assignee that takes an assignment: For value; In…
79A.4040 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 (2) 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 arising from the transaction that gave rise to the contract; and…
79A.4050 UCC 9-405. Modification of assigned contract
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 subsection is subject to subsections (2) to (4)…
79A.4060 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
Subject to subsections (2) to (9) and (11) of this section, an account debtor on an account, chattel paper or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, signed by the assignor or the assignee, that the amount due or to become due has been assigned and that payment…
79A.4070 UCC 9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest
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 the creation, attachment, perfection or enforcement of a security interest in, an interest of a party under the lease contr…
79A.4080 UCC 9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective
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, including a contract, permit, license or franchise, and which term prohibits, restricts or requires the consent of the person obligat…
79A.4090 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 letter-of-credit right is ineffective to the extent that the term or r…
79A.5010 UCC 9-501. Filing office
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 mortgage on the related r…
79A.5020 UCC 9-502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement
Subject to subsection (2) 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 the financing statement. Except as otherwise provided in ORS 79A.5010 (2), to be sufficient, a financing statem…
79A.5030 UCC 9-503. Name of debtor and secured party
A financing statement sufficiently provides the name of the debtor: Except as otherwise provided in paragraph (c) 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 registered organization’s name on t…
79A.5040 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 79A.1080; or An indication that the financing statement covers all assets or all personal property.
79A.5050 UCC 9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments and other transactions
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 79A.3110 (1), using the terms “consignor,” “consignee,” “lessor,” “lessee,” “bailor,” “bailee,” “licensor,” “licensee,” “owner,” “registered owner,” “buyer,” “se…
79A.5060 UCC 9-506. Effect of errors or omissions
A financing statement substantially satisfying the requirements of ORS 79A.5010 to 79A.5280 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 (3) of this section, a financing statement that fails sufficiently to provide the name…
79A.5070 UCC 9-507. Effect of certain events on effectiveness of financing statement
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 otherwise provided in subsection (3) of this section and ORS 79A.5060 (4) and…
79A.5080 UCC 9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement
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 effective had the original debtor acquired rights in the collateral. If the difference between th…
79A.5090 UCC 9-509. Persons entitled to file record
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 a signed record or pursuant to subsection (2) or (3) of this section; or The person holds an agricultural lien that has become effective at t…
79A.5100 UCC 9-510. Effectiveness of filed record
A filed record is effective only to the extent that it was filed by a person that may file it under ORS 79A.5090. 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 prescribed by ORS 79A.5150 (4) is…
79A.5110 UCC 9-511. Secured party of record
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 79A.5140 (1), the assignee named in the initial financing statement is the secu…
79A.5120 UCC 9-512. Amendment of financing statement
Subject to ORS 79A.5090, 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 statement to which the amendment relates; a…
79A.5130 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 obligation, or otherwise give va…
79A.5140 UCC 9-514. Assignment of powers of secured party of record
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 party. Except as otherwise provided in subsection (3…
79A.5150 UCC 9-515. Duration and effectiveness of financing statement; effect of lapsed financing statement; renewal notice; rules
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 (5), (6) and (7) of this section, an initial financing statement filed in connection with a public-finance transaction is effective for a …
79A.5160 UCC 9-516. What constitutes filing; effectiveness of filing
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 accept because: The record is not communicated by a metho…
79A.5170 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.
79A.5180 UCC 9-518. Claim concerning inaccurate or wrongfully filed record
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 (1) of this section must: Identify the record to which it relates by the file number assigned to the initial fi…
79A.5190 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 Index the filed record in accordance with subsections (3), (4) and (5) of this section. Exc…
79A.5200 UCC 9-520. Acceptance and refusal to accept record
A filing office shall refuse to accept a record for filing for a reason set forth in ORS 79A.5160 (2) and may refuse to accept a record for filing only for a reason set forth in ORS 79A.5160 (2). If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and t…
79A.5210 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 and the Uniform Law Commission, except for a reason set forth…
79A.5220 UCC 9-522. Maintenance and destruction of records
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 79A.5150 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the i…
79A.5230 UCC 9-523. Information from filing office; sale or license of records
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 79A.5190 (1)(a) and the date and time of the filing of the record to the person indicated on the financing statement or amendment as the person to whom the acknowledgme…
79A.5240 UCC 9-524. Delay by filing office
Delay by the filing office beyond a time limit prescribed by ORS 79A.5010 to 79A.5280 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 diligence under the circumsta…
79A.5250 UCC 9-525. Fees; rules
Except as otherwise provided in subsection (4) of this section, the nonrefundable fee for filing and indexing a record under ORS 79A.5010 to 79A.5280 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 information from t…
79A.5260 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 in harmony with the rul…
79A.5270 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 Association of Co…
79A.5280 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 81.230 to 81.263. DEFAULT (Default and Enforcement of Security Interest)
79A.6010 UCC 9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes
After default, a secured party has the rights provided in ORS 79A.6010 to 79A.6280 and, except as otherwise provided in ORS 79A.6020, those provided by agreement of the parties. A secured party: May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest or agricultural lien by any available judicial procedure; and If the c…
79A.6020 UCC 9-602. Waiver and variance of rights and duties
Except as otherwise provided in ORS 79A.6240, 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 79A.2070 (2)(d)(C), which deals with use and operation of the collateral by the secured party; ORS 79A.2100, which d…
79A.6030 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 79A.6020 if the standards are not manifestly unreasonable. Subsection (1) of this section does not apply to the duty under ORS 79A.6090 to refrain from breaching the peace.
79A.6040 UCC 9-604. Procedure if security agreement covers real property or fixtures
If a security agreement covers both personal and real property, a secured party may proceed: Under ORS 79A.6010 to 79A.6280 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 with the rights with respect to the real property, in which case the…
79A.6050 UCC 9-605. Unknown debtor or secondary obligor
Except as provided in subsection (2) of this section, 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 f…
79A.6060 UCC 9-606. Time of default for agricultural lien
For purposes of ORS 79A.6010 to 79A.6280, 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.
79A.6070 UCC 9-607. Collection and enforcement by secured party
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 79A.3150; May enforce the obligations of an account debtor or …
79A.6080 UCC 9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
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 79A.6070 in the following order to: The reasonable expenses of collection and enforcement and, to the extent provided for by …
79A.6090 UCC 9-609. Secured party’s right to take possession after default
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 79A.6100. A secured party may proceed under subsection (1) of this section: Pursuant to judicial process; or Without judicial process, if it proceeds without breach of the pe…
79A.6100 UCC 9-610. Disposition of collateral after default
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 commercially reasonable. If commercially reas…
79A.6110 UCC 9-611. Notification before disposition of collateral
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 a signed notification of disposition; or The debtor and any secondary obligor waive the right to notification. Except as otherwise provided in subsection (4) of this section, a secured party that disposes of co…
79A.6120 UCC 9-612. Timeliness of notification before disposition of collateral
Except as otherwise provided in subsection (2) 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 consumer transaction, a notification of disposition sent after d…
79A.6130 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 the subject of the intended disposition; States the method of intended dispo…
79A.6140 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 79A.6130 (1); A description of any liability for a deficiency of the person to which the notification is sent; A telephone number from which the amount that must be paid to the secured party to…
79A.6150 UCC 9-615. Application of proceeds of disposition; liability for deficiency and right to surplus
A secured party shall apply or pay over for application the cash proceeds of disposition under ORS 79A.6100 in the following order to: The reasonable expenses of retaking, holding, preparing for disposition, processing and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney fees and legal expenses incurred …
79A.6160 UCC 9-616. Explanation of calculation of surplus or deficiency
As used in this section: “Explanation” means a record 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, charges, including additional credit service charges or int…
79A.6170 UCC 9-617. Rights of transferee of collateral
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 good faith takes free of the rights and int…
79A.6180 UCC 9-618. Rights and duties of certain secondary obligors
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 the duties of the secured party; or Is subrogated to…
79A.6190 UCC 9-619. Transfer of record or legal title
As used in this section, “transfer statement” means a record signed 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 exercise, a transferee has acquired the rights …
79A.6200 UCC 9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral
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 section; The secured party does not receive, within the time set forth in subsection (4) of this section, a notificatio…
79A.6210 UCC 9-621. Notification of proposal to accept collateral
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, a signed notification of a claim of an interest in the collateral; Any other secured party or lienholder that, 10 days…
79A.6220 UCC 9-622. Effect of acceptance of collateral
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 subject of the debtor’s consent and any sub…
79A.6230 UCC 9-623. Right to redeem collateral
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 79A.6150 (1)(a). A redemption may occur at any time before a secured party: Has collected col…
79A.6240 UCC 9-624. Waiver
A debtor or secondary obligor may waive the right to notification of disposition of collateral under ORS 79A.6110 only by an agreement to that effect entered into and signed after default. A debtor may waive the right to require disposition of collateral under ORS 79A.6200 (5) only by an agreement to that effect entered into and signed after default. Excep…
79A.6250 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 damages in the amount of any loss caused by a failure to comply wi…
79A.6260 UCC 9-626. Action in which deficiency or surplus is in issue
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 79A.6010 to 79A.6280 relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor p…
79A.6270 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, enforcement, disposition or acceptance was made in a commercially …
79A.6280 UCC 9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor
Subject to subsection (6) of this section, 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 statement against the person, for failure to comply with this chapt…