Oregon Law
Law as of Jan 1, 2024
Chapter contents
71.1010Short titles 71.1020Scope of chapter 71.1030Construction to promote purposes and policies; applicability of supplemental principles of law 71.1040Construction against implied repeal 71.1050Severability 71.1060Use of singular and plural; gender 71.1070Captions 71.1080Relation to Electronic Signatures in Global and National Commerce Act 71.1090[1961 c.726 §71.1090; repealed by 2009 c.181 §116] 71.2010General definitions 71.2020Notice; knowledge 71.2030Lease distinguished from security interest 71.2040Value 71.2060Presumptions 71.2070[1961 c.726 §71.2070; 1993 c.545 §2; repealed by 2009 c.181 §116] 71.2080[1961 c.726 §71.2080; repealed by 2009 c.181 §116] 71.3010Territorial applicability; parties’ power to choose applicable law 71.3020Variation by agreement 71.3030Course of performance, course of dealing and usage of trade 71.3040Obligation of good faith 71.3050Remedies to be liberally administered 71.3060Waiver or renunciation of claim or right after breach 71.3070Prima facie evidence by third-party documents 71.3080Performance or acceptance under reservation of rights 71.3090Option to accelerate at will 71.3100Subordinated obligations

Chapter 71 — General Provisions for Uniform Commercial Code GENERAL PROVISIONS 71.2050 Reasonable time; seasonableness

ORS 71.2040 Value

Except as otherwise provided in ORS chapters 73, 74 and 75, a person gives value for rights if the person acquires them:

(1)

In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;

(2)

As security for, or in total or partial satisfaction of, a preexisting claim;

(3)

By accepting delivery under a preexisting contract for purchase; or

(4)

In return for any consideration sufficient to support a simple contract. [1961 c.726 §71.2040; 2009 c.181 §11] 71.2050 Reasonable time; seasonableness. (1) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose and circumstances of the action.

(2)

An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Prior statutory text is not available in the ingested published editions. Consult an earlier official ORS edition or the cited Oregon Laws chapter.