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71.1080Relation to Electronic Signatures in Global and National Commerce Act 71.1090[1961 c.726 §71.1090; repealed by 2009 c.181 §116] 71.2010General definitions 71.2020Notice; knowledge 71.2030Lease distinguished from security interest 71.2040Value 71.2060Presumptions 71.2070[1961 c.726 §71.2070; 1993 c.545 §2; repealed by 2009 c.181 §116] 71.2080[1961 c.726 §71.2080; repealed by 2009 c.181 §116] 71.3010Territorial applicability; parties’ power to choose applicable law 71.3020Variation by agreement 71.3030Course of performance,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 71.3010 Territorial applicability; parties’ power to choose applicable law

(1)

Except as provided in this section, when a transaction bears a reasonable relation to this state and also to another state or nation, the parties may agree that the law either of this state or of such other state or nation shall govern their rights and duties.

(2)

In the absence of such an agreement effective under subsection (1) of this section and except as provided in subsection (3) of this section, the Uniform Commercial Code applies to transactions bearing an appropriate relation to this state.

(3)

If one of the following provisions of the Uniform Commercial Code specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified:

(a)

Rights of creditors against sold goods as specified in ORS 72.4020.

(b)

Applicability of ORS chapter 72A on leases.

(c)

Applicability of ORS chapter 74 as specified in ORS 74.1020.

(d)

Applicability of ORS chapter 74A as specified in ORS 74A.5070.

(e)

Applicability of ORS chapter 75 as specified in ORS 75.1160.

(f)

Applicability of ORS chapter 78 as specified in ORS 78.1100.

(g)

ORS 79.0301 to 79.0307 governing perfection, the effect of perfection or nonperfection and the priority of security interests and agricultural liens.

Note: 71.3010 to 71.3100 were added to and made a

part of the Uniform Commercial Code by legislative action but were not added to ORS chapter 71 or any series therein. See Preface to Oregon Revised Statutes for further explanation.

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.