Oregon Law
Law as of Jan 1, 2026
Chapter contents
78.1010Short title 78.1020Definitions and index of definitions 78.1030Rules for determining whether certain obligations and interests are securities or financial assets 78.1040Acquisition of security or financial asset or interest therein 78.1050Notice of adverse claim 78.1060Control 78.1070Whether indorsement, instruction or entitlement order is effective 78.1080Warranties in direct holding 78.1090Warranties in indirect holding 78.1100Applicability; choice of law 78.1110Clearing corporation rules 78.1120Creditor’s legal process 78.1130Statute of frauds inapplicable 78.1140Evidentiary rules concerning certificated securities 78.1150Securities intermediary and others not liable to adverse claimant 78.1160Securities intermediary as purchaser for value 78.2010“Issuer.” 78.2020Terms of security; issuer’s responsibility and defenses; notice of defect or defense 78.2030Staleness as notice of defects or defenses 78.2040Effect of issuer’s restriction on transfer 78.2050Effect of unauthorized signature on security certificate 78.2060Completion or alteration of security certificate 78.2070Rights of issuer with respect to registered owners 78.2080Effect of signature of authenticating trustee, registrar or transfer agent 78.2090Issuer’s lien 78.2100Overissue 78.3010Delivery 78.3020Rights of purchaser 78.3030“Protected purchaser.” 78.3040Indorsement 78.3050Instruction 78.3060Effect of guaranteeing signature, indorsement or instruction 78.3070Purchaser’s rights to requisites for registration of transfer 78.3080[1961 c.726 §78.3080; 1985 c.676 §78.3080; repealed by 1995 c.328 §71] 78.3090[1961 c.726 §78.3090; 1985 c.676 §78.3090; repealed by 1995 c.328 §71] 78.3100[1961 c.726 §78.3100; 1985 c.676 §78.3100; repealed by 1995 c.328 §71] 78.3110[1961 c.726 §78.3110; 1985 c.676 §78.3110; repealed by 1995 c.328 §71] 78.3120[1961 c.726 §78.3120; 1985 c.676 §78.3120; repealed by 1995 c.328 §71] 78.3130[1961 c.726 §78.3130; 1965 c.271 §4; 1985 c.676 §78.3130; repealed by 1995 c.328 §71] 78.3140[1961 c.726 §78.3140; 1985 c.676 §78.3140; repealed by 1995 c.328 §71] 78.3150[1961 c.726 §78.3150; 1985 c.676 §78.3150; repealed by 1995 c.328 §71] 78.3160[1961 c.726 §78.3160; 1985 c.676 §78.3160; repealed by 1995 c.328 §71] 78.3170[1961 c.726 §78.3170; 1985 c.676 §78.3170; repealed by 1995 c.328 §71] 78.3180[1961 c.726 §78.3180; 1985 c.676 §78.3180; repealed by 1995 c.328 §71] 78.3190[1961 c.726 §78.3190; 1985 c.676 §78.3190; repealed by 1995 c.328 §71] 78.3200[1965 c.271 §2; 1985 c.676 §78.3200; repealed by 1995 c.328 §71] 78.3210[1985 c.676 §78.3210; repealed by 1995 c.328 §71] 78.4010Duty of issuer to register transfer 78.4020Assurance that indorsement or instruction is effective 78.4030Demand that issuer not register transfer 78.4040Wrongful registration 78.4050Replacement of lost, destroyed or wrongfully taken security certificate 78.4060Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate 78.4070Authenticating trustee, transfer agent and registrar 78.4080[1985 c.676 §78.4080; repealed by 1995 c.328 §71] 78.5010Securities account; acquisition of security entitlement from securities intermediary 78.5020Assertion of adverse claim against entitlement holder 78.5030Property interest of entitlement holder in financial asset held by securities intermediary 78.5040Duty of securities intermediary to maintain financial asset 78.5050Duty of securities intermediary with respect to payments and distributions 78.5060Duty of securities intermediary to exercise rights as directed by entitlement holder 78.5070Duty of securities intermediary to comply with entitlement order 78.5080Duty of securities intermediary to change entitlement holder’s position to other form of security holding 78.5090Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder 78.5100Rights of purchaser of security entitlement from entitlement holder 78.5110Priority among security interests and entitlement holders

Chapter 78 — Investment Securities

ORS 78.2030 Staleness as notice of defects or defenses

After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in the security’s issue or defense of the issuer, if the act or event:

(1)

Requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security, or any of them on presentation or surrender of the security certificate, the money or security is available on the date set for payment or exchange and the purchaser takes the security more than one year after that date; or

(2)

Is not covered by subsection (1) of this section and the purchaser takes the security more than two years after the date set for surrender or presentation or the date on which performance became due.

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