ORS 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 security interest;

The rights of the secured party after default by the debtor are governed by ORS chapter 72 or 72A; and

The security interest has priority over a conflicting security interest created by the debtor.