Chapter 71 — Chapter 71

ORS 71.1010 Short titles. (1) This chapter and ORS chapters 72, 72A, 73, 74, 74A, 75, 77, 78 and 79A and ORS 80.1010 to 80.1070 may be cited as the Uniform Commercial Code

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ORS 71.1020 Scope of chapter. This chapter applies to a transaction to the extent that the transaction is governed by ORS chapter 72, 72A, 73, 74, 74A, 75, 77, 78 or 79A. [1961 c.726 §71.1020; 2009 c.181 §2]

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ORS 71.1030 Construction to promote purposes and policies; applicability of supplemental principles of law. (1) The Uniform Commercial Code must be liberally construed and applied to promote its underlying purposes and policies, which are

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ORS 71.1040 Construction against implied repeal. The Uniform Commercial Code being a general law intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. [1961 c.726 §71.1040]

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ORS 71.1050 Severability. If any provision or clause of the Uniform Commercial Code or application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of the Uniform Commercial Code that can be given effect without the invalid provision or application, and to this end the provisions of the Uniform Commercial Code are severable. [1961 c.726 §71.1050; 1973 c.504 §1; 1989 c.676 §80; 1991 c.83 §3; 1995 c.328 §66; 1997 c.150 §3; 2001 c.445 §130; 2009 c.181 §4]

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ORS 71.1060 Use of singular and plural; gender. In the Uniform Commercial Code, unless the statutory context otherwise requires

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ORS 71.1070 Captions. The unit and section captions, though set forth in the Uniform Commercial Code, are not part of the statutory law of Oregon. [1961 c.726 §71.1070; 2009 c.181 §6]

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ORS 71.1080 Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., except that nothing in this chapter modifies, limits or supersedes section 7001(c) of that Act or authorizes electronic delivery of any of the notices described in section 7003(b) of that Act. [1961 c.726 §71.1080; 2009 c.181 §7]

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ORS 71.1090 [1961 c.726 §71.1090; repealed by 2009 c.181 §116]

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ORS 71.2010 General definitions. (1) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other chapters of the Uniform Commercial Code that apply to particular chapters or parts thereof, have the meanings stated

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ORS 71.2020 Notice; knowledge. (1) Subject to subsection (6) of this section, a person has notice of a fact if the person

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ORS 71.2030 Lease distinguished from security interest. (1) Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case

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ORS 71.2040 Value. Except as otherwise provided in ORS chapters 73, 74 and 75 and ORS 80.1010 to 80.1070, a person gives value for rights if the person acquires them

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ORS 71.2050 Reasonable time; season-ableness. (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

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ORS 71.2060 Presumptions. Whenever the Uniform Commercial Code creates a presumption with respect to a fact, or provides that a fact is presumed, the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence. [1961 c.726 §71.2060; 2009 c.181 §13]

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ORS 71.2070 [1961 c.726 §71.2070; 1993 c.545 §2; repealed by 2009 c.181 §116]

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ORS 71.2080 [1961 c.726 §71.2080; repealed by 2009 c.181 §116]

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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

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ORS 71.3020 Variation by agreement. (1) Except as otherwise provided in subsection (2) of this section or elsewhere in the Uniform Commercial Code, the effect of provisions of the Uniform Commercial Code may be varied by agreement

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ORS 71.3030 Course of performance, course of dealing and usage of trade. (1) A “course of performance” is a sequence of conduct between the parties to a particular transaction that exists if

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ORS 71.3040 Obligation of good faith. Every contract or duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and enforcement. [2009 c.181 §17]

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ORS 71.3050 Remedies to be liberally administered. (1) The remedies provided by the Uniform Commercial Code must be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but consequential damages, special damages or penal damages may not be had except as specifically provided in the Uniform Commercial Code or by other rule of law

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ORS 71.3060 Waiver or renunciation of claim or right after breach. A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in a signed record. [2009 c.181 §19; 2025 c.33 §5]

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ORS 71.3070 Prima facie evidence by third-party documents. A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher’s or inspector’s certificate, consular invoice or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of the document’s own authenticity and genuineness and of the facts stated in the document by the third party. [2009 c.181 §20]

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ORS 71.3080 Performance or acceptance under reservation of rights. (1) A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as “without prejudice,” “under protest” or the like are sufficient

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ORS 71.3090 Option to accelerate at will. A term providing that one party or that party’s successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or when the party “deems itself insecure,” or words of similar import, means that the party has power to do so only if that party in good faith believes that the prospect of payment or performance is impaired. The burden of establishing lack of good faith is on the party against which the power has been exercised. [2009 c.181 §22]

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ORS 71.3100 Subordinated obligations. An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either the common debtor or a subordinated creditor. [2009 c.181 §23]

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