Chapter 79A — Chapter 79A
134 sections in this chapter.
ORS 79A.1010 UCC 9-101. Short title. This chapter may be cited as Uniform Commercial Code–Secured Transactions. [Formerly 79.0101]
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[Repealed or reserved.]
ORS 79A.1020 UCC 9-102. Definitions and index of definitions. (1) As used in this chapter
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(a) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (b) “Account,” except as used in “account for,” “account statement,” “account to,” “commodity account,” as defined in paragraph (o) of thi…
ORS 79A.1030 UCC 9-103. Purchase-money security interest; application of payments; burden of establishing. (1) As used in this section
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(a) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and (b) “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral or for value giv…
ORS 79A.1040 UCC 9-104. Control of deposit account. (1) A secured party has control of a deposit account if
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(a) The secured party is the bank with which the deposit account is maintained; (b) The debtor, secured party and bank have agreed in a signed record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit acco…
ORS 79A.1050 UCC 9-105. Control of electronic copy of record evidencing chattel paper. (1) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned
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(2) A system satisfies subsection (1) of this section if the record or records evidencing the chattel paper are created, stored and assigned in a manner that: (a) A single authoritative copy of the record or records exists that is unique, identifiable and, except as otherwise pro…
ORS 79A.1053 UCC 9-105A. Control of electronic money. (1) A person has control of electronic money if
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(a) The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person: (A) Power to avail itself of substantially all the benefit from the electronic money; and (B) Exclusive power,…
ORS 79A.1060 UCC 9-106. Control of investment property. (1) A person has control of a certificated security, uncertificated security or security entitlement as provided in ORS 78.1060
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(2) A secured party has control of a commodity contract if: (a) The secured party is the commodity intermediary with which the commodity contract is carried; or (b) The commodity customer, secured party and commodity intermediary have agreed that the commodity intermediary will a…
ORS 79A.1070 UCC 9-107. Control of letter-of-credit right. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under ORS 75.1140 (3) or otherwise applicable law or practice. [Formerly 79.0107]
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[Repealed or reserved.]
ORS 79A.1073 UCC 9-107A. Control of controllable electronic record, controllable account or controllable payment intangible. (1) A secured party has control of a controllable electronic record as provided in ORS 80.1050
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(2) A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible. [2025 c.33 §48]
ORS 79A.1076 UCC 9-107B. No requirement to acknowledge or confirm; no duties. (1) A person that has control under ORS 79A.1040, 79A.1050 or 79A.1053 is not required to acknowledge that it has control on behalf of another person
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(2) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this chapter otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgeme…
ORS 79A.1080 UCC 9-108. Sufficiency of description. (1) Except as otherwise provided in subsections (3), (4) and (5) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described
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(2) Except as otherwise provided in subsection (4) of this section, a description of collateral reasonably identifies the collateral if it identifies the collateral by: (a) Specific listing; (b) Category; (c) Except as otherwise provided in subsection (5) of this section, a type …
ORS 79A.1090 UCC 9-109. Scope. (1) Except as otherwise provided in subsections (3) and (4) of this section, this chapter applies to
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(a) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (b) An agricultural lien; (c) A sale of accounts, chattel paper, payment intangibles or promissory notes; (d) A consignment; (e) A security interest arising u…
ORS 79A.1100 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
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(1) The security interest is enforceable, even if ORS 79A.2030 (2)(c) has not been satisfied; (2) Filing is not required to perfect the security interest; (3) The rights of the secured party after default by the debtor are governed by ORS chapter 72 or 72A; and (4) The security i…
ORS 79A.2010 UCC 9-201. General effectiveness of security agreement. (1) Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors
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(2) A transaction subject to this chapter is subject to any applicable rule of law which establishes a different rule for consumers and is also subject to ORS 83.510 to 83.680 on retail installment contracts and ORS chapter 725 on small loans. (3) In case of conflict between this…
ORS 79A.2020 UCC 9-202. Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. [Formerly 79.0202]
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[Repealed or reserved.]
ORS 79A.2030 UCC 9-203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. (1) Except as otherwise provided in subsections (3) to (9) of this section, a security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment
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(2) Except as otherwise provided in subsections (3) to (9) of this section, a security interest is enforceable against the debtor and third parties with respect to the collateral only if: (a) Value has been given; (b) The debtor has rights in the collateral or the power to transf…
ORS 79A.2040 UCC 9-204. After-acquired property; future advances. (1) Except as otherwise provided in subsection (2) of this section, a security agreement may create or provide for a security interest in after-acquired collateral
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(2)(a) Subject to paragraph (b) of this subsection, a security interest does not attach under a term constituting an after-acquired property clause to: (A) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within …
ORS 79A.2050 UCC 9-205. Use or disposition of collateral permissible. (1) A security interest is not invalid or fraudulent against creditors solely because
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(a) The debtor has the right or ability to: (A) Use, commingle or dispose of all or part of the collateral, including returned or repossessed goods; (B) Collect, compromise, enforce or otherwise deal with collateral; (C) Accept the return of collateral or make repossessions; or (…
ORS 79A.2060 UCC 9-206. Security interest arising in purchase or delivery of financial asset. (1) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if
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(a) The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and (b) The securities intermediary credits the financial asset to the…
ORS 79A.2070 UCC 9-207. Rights and duties of secured party having possession or control of collateral. (1) Except as otherwise provided in subsection (4) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed
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(2) Except as otherwise provided in subsection (4) of this section, if a secured party has possession of collateral: (a) Reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use or operation of the coll…
ORS 79A.2080 UCC 9-208. Additional duties of secured party having control of collateral. (1) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations or otherwise give value
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(2) Within 10 days after receiving a signed demand by the debtor: (a) A secured party having control of a deposit account under ORS 79A.1040 (1)(b) shall send to the bank with which the deposit account is maintained a signed record that releases the bank from any further obligati…
ORS 79A.2090 UCC 9-209. Duties of secured party if account debtor has been notified of assignment. (1) Except as otherwise provided in subsection (3) of this section, this section applies if
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(a) There is no outstanding secured obligation; and (b) The secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Within 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has rece…
ORS 79A.2100 UCC 9-210. Request for accounting; request regarding list of collateral or statement of account. (1) As used in this section
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(a) “Request” means a record of a type described in paragraph (b), (c) or (d) of this subsection. (b) “Request for an accounting” means a record signed by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably i…
ORS 79A.3010 UCC 9-301. Law governing perfection and priority of security interests. Except as otherwise provided in ORS 79A.3030 to 79A.3060 and in ORS 79A.3063 and 79A.3066, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral
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(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral. (2) While collateral is located i…
ORS 79A.3020 UCC 9-302. Law governing perfection and priority of agricultural liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products. [Formerly 79.0302]
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[Repealed or reserved.]
ORS 79A.3030 UCC 9-303. Law governing perfection and priority of security interests in goods covered by certificate of title. (1) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor
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(2) Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceas…
ORS 79A.3040 UCC 9-304. Law governing perfection and priority of security interests in deposit accounts. (1) The local law of a bank’s jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the bank’s jurisdiction
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(2) The following rules determine a bank’s jurisdiction for purposes of ORS 79A.3010 to 79A.3420: (a) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank’s jurisdiction for purposes of ORS 79A…
ORS 79A.3050 UCC 9-305. Law governing perfection and priority of security interests in investment property. (1) Except as otherwise provided in subsection (3) of this section, the following rules apply
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(a) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in the certificated security represented thereby. (b) The local law of the issue…
ORS 79A.3060 UCC 9-306. Law governing perfection and priority of security interests in letter-of-credit rights. (1) Subject to subsection (3) of this section, the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-of-credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a state
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(2) For purposes of ORS 79A.3010 to 79A.3420, an issuer’s jurisdiction or nominated person’s jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in ORS 75.1160. (3) This section …
ORS 79A.3063 UCC 9-306A. Law governing perfection and priority of security interests in chattel paper. (1) Except as provided in subsection (4) of this section, if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an authoritative electronic copy and an authoritative tangible copy, the local law of the chattel paper’s jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in the chattel paper, even if the transaction does not bear any relation to the chattel paper’s jurisdiction
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(2) The following rules determine the chattel paper’s jurisdiction under this section: (a) If the authoritative electronic copy of the record evidencing chattel paper, or a record attached to or logically associated with the electronic copy and readily available for review, expre…
ORS 79A.3066 UCC 9-306B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records and controllable payment intangibles. (1) Except as provided in subsection (2) of this section, the local law of the controllable electronic record’s jurisdiction specified in ORS 80.1070 (3) and (4) governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllable payment intangible evidenced by the controllable electronic record
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(2) The local law of the jurisdiction in which the debtor is located governs: (a) Perfection of a security interest in a controllable account, controllable electronic record or controllable payment intangible by filing; and (b) Automatic perfection of a security interest in a con…
ORS 79A.3070 UCC 9-307. Location of debtor. (1) As used in this section, “place of business” means a place where a debtor conducts its affairs
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(2) Except as otherwise provided in this section, the following rules determine a debtor’s location: (a) A debtor who is an individual is located at the individual’s principal residence. (b) A debtor that is an organization and has only one place of business is located at its pla…
ORS 79A.3080 UCC 9-308. When security interest or agricultural lien is perfected; continuity of perfection. (1) Except as otherwise provided in this section and ORS 79A.3090, a security interest is perfected if it has attached and all of the applicable requirements for perfection in ORS 79A.3100 to 79A.3160 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches
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(2) An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in ORS 79A.3100 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricult…
ORS 79A.3090 UCC 9-309. Security interest perfected upon attachment. The following security interests are perfected when they attach
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(1) A purchase-money security interest in consumer goods, except as otherwise provided in ORS 79A.3110 (2) with respect to consumer goods that are subject to a statute or treaty described in ORS 79A.3110 (1); (2) An assignment of accounts or payment intangibles which does not by …
ORS 79A.3100 UCC 9-310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. (1) Except as otherwise provided in subsection (2) of this section and ORS 79A.3120 (2), a financing statement must be filed to perfect all security interests and agricultural liens
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(2) The filing of a financing statement is not necessary to perfect a security interest: (a) That is perfected under ORS 79A.3080 (4), (5), (6) or (7); (b) That is perfected under ORS 79A.3090 when it attaches; (c) In property subject to a statute, regulation or treaty described …
ORS 79A.3110 UCC 9-311. Perfection of security interests in property subject to certain statutes, regulations and treaties. (1) Except as otherwise provided in subsection (4) of this section, the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to
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(a) A statute, regulation or treaty of the United States whose requirements for a security interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt ORS 79A.3100 (1); (b) ORS chapter 830 and the Oregon Vehicle Code; (c) A statute of ano…
ORS 79A.3120 UCC 9-312. Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession. (1) A security interest in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, instruments, investment property or negotiable documents may be perfected by filing. Except for goods in which filing is not necessary or effective to perfect a security interest under this chapter, a security interest in goods may be perfected by filing
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(2) Except as otherwise provided in ORS 79A.3150 (3) and (4) for proceeds: (a) A security interest in a deposit account may be perfected only by control under ORS 79A.3140; (b) And except as otherwise provided in ORS 79A.3080 (4), a security interest in a letter-of-credit right m…
ORS 79A.3130 UCC 9-313. When possession by or delivery to secured party perfects security interest without filing. (1) Except as otherwise provided in subsection (2) of this section, a secured party may perfect a security interest in goods, instruments, negotiable tangible documents or tangible money by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under ORS 78.3010
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(2) With respect to goods that are covered by a certificate of title issued by this state or that are manufactured structures, a secured party may perfect a security interest in the goods by taking possession of the goods only in the circumstances described in ORS 79A.3160 (5). (…
ORS 79A.3140 UCC 9-314. Perfection by control. (1) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property or letter-of-credit rights may be perfected by control of the collateral under ORS 77.1060, 79A.1040, 79A.1050, 79A.1053, 79A.1060, 79A.1070 or 79A.1073
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(2) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money or letter-of-credit rights is perfected by control under ORS 77.1060, 79A.1040, 79A.1050, 79A.1053, 79A.10…
ORS 79A.3143 UCC 9-314A. Perfection by possession and control of chattel paper. (1) A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the electronic record evidencing the chattel paper
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(2) A security interest is perfected under subsection (1) of this section not earlier than the time the secured party takes possession and obtains control and remains perfected under subsection (1) of this section only while the secured party retains possession and control. (3) O…
ORS 79A.3150 UCC 9-315. Secured party’s rights on disposition of collateral and in proceeds. (1) Except as otherwise provided in this chapter and in ORS 72.4030 (2)
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(a) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and (b) A security interest att…
ORS 79A.3160 UCC 9-316. Effect of change in governing law. (1) A security interest perfected pursuant to the law of the jurisdiction designated in ORS 79A.3010 (1), 79A.3050 (3), 79A.3063 or 79A.3066 remains perfected until the earliest of
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(a) The time perfection would have ceased under the law of that jurisdiction; (b) The expiration of four months after a change of the debtor’s location to another jurisdiction; or (c) The expiration of one year after a transfer of collateral to a person that thereby becomes a deb…
ORS 79A.3170 UCC 9-317. Interests that take priority over or take free of security interest or agricultural lien. (1) A security interest or agricultural lien is subordinate to the rights of
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(a) A person entitled to priority under ORS 79A.3220; and (b) Except as otherwise provided in subsection (5) of this section, a person that becomes a lien creditor before the earlier of the time: (A) The security interest or agricultural lien is perfected; or (B) One of the condi…
ORS 79A.3180 UCC 9-318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers. (1) A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold
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(2) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer’s security interest is unperfected, the debtor is deemed to have rights and title to the a…
ORS 79A.3190 UCC 9-319. Rights and title of consignee with respect to creditors and purchasers. (1) Except as otherwise provided in subsection (2) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer
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(2) For purposes of determining the rights of a creditor of a consignee, law other than this chapter determines the rights and title of a consignee while goods are in the consignee’s possession if, under ORS 79A.3010 to 79A.3420, a perfected security interest held by the consigno…
ORS 79A.3200 UCC 9-320. Buyer of goods. (1) Except as otherwise provided in subsection (5) of this section, a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the buyer knows of its existence
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(2) Except as otherwise provided in subsection (5) of this section, a buyer of goods from a person who used or bought the goods for use primarily for personal, family or household purposes takes free of a security interest, even if perfected, if the buyer buys: (a) Without knowle…
ORS 79A.3210 UCC 9-321. Licensee of general intangible and lessee of goods in ordinary course of business. (1) As used in this section, “licensee in ordinary course of business” means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor’s own usual or customary practices
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(2) A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence. (3) A lessee in ordinary …
ORS 79A.3220 UCC 9-322. Priorities among conflicting security interests in and agricultural liens on same collateral. (1) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules
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(a) Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfec…
ORS 79A.3230 UCC 9-323. Future advances. (1) Except as otherwise provided in subsection (3) of this section, for purposes of determining the priority of a perfected security interest under ORS 79A.3220 (1)(a), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that
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(a) Is made while the security interest is perfected only: (A) Under ORS 79A.3090 when it attaches; or (B) Temporarily under ORS 79A.3120 (5), (6) or (7); and (b) Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method othe…
ORS 79A.3240 UCC 9-324. Priority of purchase-money security interests. (1) Except as otherwise provided in subsection (7) of this section, a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in ORS 79A.3270, a perfected security interest in its identifiable proceeds also has priority, if the purchase-money security interest is perfected when the debtor receives possession of the collateral or within 20 days thereafter
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(2) Subject to subsection (3) of this section and except as otherwise provided in subsection (7) of this section, a perfected purchase-money security interest in inventory has priority over a conflicting security interest in the same inventory, has priority over a conflicting sec…