Title 8, Commercial Transactions

The Secretary of State shall report to the Legislative Assembly on or before January 15 of each odd-numbered year regarding the operation of the filing office. The report must contain a statement of the extent to which the filing-office rules are not in harmony with the most rece…

Except as provided in ORS 30.260 to 30.300, the Secretary of State and the secretary’s officers and employees shall not be liable to debtors, secured parties or any other person in administering this chapter or ORS 81.230 to 81.263. [Formerly 79.0528] DEFAULT (Default and Enforce…

(1) After default, a secured party has the rights provided in ORS 79A.6010 to 79A.6280 and, except as otherwise provided in ORS 79A.6020, those provided by agreement of the parties. A secured party: (a) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, se…

Except as otherwise provided in ORS 79A.6240, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) ORS 79A.2070 (2)(d)(C), which deals wi…

(1) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in ORS 79A.6020 if the standards are not manifestly unreasonable. (2) Subsection (1) of this section does …

(1) If a security agreement covers both personal and real property, a secured party may proceed: (a) Under ORS 79A.6010 to 79A.6280 as to the personal property without prejudicing any rights with respect to the real property; or (b) As to both the personal property and the real p…

(1) Except as provided in subsection (2) of this section, a secured party does not owe a duty based on its status as secured party: (a) To a person that is a debtor or obligor, unless the secured party knows: (A) That the person is a debtor or obligor; (B) The identity of the per…

For purposes of ORS 79A.6010 to 79A.6280, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. [Formerly 79.0606]

(1) If so agreed, and in any event after default, a secured party: (a) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (b) May take any proceeds to which the secured p…

(1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (a) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under ORS 79A.6070 in the following order to: (A)…

(1) After default, a secured party: (a) May take possession of the collateral; and (b) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under ORS 79A.6100. (2) A secured party may proceed under subsection (1) of this section: (a) Pur…

(1) After default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (2) Every aspect of a disposition of collateral, including the method, man…

(1) As used in this section, “notification date” means the earlier of the date on which: (a) A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or (b) The debtor and any secondary obligor waive the right to notification. (2) Except…

(1) Except as otherwise provided in subsection (2) of this section, a notification of disposition sent after default and 15 days or more before the earliest time of disposition, as set forth in the notification, is sent within a reasonable time before the disposition. (2) In a tr…

Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (a) Indicates the name of the debtor and the name, address and telephone number of the secured party; (b) Describes the collate…

In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (a) The information specified in ORS 79A.6130 (1); (b) A description of any liability for a deficiency of the person to which the notification is …

(1) A secured party shall apply or pay over for application the cash proceeds of disposition under ORS 79A.6100 in the following order to: (a) The reasonable expenses of retaking, holding, preparing for disposition, processing and disposing, and, to the extent provided for by agr…

(1) As used in this section: (a) “Explanation” means a record that: (A) States the amount of the surplus or deficiency; (B) Provides an explanation in accordance with subsection (3) of this section of how the secured party calculated the surplus or deficiency; (C) States, if appl…

(1) A secured party’s disposition of collateral after default: (a) Transfers to a transferee for value all of the debtor’s rights in the collateral; (b) Discharges the security interest under which the disposition is made; and (c) Discharges any subordinate security interest or o…

(1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a) Receives an assignment of a secured obligation from the secured party; (b) Receives a transfer of collateral from the secured party and ag…

(1) As used in this section, “transfer statement” means a record signed by a secured party stating: (a) That the debtor has defaulted in connection with an obligation secured by specified collateral; (b) That the secured party has exercised its post-default remedies with respect …

(1) Except as otherwise provided in subsection (7) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a) The debtor consents to the acceptance under subsection (3) of this section; (b) The secured party do…

(1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (a) Any person from which the secured party has received, before the debtor consented to the acceptance, a signed notification of a claim…

(1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (a) Discharges the obligation to the extent consented to by the debtor; (b) Transfers to the secured party all of a debtor’s rights in the collateral; (c) Discharges the s…

(1) A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. (2) To redeem collateral, a person shall tender: (a) Fulfillment of all obligations secured by the collateral; and (b) The reasonable expenses and attorney fees described in ORS 79…

(1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under ORS 79A.6110 only by an agreement to that effect entered into and signed after default. (2) A debtor may waive the right to require disposition of collateral under ORS 79A.620…

(1) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions. (2) Subject to subsections (3), (4) and (6) of this section, a …

(1) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (a) A secured party need not prove compliance with the provisions of ORS 79A.6010 to 79A.6280 relating to collect…

(1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing tha…

(1) Subject to subsection (6) of this section, a secured party knows that a person is a debtor or obligor, knows the identity of the person and knows how to communicate with the person: (a) The secured party is not liable to the person, or to a secured party or lienholder that ha…