Title 8, Commercial Transactions

This chapter may be cited as Uniform Commercial Code–Secured Transactions. [Formerly 79.0101]

(1) As used in this chapter: (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 de…

(1) As used in this section: (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 th…

(1) A secured party has control of a deposit account if: (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 par…

(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 wa…

(1) A person has control of electronic money if: (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 fr…

(1) A person has control of a certificated security, uncertificated security or security entitlement as provided in ORS 78.1060. (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 ca…

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 otherwi…

(1) A secured party has control of a controllable electronic record as provided in ORS 80.1050. (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 c…

(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. (2) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees o…

(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. (2) Except as otherwise provided in subsection (4) of this sec…

(1) Except as otherwise provided in subsections (3) and (4) of this section, this chapter applies to: (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, chatte…

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: (1) The security interest is enforceable, even if ORS 79A.2030 (2)(c) has not been satisfied; (2) Filing is n…

(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. (2) A transaction subject to this chapter is subject to any applicable rule …

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. [F…

(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. (2) Except as othe…

(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. (2)(a) Subject to paragraph (b) of this subsection, a security interest does not attach under a term constituting a…

(1) A security interest is not invalid or fraudulent against creditors solely because: (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 otherwis…

(1) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if: (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 in…

(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 …

(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. (2) Within 10 days after receiving a signed demand by the debtor: (a) A secured party having c…

(1) Except as otherwise provided in subsection (3) of this section, this section applies if: (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…

(1) As used in this section: (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 b…

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: (1) Except as otherwise provided…

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]

(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. (2) Goods become covered by a certificate of title when a valid…

(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. (2) The f…

(1) Except as otherwise provided in subsection (3) of this section, the following rules apply: (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 sec…

(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 jurisdi…

(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 juris…

(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 controllabl…

(1) As used in this section, “place of business” means a place where a debtor conducts its affairs. (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 resi…

(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 a…

The following security interests are perfected when they attach: (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…

(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. (2) The filing of a financing statement is not necessary to perfect a security interest: (a) That…

(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: (a) A statute, regulation or treaty of the United States whose requirements for a security …

(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 …

(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 ce…

(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…

(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 pap…

(1) Except as otherwise provided in this chapter and in ORS 72.4030 (2): (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 th…

(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: (a) The time perfection would have ceased under the law of that jurisdiction; (b) The expiration o…

(1) A security interest or agricultural lien is subordinate to the rights of: (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) Th…

(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. (2) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper fr…

(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 titl…

(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 …

(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…

(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: (a) Conflicting perfected security interests and agricultural liens rank according to prio…

(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 inte…

(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 pe…