Title 8, Commercial Transactions

(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…

ORS 80.1010 to 80.1070 may be cited as Uniform Commercial Code–Controllable Electronic Records. [2025 c.33 §94]

(1) In ORS 80.1010 to 80.1070: (a)(A) “Controllable electronic record” means a record stored in an electronic medium that can be subjected to control under ORS 80.1050. (B) “Controllable electronic record” does not include a controllable account, a controllable payment intangible…

(1) If there is a conflict between ORS 80.1010 to 80.1070 and ORS chapter 79A, ORS chapter 79A governs. (2) A transaction subject to ORS 80.1010 to 80.1070 is subject to any applicable rule of law that establishes a different rule for consumers. [2025 c.33 §96]

(1) This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits under subsections (3), (4), (5) and (8) of this section of a purchaser and qualifying purchaser, in the same manner t…

(1) A person has control of a controllable electronic record if the electronic record, a record attached to or logically associated with the electronic record or a system in which the electronic record is recorded: (a) Gives the person: (A) Power to avail itself of substantially …

(1) An account debtor on a controllable account or controllable payment intangible may discharge its obligation by paying: (a) The person having control of the controllable electronic record that evidences the controllable account or controllable payment intangible; or (b) Except…

(1) Except as provided in subsection (2) of this section, the local law of a controllable electronic record’s jurisdiction governs a matter covered under ORS 80.1010 to 80.1070. (2) For a controllable electronic record that evidences a controllable account or controllable payment…

An offer in writing to pay a particular sum of money or to deliver a written instrument or specific personal property is, if not accepted, equivalent to the actual production and tender of the money, instrument or property.

The person to whom a tender is made shall at that time specify any objection the person may have to the money, instrument or property or the person shall be deemed to have waived it; and if the objection is to the amount of money, the terms of the instrument or the amount or kind…

Whoever pays money or delivers an instrument or property is entitled to a receipt therefor from the person to whom the payment or delivery is made, and may demand a proper signature to such receipt as a condition of the payment or delivery.

(1) For the purposes of this section: (a) “Consumer” means an individual who is purchasing goods or services for personal, family or household purposes. (b) “Consumer contract” means a contract entered into by a consumer for the purchase of goods or services for personal, family …

Any bona fide assignment of a chose in action by way of sale or pledge made in writing for a good, valuable and adequate consideration is deemed completed at the time the writing is executed by the assignor and takes effect at the time of execution according to the terms of the w…

In the case of an assignment of a thing in action, an action or suit by the assignee is without prejudice to any setoff or other defense existing at the time of, or before notice of the assignment; but this section does not apply to a negotiable instrument transferred in good fai…

As used in ORS 81.230 to 81.263: (1) “Approved unique identifier” means a number, combination of numbers and letters, or another identifier that the Secretary of State prescribes by rule. (2) “Buyer” means a person who, in the ordinary course of business, buys farm products from …

(1) The Secretary of State shall devise a method or system to provide approved unique identifiers for persons filing documents under ORS 81.230 to 81.263. (2) If necessary under federal law, the Secretary of State shall seek approval of the method or system devised under subsecti…

(1) An effective financing statement, amendment to an effective financing statement, continuation statement, statement that an effective financing statement has lapsed or other statement filed with the Secretary of State under ORS 81.230 to 81.263 may be filed in an electronic fo…

(1) The Secretary of State shall establish, implement and operate the central filing system for farm products. (2) The Secretary of State shall ensure that the central filing system for farm products described in ORS 81.230 to 81.263 complies with the requirements for a central f…

Except as provided in ORS 81.245, a buyer who in the ordinary course of business buys farm products from a seller engaged in farming operations shall take free of a security interest created by the seller, and a commission merchant or selling agent who sells in the ordinary cours…

Under the central filing system for farm products, a buyer of farm products or commission merchant or selling agent who sells farm products for others shall be subject to a security interest in such farm products created by the seller if: (1) The buyer or commission merchant or s…

(1) An effective financing statement for farm products as defined in ORS 81.230 is sufficient to register a security interest in a farm product if the statement: (a) Contains the name and address of the secured party; (b) Contains the name and address of each person, whether or n…

(1) Under the central filing system for farm products, the Secretary of State shall record the date and time of filing of effective financing statements or changes thereto, and compile this information into a master list organized according to farm products. The Secretary of Stat…

(1) On request, the Secretary of State shall furnish to persons not registered under ORS 81.251 oral confirmation within 24 hours of the existence of any effective financing statement followed by written confirmation to any buyer of farm products buying from a debtor or commissio…

Nothing in ORS 81.230 to 81.263 shall prevent a secured party from providing a courtesy notice to any person regarding the secured party’s security interests in farm products. The rights or obligations of the secured party or any other person shall not be affected by the failure …

The proper place to file an effective financing statement on farm products as defined in ORS 81.230 is in the office of the Secretary of State. [Formerly 80.127]

The proper place to register under ORS 81.251 as a buyer of farm products or a commission merchant or selling agent of farm products as defined in ORS 81.230 is in the office of the Secretary of State. The registration is effective for one year following the date of registration.…

(1) The rate of interest for the following transactions, if the parties have not otherwise agreed to a rate of interest, is nine percent per annum and is payable on: (a) All moneys after they become due; but open accounts bear interest from the date of the last item thereof. (b) …

(1) If, pursuant to any arrangement, understanding or agreement, with the knowledge of the lender, either as a part of the contract of borrowing or collateral thereto, regardless of when made and whether it is made as a special arrangement or in conformity to a regular rule, regu…

ORS 82.010 (3) and (4) and 82.020 do not apply to: (1) Any financial institution or trust company, as those terms are defined in ORS 706.008, any consumer finance licensee under ORS chapter 725 or any pawnbroker licensed under ORS chapter 726. (2) Any lender approved by the Secre…

As used in ORS 82.160 and 82.170: (1) “Loan” means a loan of money that is primarily for personal, family or household use made by a person who is regularly engaged in the business of lending money. (2) “Loan agreement” means the written document issued in connection with a loan …

(1) If a loan agreement provides for a penalty to be charged for repaying the loan prior to the date provided for repayment in the loan agreement, the loan agreement shall contain in printing or writing of a size equal to at least 10-point bold or underlined type substantially th…

(1) If a loan agreement authorizes the lender to refuse to accept repayment of the loan prior to the date provided for repayment in the loan agreement, the loan agreement shall contain in printing or writing of a size equal to at least 10-point bold or underlined type substantial…

As used in ORS 83.010 to 83.190 unless the context requires otherwise: (1) “Cash sale price” means the price for which the seller would have sold or furnished to the buyer, and the buyer would have bought or obtained from the seller, the goods or services which are the subject ma…