ORS § 79.0513 — OR Code / Title 8 / Chapter 79 / Section 79.0513
79.0513 UCC 9-513. Termination statement
Status: in_force

(1) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:

(a) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or

(b) The debtor did not authorize the filing of the initial financing statement.

(2) To comply with subsection (1) of this section, a secured party shall cause the secured party of record to file the termination statement:

(a) Within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; or

(b) If earlier, within 20 days after the secured party receives an authenticated demand from a debtor.

(3) In cases not governed by subsection (1) of this section, within 20 days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:

(a) Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;

(b) The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;

(c) The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor’s possession; or

(d) The debtor did not authorize the filing of the initial financing statement.

(4) Except as otherwise provided in ORS 79.0510 (UCC 9-510. Effectiveness of filed record) , upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in ORS 79.0510 (UCC 9-510. Effectiveness of filed record) , for purposes of ORS 79.0519 (UCC 9-519. Numbering, maintaining and indexing records) (7), 79.0522 (UCC 9-522. Maintenance and destruction of records) (1) and 79.0523 (UCC 9-523. Information from filing office) (3), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse. [2001 c.445 §84]

Source: Section 79.0513 — UCC 9-513. Termination statement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 72a.5080 — OR Code / Title 8 / Chapter 72a / Section 72a.5080
72A.5080 Lessee’s remedies
Status: in_force

(1) If a lessor fails to deliver the goods in conformity to the lease contract as provided in ORS 72A.5090 (Lessee’s rights on improper delivery) or repudiates the lease contract as provided in ORS 72A.4020 (Anticipatory repudiation) , or a lessee rightfully rejects the goods as provided in ORS 72A.5090 (Lessee’s rights on improper delivery) or justifiably revokes acceptance of the goods as provided in ORS 72A.5170 (Revocation of acceptance of goods) , then with respect to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired as provided in ORS 72A.5100 (Installment lease contracts) , the lessor is in default under the lease contract and the lessee may:

(a) Cancel the lease contract under ORS 72A.5050 (Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies) ;

(b) Recover so much of the rent and security as has been paid and is just under the circumstances;

(c) Cover and recover damages as to all goods affected whether or not they have been identified to the lease contract under ORS 72A.5180 (Cover) and 72A.5200 (Lessee’s incidental and consequential damages) , or recover damages for nondelivery under ORS 72A.5190 (Lessee’s damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods) and 72A.5200 (Lessee’s incidental and consequential damages) ; or

(d) Exercise any other rights or pursue any other remedies provided in the lease contract.

(2) If a lessor fails to deliver the goods in conformity to the lease contract or repudiates the lease contract, the lessee may also:

(a) If the goods have been identified, recover them under ORS 72A.5220 (Lessee’s right to goods on lessor’s insolvency) ; or

(b) In a proper case, obtain specific performance or replevy the goods under ORS 72A.5210 (Lessee’s right to specific performance or replevin) .

(3) If a lessor is otherwise in default under a lease contract, the lessee may exercise the rights and pursue the remedies provided in the lease contract, which may include a right to cancel the lease, and in ORS 72A.5190 (Lessee’s damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods) (3).

(4) If a lessor has breached a warranty, whether express or implied, the lessee may recover damages under ORS 72A.5190 (Lessee’s damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods) .

(5) On rightful rejection or justifiable revocation of acceptance, a lessee has a security interest in goods in the lessee’s possession or control for any rent and security that has been paid and any expenses reasonably incurred in their inspection, receipt, transportation, care and custody and may hold those goods and dispose of them in good faith and in a commercially reasonable manner, subject to ORS 72A.5270 (Lessor’s rights to dispose of goods) .

(6) Subject to the provisions of ORS 72A.4070 (Irrevocable promises) , a lessee, on notifying the lessor of the lessee’s intention to do so, may deduct all or any part of the damages resulting from any default under the lease contract from any part of the rent still due under the same lease contract. [1989 c.676 §55; 1993 c.646 §10]

Source: Section 72A.5080 — Lessee’s remedies , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 79.0336 — OR Code / Title 8 / Chapter 79 / Section 79.0336
79.0336 UCC 9-336. Commingled goods
Status: in_force

(1) As used in this section, “commingled goods” means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.

(2) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.

(3) If collateral becomes commingled goods, a security interest attaches to the product or mass.

(4) If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (3) of this section is perfected.

(5) Except as otherwise provided in subsection (6) of this section, the other provisions of ORS 79.0301 (UCC 9-301. Law governing perfection and priority of security interests) to 79.0342 (UCC 9-342. Bank’s right to refuse to enter into or disclose existence of control agreement) determine the priority of a security interest that attaches to the product or mass under subsection (3) of this section.

(6) If more than one security interest attaches to the product or mass under subsection (3) of this section, the following rules determine priority:

(a) A security interest that is perfected under subsection (4) of this section has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.

(b) If more than one security interest is perfected under subsection (4) of this section, the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods. [2001 c.445 §56]

Source: Section 79.0336 — UCC 9-336. Commingled goods , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 78.2100 — OR Code / Title 8 / Chapter 78 / Section 78.2100
78.2100 Overissue
Status: in_force

(1) In this section, “overissue” means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.

(2) Except as otherwise provided in subsections (3) and (4) of this section, the provisions of this chapter that validate a security or compel its issue or reissue do not apply to the extent that validation, issue or reissue would result in overissue.

(3) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.

(4) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person’s demand. [1995 c.328 §26]

Source: Section 78.2100 — Overissue , https://www.­oregonlegislature.­gov/bills_laws/ors/ors078.­html (accessed May 26, 2025).
ORS § 72.7060 — OR Code / Title 8 / Chapter 72 / Section 72.7060
72.7060 Seller’s resale including contract for resale
Status: in_force

(1) Under the conditions stated in ORS 72.7030 (Seller’s remedies in general) on seller’s remedies, the seller may resell the goods concerned or the undelivered balance thereof. Where the resale is made in good faith and in a commercially reasonable manner the seller may recover the difference between the resale price and the contract price together with any incidental damages allowed under the provisions of ORS 72.7100 (Seller’s incidental damages) , but less expenses saved in consequence of the buyer’s breach.

(2) Except as otherwise provided in subsection (3) of this section or unless otherwise agreed resale may be at public or private sale including sale by way of one or more contracts to sell or of identification to an existing contract of the seller. Sale may be as a unit or in parcels and at any time and place and on any terms but every aspect of the sale including the method, manner, time, place and terms must be commercially reasonable. The resale must be reasonably identified as referring to the broken contract, but it is not necessary that the goods be in existence or that any or all of them have been identified to the contract before the breach.

(3) Where the resale is at private sale the seller must give the buyer reasonable notification of intention to resell.

(4) Where the resale is at public sale:

(a) Only identified goods can be sold except where there is a recognized market for a public sale of futures in goods of the kind; and

(b) It must be made at a usual place or market for public sale if one is reasonably available and except in the case of goods which are perishable or threaten to decline in value speedily the seller must give the buyer reasonable notice of the time and place of the resale; and

(c) If the goods are not to be within the view of those attending the sale the notification of sale must state the place where the goods are located and provide for their reasonable inspection by prospective bidders; and

(d) The seller may buy.

(5) A purchaser who buys in good faith at a resale takes the goods free of any rights of the original buyer even though the seller fails to comply with one or more of the requirements of this section.

(6) The seller is not accountable to the buyer for any profit made on any resale. A person in the position of a seller pursuant to ORS 72.7070 (“Person in the position of a seller.”) or a buyer who has rightfully rejected or justifiably revoked acceptance must account for any excess over the amount of the security interest of the person, as defined in ORS 72.7110 (Buyer’s remedies in general) (3). [1961 c.726 § 72.7060 (Seller’s resale including contract for resale) ]

Source: Section 72.7060 — Seller’s resale including contract for resale , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 72a.1030 — OR Code / Title 8 / Chapter 72a / Section 72a.1030
72A.1030 Definitions and index of definitions
Status: in_force

(1) As used in this chapter, unless the context otherwise requires:

(a) “Buyer in ordinary course of business” means a person who in good faith and without knowledge that the sale to the person is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods buys in ordinary course from a person in the business of selling goods of that kind but does not include a pawnbroker. “Buying” may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting contract for sale but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.

(b) “Cancellation” occurs when either party puts an end to the lease contract for default by the other party.

(c) “Commercial unit” means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. A “commercial unit” may be a single article, as a machine, or a set of articles, as a suite of furniture or a line of machinery, or a quantity, as a gross or carload, or any other unit treated in use or in the relevant market as a single whole.

(d) “Conforming goods” or “performance under a lease contract” means goods or performance that are in accordance with the obligations under the lease contract.

(e) “Consumer lease” means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000.

(f) “Fault” means wrongful act, omission, breach or default.

(g) “Finance lease” means a lease in which the lessor does not select, manufacture or supply the goods, the lessor acquires the goods or the right to possession and use of the goods in connection with the lease, and either:

(A) The lessee receives a copy of the contract evidencing the lessor’s purchase of the goods on or before signing the lease contract;

(B) The lessee’s approval of the contract evidencing the lessor’s purchase of the goods is a condition to effectiveness of the lease contract;

(C) The lessor informs the lessee in writing of the identity of the supplier unless the lessee has selected the supplier and directed the lessor to purchase the goods from the supplier;

(D) The lessor informs the lessee in writing that the lessee may have rights under the contract evidencing the lessor’s purchase of the goods and the lessor advises the lessee in writing to contact the supplier for a description of any such rights; or

(E) The lease contract discloses all warranties and other rights provided to the lessee by the lessor and supplier in connection with the lease contract and informs the lessee that there are no warranties or other rights provided to the lessee by the lessor and supplier other than those disclosed in the lease contract.

(h) “Goods” means all things that are movable at the time of identification to the lease contract, or are fixtures as provided in ORS 72A.3090 (Lessor’s and lessee’s rights when goods become fixtures) , but “goods” does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. “Goods” also includes the unborn young of animals.

(i) “Installment lease contract” means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause “each delivery is a separate lease” or its equivalent.

(j) “Lease” means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. Unless the context clearly indicates otherwise, “lease” includes a sublease.

(k) “Lease agreement” means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in the language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. Unless the context clearly indicates otherwise, “lease agreement” includes a sublease agreement.

(L) “Lease contract” means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. Unless the context clearly indicates otherwise, “lease contract” includes a sublease contract.

(m) “Leasehold interest” means the interest of the lessor or the lessee under a lease contract.

(n) “Lessee” means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, “lessee” includes a sublessee.

(o) “Lessee in ordinary course of business” means a person who in good faith and without knowledge that the lease to the person is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods leases in ordinary course from a person in the business of selling or leasing goods of that kind but does not include a pawnbroker. “Leasing” may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting lease contract but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.

(p) “Lessor” means a person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, “lessor” includes a sublessor.

(q) “Lessor’s residual interest” means the lessor’s interest in the goods after expiration, termination or cancellation of the lease contract.

(r) “Lien” means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but “lien” does not include a security interest.

(s) “Lot” means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract.

(t) “Merchant lessee” means a lessee that is a merchant with respect to goods of the kind subject to the lease.

(u) “Present value” means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. The discount is determined by the interest rate specified by the parties if the rate was not manifestly unreasonable at the time the transaction was entered into; otherwise, the discount is determined by a commercially reasonable rate that takes into account the facts and circumstances of each case at the time the transaction was entered into.

(v) “Purchase” includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods.

(w) “Sublease” means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

(x) “Supplier” means a person from whom a lessor buys or leases goods to be leased under a finance lease.

(y) “Supply contract” means a contract under which a lessor buys or leases goods to be leased.

(z) “Termination” occurs when either party pursuant to a power created by agreement or law puts an end to the lease contract otherwise than for default.

(2) Other definitions applying to this chapter and the sections in which they appear are:

(a) “Accessions” as defined in ORS 72A.3100 (Lessor’s and lessee’s rights when goods become accessions) .

(b) “Account” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(c) “Between merchants” as defined in ORS 72.1040 (Definitions: “merchant”) .

(d) “Buyer” as defined in ORS 72.1030 (Definitions and index of definitions) .

(e) “Chattel paper” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(f) “Construction mortgage” as defined in ORS 72A.3090 (Lessor’s and lessee’s rights when goods become fixtures) .

(g) “Consumer goods” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(h) “Document” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(i) “Encumbrance” as defined in ORS 72A.3090 (Lessor’s and lessee’s rights when goods become fixtures) .

(j) “Entrusting” as defined in ORS 72.4030 (Power to transfer) .

(k) “Fixture filing” as defined in ORS 72A.3090 (Lessor’s and lessee’s rights when goods become fixtures) .

(L) “Fixtures” as defined in ORS 72A.3090 (Lessor’s and lessee’s rights when goods become fixtures) .

(m) “General intangible” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(n) “Instrument” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(o) “Merchant” as defined in ORS 72.1040 (Definitions: “merchant”) .

(p) “Mortgage” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(q) “Purchase money lease” as defined in ORS 72A.3090 (Lessor’s and lessee’s rights when goods become fixtures) .

(r) “Pursuant to commitment” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(s) “Receipt” as defined in ORS 72.1030 (Definitions and index of definitions) .

(t) “Sale” as defined in ORS 72.1060 (Definitions: “contract”) .

(u) “Sale on approval” as defined in ORS 72.3260 (Sale on approval and sale or return) .

(v) “Sale or return” as defined in ORS 72.3260 (Sale on approval and sale or return) .

(w) “Seller” as defined in ORS 72.1030 (Definitions and index of definitions) .

(3) In addition, ORS chapter 71 contains general definitions and principles of construction and interpretation applicable throughout this chapter. [1989 c.676 §3; 1993 c.646 §1; 2001 c.445 §141; 2009 c.181 §36]

Source: Section 72A.1030 — Definitions and index of definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 75.1060 — OR Code / Title 8 / Chapter 75 / Section 75.1060
75.1060 Issuance, amendment, cancellation and duration
Status: in_force

(1) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.

(2) After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent.

(3) If there is no stated expiration date or other provision that determines its duration, a letter of credit expires one year after its stated date of issuance or, if none is stated, one year after the date on which it is issued.

(4) A letter of credit that states that it is perpetual expires five years after its stated date of issuance, or if none is stated, five years after the date on which it is issued. [1961 c.726 § 75.1060 (Issuance, amendment, cancellation and duration) ; 1997 c.150 §9]

Source: Section 75.1060 — Issuance, amendment, cancellation and duration , https://www.­oregonlegislature.­gov/bills_laws/ors/ors075.­html (accessed May 26, 2025).
ORS § 72a.4070 — OR Code / Title 8 / Chapter 72a / Section 72a.4070
72A.4070 Irrevocable promises
Status: in_force

(1) In the case of a finance lease that is not a consumer lease the lessee’s promises under the lease contract become irrevocable and independent upon the lessee’s acceptance of the goods.

(2) A promise that has become irrevocable and independent under subsection (1) of this section:

(a) Is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and

(b) Is not subject to cancellation, termination, modification, repudiation, excuse or substitution without the consent of the party to whom the promise runs.

(3) This section shall not affect the validity under any other law of a covenant in any lease contract making the lessee’s promises irrevocable and independent upon the lessee’s acceptance of the goods. [1989 c.676 §47]

Source: Section 72A.4070 — Irrevocable promises; finance leases , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 80.109 — OR Code / Title 8 / Chapter 80 / Section 80.109
80.109 Protection of buyers of farm products, commission merchants and selling agents
Status: in_force

Except as provided in ORS 80.112 (When buyer of farm product, commission merchant and selling agent subject to security interest in farm product created by seller) , 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 course of business farm products for others shall not be subject to a security interest created by the seller in such products, even though the security interest is perfected and the buyer or commission merchant or selling agent knows of the existence of such interest. [Formerly 79.6040]

Source: Section 80.109 — Protection of buyers of farm products, commission merchants and selling agents; exception , https://www.­oregonlegislature.­gov/bills_laws/ors/ors080.­html (accessed May 26, 2025).
ORS § 75.1140 — OR Code / Title 8 / Chapter 75 / Section 75.1140
75.1140 Assignment of proceeds
Status: in_force

(1) As used in this section, “proceeds of a letter of credit” means the cash, check, accepted draft or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. “Proceeds of a letter of credit” does not include a beneficiary’s drawing rights or documents presented by the beneficiary.

(2) A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.

(3) An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.

(4) An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.

(5) Rights of a transferee beneficiary or nominated person are independent of the beneficiary’s assignment of the proceeds of a letter of credit and are superior to the assignee’s right to the proceeds.

(6) Neither the rights recognized by this section between an assignee and an issuer, transferee beneficiary or nominated person nor the issuer’s or nominated person’s payment of proceeds of a letter of credit to an assignee or a third person affect the rights between the assignee and any person other than the issuer, transferee beneficiary or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary’s rights to proceeds is governed by ORS chapter 79 or other law. Against persons other than the issuer, transferee beneficiary or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary’s right to proceeds and its perfection are governed by ORS chapter 79 or other law. [1961 c.726 § 75.1140 (Assignment of proceeds) ; 1985 c.676 § 75.1140 (Assignment of proceeds) ; 1993 c.545 §120; 1995 c.328 §68; 1997 c.150 §17]

Source: Section 75.1140 — Assignment of proceeds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors075.­html (accessed May 26, 2025).
ORS § 83.811 — OR Code / Title 8 / Chapter 83 / Section 83.811
83.811 Exemption from certain disclosure requirements for motor vehicle dealer or retail seller
Status: in_force

(1) The disclosure provisions of ORS 83.010 (Definitions for ORS 83.010 to 83.190) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) and 83.990 (Penalties) shall not apply to any motor vehicle dealer or retail seller entering into a retail installment transaction when:

(a) The motor vehicle dealer or retail seller regularly enters into retail installment transactions; and

(b) The terms of the retail installment transaction provide for payment of a service charge or finance charge or for payment by written agreement in more than four installments.

(2) A motor vehicle dealer or retail seller regularly enters into retail installment transactions only if the motor vehicle dealer or retail seller entered into retail installment transactions more than 25 times in the preceding calendar year, or more than five times in the preceding calendar year for retail installment transactions secured by a dwelling. If a motor vehicle dealer or retail seller does not meet these numerical standards in the preceding calendar year, the numerical standards shall be applied to the current calendar year. [1991 c.296 §1; 1999 c.240 §2; 2001 c.117 §13]

Note: 83.811 (Exemption from certain disclosure requirements for motor vehicle dealer or retail seller) and 83.813 (Exemption from certain disclosure requirements for assignee of retail installment contract) were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 83 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 83.811 — Exemption from certain disclosure requirements for motor vehicle dealer or retail seller , https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html (accessed May 26, 2025).
ORS § 83.140 — OR Code / Title 8 / Chapter 83 / Section 83.140
83.140 Consolidation of purchases with prior contract
Status: in_force

(1) If, in a retail installment transaction, a retail buyer makes any subsequent purchases of goods or services from a retail seller from whom the buyer has previously purchased goods or services under one or more retail installment contracts, and the amounts under such previous contract or contracts have not been fully paid, the subsequent purchases may, at the seller’s option, be included in and consolidated with one or more of the previous contracts. All the provisions of ORS 83.010 (Definitions for ORS 83.010 to 83.190) to 83.190 (Civil penalties) with respect to retail installment contracts shall be applicable to such subsequent purchases except as otherwise provided in this subsection. In the event of such consolidation, in lieu of the buyer’s executing a retail installment contract respecting each subsequent purchase, as provided in this section, it shall be sufficient if the seller shall prepare a written memorandum of each such subsequent purchase, in which case the provisions of ORS 83.020 (Retail installment contract requirements) , 83.030 (Contents of contract) and 83.070 (Delivery of copy of contract to buyer) shall not be applicable. Unless previously furnished in writing to the buyer by the seller, by sales slip, memorandum or otherwise, such memorandum shall set forth, with respect to each subsequent purchase, items required in ORS 83.030 (Contents of contract) (1) to (7), and in addition, the amount of the time balance owed by the buyer to the seller for the subsequent purchase, the outstanding balance of the previous contract or contracts, the consolidated time balance, and the revised installments applicable to the consolidated time balance, if any, in accordance with ORS 83.030 (Contents of contract) . The seller shall deliver to the buyer a copy of such memorandum prior to the due date of the first installment of such consolidated contract.

(2) When such subsequent purchases are made, if the seller has retained title or taken a lien or other security interest in any of the goods purchased under any one of the contracts included in the consolidation:

(a) The entire amount of all payments made prior to such subsequent purchases shall be deemed to have been applied on the previous purchases; and

(b) The amount of any down payment on the subsequent purchase shall be allocated in its entirety to such subsequent purchase.

(3) The provisions of subsection (2) of this section shall not apply to cases where such previous and subsequent purchases involve equipment, parts or other goods attached or affixed to goods previously purchased and not fully paid, or to services in connection therewith rendered by the seller at the buyer’s request. [1963 c.489 §11]

Source: Section 83.140 — Consolidation of purchases with prior contract , https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html (accessed May 26, 2025).
ORS § 73.0207 — OR Code / Title 8 / Chapter 73 / Section 73.0207
73.0207 Reacquisition
Status: in_force

Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder. [1993 c.545 §29]

Source: Section 73.0207 — Reacquisition , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 79.0306 — OR Code / Title 8 / Chapter 79 / Section 79.0306
79.0306 UCC 9-306. Law governing perfection and priority of security interests in letter-of-credit rights
Status: in_force

(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.

(2) For purposes of ORS 79.0301 (UCC 9-301. Law governing perfection and priority of security interests) to 79.0342 (UCC 9-342. Bank’s right to refuse to enter into or disclose existence of control agreement) , 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 (Choice of law and forum) .

(3) This section does not apply to a security interest that is perfected only under ORS 79.0308 (UCC 9-308. When security interest or agricultural lien is perfected) (4). [2001 c.445 §26]

Source: Section 79.0306 — UCC 9-306. Law governing perfection and priority of security interests in letter-of-credit rights , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 74.2010 — OR Code / Title 8 / Chapter 74 / Section 74.2010
74.2010 Status of collecting bank as agent and provisional status of credits
Status: in_force

(1) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final the bank, with respect to the item, is an agent or subagent of the owner of the item and any settlement given for the item is provisional. This provision applies regardless of the form of indorsement or lack of indorsement and even though credit given for the item is subject to immediate withdrawal as of right or is in fact withdrawn; but the continuance of ownership of an item by its owner and any rights of the owner to proceeds of the item are subject to rights of a collecting bank, such as those resulting from outstanding advances on the item and rights of recoupment or setoff. If an item is handled by banks for purposes of presentment, payment, collection or return, the relevant provisions of this chapter apply even though action of the parties clearly establishes that a particular bank has purchased the item and is the owner of it.

(2) After an item has been indorsed with the words “pay any bank” or the like, only a bank may acquire the rights of a holder until the item has been:

(a) Returned to the customer initiating collection; or

(b) Specially indorsed by a bank to a person who is not a bank. [1961 c.726 § 74.2010 (Status of collecting bank as agent and provisional status of credits) ; 1993 c.545 §84]

Source: Section 74.2010 — Status of collecting bank as agent and provisional status of credits; applicability of chapter; item indorsed “pay any bank.” , https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html (accessed May 26, 2025).
ORS § 73.0311 — OR Code / Title 8 / Chapter 73 / Section 73.0311
73.0311 Accord and satisfaction
Status: in_force

The negotiation of an instrument marked “paid in full,” “payment in full,” “full payment of a claim” or words of similar meaning, or the negotiation of an instrument accompanied by a statement containing such words or words of similar meaning, does not establish an accord and satisfaction that binds the payee or prevents the collection of any remaining amount owed upon the underlying obligation unless the payee personally, or by an officer or employee with actual authority to settle claims, agrees in writing to accept the amount stated in the instrument as full payment of the obligation. [1993 c.545 §40; 1997 c.437 §1]

Source: Section 73.0311 — Accord and satisfaction , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 72.3160 — OR Code / Title 8 / Chapter 72 / Section 72.3160
72.3160 Exclusion or modification of warranties
Status: in_force

(1) Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit warranty shall be construed wherever reasonable as consistent with each other; but subject to the provisions of ORS 72.2020 (Final written expression: parol or extrinsic evidence) on parol or extrinsic evidence negation or limitation is inoperative to the extent that such construction is unreasonable.

(2) Subject to subsection (3) of this section, to exclude or modify the implied warranty of merchantability or any part of it the language must mention merchantability and in case of a writing must be conspicuous, and to exclude or modify any implied warranty of fitness the exclusion must be by a writing and conspicuous. Language to exclude all implied warranties of fitness is sufficient if it states, for example, that “There are no warranties which extend beyond the description on the face hereof.”

(3) Notwithstanding subsection (2) of this section:

(a) Unless the circumstances indicate otherwise, all implied warranties are excluded by expressions like “as is,” “with all faults” or other language which in common understanding calls the buyer’s attention to the exclusion of warranties and makes plain that there is no implied warranty; and

(b) When the buyer before entering into the contract has examined the goods or the sample or model as fully as the buyer desired or has refused to examine the goods there is no implied warranty with regard to defects which an examination ought in the circumstances to have revealed to the buyer; and

(c) An implied warranty can also be excluded or modified by course of dealing or course of performance or usage of trade; and

(d) With respect to the sale of livestock between merchants, excluding livestock sold for immediate slaughter, there shall be no implied warranty that the livestock animal is free from disease except where the seller had knowledge or reason to know that the animal was not free from disease at the time of the sale.

(4) Remedies for breach of warranty can be limited in accordance with the provisions of ORS 72.7180 (Liquidation or limitation of damages) on liquidation or limitation of damages and ORS 72.7190 (Contractual modification or limitation of remedy) on contractual modification of remedy. [1961 c.726 § 72.3160 (Exclusion or modification of warranties) ; 1979 c.636 §2]

Source: Section 72.3160 — Exclusion or modification of warranties; livestock warranty , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 72.8190 — OR Code / Title 8 / Chapter 72 / Section 72.8190
72.8190 Status of remedies under ORS 72.8010 to 72.8200
Status: in_force

The remedies provided by ORS 72.8010 (Definitions for ORS 72.8010 to 72.8200) to 72.8200 (Operative dates) are cumulative and shall not be construed as restricting any remedy otherwise available including the remedies provided by ORS chapter 72. If any provision of ORS 72.8010 (Definitions for ORS 72.8010 to 72.8200) to 72.8200 (Operative dates) or application thereof to any person or circumstance is held unconstitutional, such invalidity shall not affect other provisions or applications of ORS 72.8010 (Definitions for ORS 72.8010 to 72.8200) to 72.8200 (Operative dates) which can be given effect without the invalid provision or application, and to this end the provisions of ORS 72.8010 (Definitions for ORS 72.8010 to 72.8200) to 72.8200 (Operative dates) are severable. [1973 c.413 §17]

Note: See note under 72.8010 (Definitions for ORS 72.8010 to 72.8200) .

Source: Section 72.8190 — Status of remedies under ORS 72.8010 to 72.8200; effect of unconstitutionality , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 73.0410 — OR Code / Title 8 / Chapter 73 / Section 73.0410
73.0410 Acceptance varying draft
Status: in_force

(1) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance.

(2) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.

(3) If the holder assents to an acceptance varying the terms of a draft, the obligation of each drawer and indorser that does not expressly assent to the acceptance is discharged. [1993 c.545 §51]

Source: Section 73.0410 — Acceptance varying draft , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 74.2080 — OR Code / Title 8 / Chapter 74 / Section 74.2080
74.2080 Presentment warranties
Status: in_force

(1) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee that pays or accepts the draft in good faith that:

(a) The warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft;

(b) The draft has not been altered;

(c) The warrantor has no knowledge that the signature of the purported drawer of the draft is unauthorized; and

(d) If the draft is a demand draft, creation of the draft according to the terms on its face was authorized by the person identified as drawer.

(2) A drawee making payment may recover from a warrantor damages for breach of warranty equal to the amount paid by the drawee less the amount the drawee received or is entitled to receive from the drawer because of the payment. In addition, the drawee is entitled to compensation for expenses and loss of interest resulting from the breach. The right of the drawee to recover damages under this subsection is not affected by any failure of the drawee to exercise ordinary care in making payment. If the drawee accepts the draft:

(a) Breach of warranty is a defense to the obligation of the acceptor; and

(b) If the acceptor makes payment with respect to the draft, the acceptor is entitled to recover from a warrantor for breach of warranty the amounts stated in this subsection.

(3) If a drawee asserts a claim for breach of warranty under subsection (1) of this section based on an unauthorized indorsement of the draft or an alteration of the draft, the warrantor may defend by proving that the indorsement is effective under ORS 73.0404 (Impostors) or 73.0405 (Employer’s responsibility for fraudulent indorsement by employee) or the drawer is precluded under ORS 73.0406 (Negligence contributing to forged signature or alteration of instrument) or 74.4060 (Statements to customer) from asserting against the drawee the unauthorized indorsement or alteration.

(4) If a dishonored draft is presented for payment to the drawer or an indorser or any item is presented for payment to a party obliged to pay the item, and the item is paid, the person obtaining payment and a prior transferor of the item warrant to the person making payment in good faith that the warrantor is, or was, at the time the warrantor transferred the item, a person entitled to enforce the item or authorized to obtain payment on behalf of a person entitled to enforce the item. The person making payment may recover from any warrantor for breach of warranty an amount equal to the amount paid plus expenses and loss of interest resulting from the breach.

(5) The warranties stated in subsections (1) and (4) of this section cannot be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within 30 days after the claimant has reason to know of the breach and the identity of the warrantor, the warrantor is discharged to the extent of any loss caused by the delay in giving notice of the claim.

(6) A claim for relief for breach of warranty under this section accrues when the claimant has reason to know of the breach.

(7) A demand draft is a check, as defined in ORS 73.0104 (Negotiable instrument) (6).

(8) If the warranty in subsection (1)(d) of this section is not given by a transferor under applicable conflict of law rules, then the warranty is not given to that transferor when that transferor is a transferee. [1961 c.726 § 74.2080 (Presentment warranties) ; 1993 c.545 §91; 1997 c.822 §6; 2019 c.13 §20b]

Source: Section 74.2080 — Presentment warranties; remedies; defenses; payment of dishonored draft; warranty disclaimer not applicable to checks; when warranty claim accrues , https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html (accessed May 26, 2025).
ORS § 72.3050 — OR Code / Title 8 / Chapter 72 / Section 72.3050
72.3050 Open price term
Status: in_force

(1) The parties if they so intend can conclude a contract for sale even though the price is not settled. In such a case the price is a reasonable price at the time for delivery if:

(a) Nothing is said as to price; or

(b) The price is left to be agreed by the parties and they fail to agree; or

(c) The price is to be fixed in terms of some agreed market or other standard as set or recorded by a third person or agency and it is not so set or recorded.

(2) A price to be fixed by the seller or by the buyer means a price for the seller or buyer to fix in good faith.

(3) When a price left to be fixed otherwise than by agreement of the parties fails to be fixed through fault of one party the other may at the option of the other party treat the contract as canceled or may fix a reasonable price.

(4) Where, however, the parties intend not to be bound unless the price be fixed or agreed and it is not fixed or agreed there is no contract. In such a case the buyer must return any goods already received or if unable so to do must pay their reasonable value at the time of delivery and the seller must return any portion of the price paid on account. [1961 c.726 § 72.3050 (Open price term) ]

Source: Section 72.3050 — Open price term , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 74.1120 — OR Code / Title 8 / Chapter 74 / Section 74.1120
74.1120 Electronic presentment
Status: in_force

(1) “Agreement for electronic presentment” means an agreement, clearing house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (“presentment notice”) rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor and other matters concerning items subject to the agreement.

(2) Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.

(3) If presentment is made by presentment notice, a reference to “item” or “check” in this chapter means the presentment notice unless the context otherwise indicates. [1993 c.545 §82]

Source: Section 74.1120 — Electronic presentment , https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html (accessed May 26, 2025).
ORS § 79.0318 — OR Code / Title 8 / Chapter 79 / Section 79.0318
79.0318 UCC 9-318. No interest retained in right to payment that is sold
Status: in_force

(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 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 account or chattel paper identical to those the debtor sold. [2001 c.445 §38]

Source: Section 79.0318 — 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 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 72.3220 — OR Code / Title 8 / Chapter 72 / Section 72.3220
72.3220 Delivery “ex-ship.”
Status: in_force

(1) Unless otherwise agreed a term for delivery of goods “ex-ship” (which means from the carrying vessel) or in equivalent language is not restricted to a particular ship and requires delivery from a ship which has reached a place at the named port of destination where goods of the kind are usually discharged.

(2) Under such a term unless otherwise agreed:

(a) The seller must discharge all liens arising out of the carriage and furnish the buyer with a direction which puts the carrier under a duty to deliver the goods; and

(b) The risk of loss does not pass to the buyer until the goods leave the ship’s tackle or are otherwise properly unloaded. [1961 c.726 § 72.3220 (Delivery “ex-ship.”) ]

Source: Section 72.3220 — Delivery “ex-ship.” , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 71.1060 — OR Code / Title 8 / Chapter 71 / Section 71.1060
71.1060 Use of singular and plural
Status: in_force

In the Uniform Commercial Code, unless the statutory context otherwise requires:

(1) Words in the singular number include the plural, and those in the plural include the singular; and

(2) Words of any gender also refer to any other gender. [1961 c.726 § 71.1060 (Use of singular and plural) ; 2009 c.181 §5]

Source: Section 71.1060 — Use of singular and plural; gender , https://www.­oregonlegislature.­gov/bills_laws/ors/ors071.­html (accessed May 26, 2025).
ORS § 72.7110 — OR Code / Title 8 / Chapter 72 / Section 72.7110
72.7110 Buyer’s remedies in general
Status: in_force

(1) Where the seller fails to make delivery or repudiates or the buyer rightfully rejects or justifiably revokes acceptance then with respect to any goods involved, and with respect to the whole if the breach goes to the whole contract as provided in ORS 72.6120 (“Installment contract”) , the buyer may cancel and whether or not the buyer has done so may in addition to recovering so much of the price as has been paid:

(a) “Cover” and have damages under ORS 72.7120 (“Cover”) as to all the goods affected whether or not they have been identified to the contract; or

(b) Recover damages for nondelivery as provided in ORS 72.7130 (Buyer’s damages for nondelivery or repudiation) .

(2) Where the seller fails to deliver or repudiates the buyer may also:

(a) If the goods have been identified recover them as provided in ORS 72.5020 (Buyer’s right to goods on seller’s repudiation, failure to deliver or insolvency) ; or

(b) In a proper case obtain specific performance or replevy the goods as provided in ORS 72.7160 (Buyer’s right to specific performance or replevin) .

(3) On rightful rejection or justifiable revocation of acceptance a buyer has a security interest in goods in the possession or control of the buyer for any payments made on their price and any expenses reasonably incurred in their inspection, receipt, transportation, care and custody and may hold such goods and resell them in like manner as an aggrieved seller as provided in ORS 72.7060 (Seller’s resale including contract for resale) . [1961 c.726 § 72.7110 (Buyer’s remedies in general) ]

Source: Section 72.7110 — Buyer’s remedies in general; buyer’s security interest in rejected goods , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 72a.5010 — OR Code / Title 8 / Chapter 72a / Section 72a.5010
72A.5010 Default
Status: in_force

(1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this chapter.

(2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this chapter and, except as limited by this chapter, as provided in the lease agreement.

(3) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party’s claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including administrative proceeding, arbitration, or the like, in accordance with this chapter.

(4) Except as otherwise provided in ORS 71.3050 (Remedies to be liberally administered) (1), this chapter or the lease agreement, the rights and remedies referred to in subsections (2) and (3) of this section are cumulative.

(5) If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under ORS 72A.5010 (Default) to 72A.5310 (Standing to sue third parties for injury to goods) as to the goods, or under other applicable law as to both the real property and the goods in accordance with that party’s rights and remedies in respect of the real property, in which case ORS 72A.5010 (Default) to 72A.5310 (Standing to sue third parties for injury to goods) do not apply. [1989 c.676 §48; 1993 c.646 §8; 2009 c.181 §37]

Source: Section 72A.5010 — Default; procedure , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 73.0418 — OR Code / Title 8 / Chapter 73 / Section 73.0418
73.0418 Payment or acceptance by mistake
Status: in_force

(1) Except as provided in subsection (3) of this section, if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped pursuant to ORS 73.0403 (Unauthorized signature) or the signature of the drawer of the draft was authorized, the drawee may recover the amount of the draft from the person to whom or for whose benefit payment was made or, in the case of acceptance, may revoke the acceptance. Rights of the drawee under this subsection are not affected by failure of the drawee to exercise ordinary care in paying or accepting the draft.

(2) Except as provided in subsection (3) of this section, if an instrument has been paid or accepted by mistake and the case is not covered by subsection (1) of this section, the person paying or accepting may, to the extent permitted by the law governing mistake and restitution:

(a) Recover the payment from the person to whom or for whose benefit payment was made; or

(b) In the case of acceptance, revoke the acceptance.

(3) The remedies provided by subsection (1) or (2) of this section may not be asserted against a person who took the instrument in good faith and for value or for collection or who in good faith changed position in reliance on the payment or acceptance. This subsection does not limit remedies provided by ORS 73.0417 (Presentment warranties) or 74.4070 (Payor bank’s right to subrogation on improper payment) .

(4) Notwithstanding ORS 74.2150 (Final payment of item by payor bank) , if an instrument is paid or accepted by mistake and the payor or acceptor recovers payment or revokes acceptance under subsection (1) or (2) of this section, the instrument is deemed not to have been paid or accepted and is treated as dishonored, and the person from whom payment is recovered has rights as a person entitled to enforce the dishonored instrument. [1993 c.545 §59]

Source: Section 73.0418 — Payment or acceptance by mistake , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 79.0313 — OR Code / Title 8 / Chapter 79 / Section 79.0313
79.0313 UCC 9-313. When possession by or delivery to secured party perfects security interest without filing
Status: in_force

(1) Except as otherwise provided in subsection (2) of this section, a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money or tangible chattel paper 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 (Delivery) .

(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 79.0316 (UCC 9-316. Effect of change in governing law) (5).

(3) With respect to collateral other than certificated securities and goods covered by a document, a secured party takes possession of collateral in the possession of a person other than the debtor, the secured party or a lessee of the collateral from the debtor in the ordinary course of the debtor’s business, when:

(a) The person in possession authenticates a record acknowledging that it holds possession of the collateral for the secured party’s benefit; or

(b) The person takes possession of the collateral after having authenticated a record acknowledging that it will hold possession of collateral for the secured party’s benefit.

(4) If perfection of a security interest depends upon possession of the collateral by a secured party, perfection occurs no earlier than the time the secured party takes possession and continues only while the secured party retains possession.

(5) A security interest in a certificated security in registered form is perfected by delivery when delivery of the certificated security occurs under ORS 78.3010 (Delivery) and remains perfected by delivery until the debtor obtains possession of the security certificate.

(6) A person in possession of collateral is not required to acknowledge that it holds possession for a secured party’s benefit.

(7) If a person acknowledges that it holds possession for the secured party’s benefit:

(a) The acknowledgment is effective under subsection (3) of this section or ORS 78.3010 (Delivery) (1), even if the acknowledgment violates the rights of a debtor; and

(b) Unless the person otherwise agrees or law other than this chapter otherwise provides, the person does not owe any duty to the secured party and is not required to confirm the acknowledgment to another person.

(8) A secured party having possession of collateral does not relinquish possession by delivering the collateral to a person other than the debtor or a lessee of the collateral from the debtor in the ordinary course of the debtor’s business if the person was instructed before the delivery or is instructed contemporaneously with the delivery:

(a) To hold possession of the collateral for the secured party’s benefit; or

(b) To redeliver the collateral to the secured party.

(9) A secured party does not relinquish possession, even if a delivery under subsection (8) of this section violates the rights of a debtor. A person to which collateral is delivered under subsection (8) of this section does not owe any duty to the secured party and is not required to confirm the delivery to another person unless the person otherwise agrees or law other than this chapter otherwise provides. [2001 c.445 §33; 2003 c.655 §51; 2009 c.181 §98]

Source: Section 79.0313 — UCC 9-313. When possession by or delivery to secured party perfects security interest without filing , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 72a.3080 — OR Code / Title 8 / Chapter 72a / Section 72a.3080
72A.3080 Special rights of creditors
Status: in_force

(1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as against the creditor retention of possession by the lessor is fraudulent under any statute or rule of law, but retention of possession in good faith and current course of trade by the lessor for a commercially reasonable time after the lease contract becomes enforceable is not fraudulent.

(2) Nothing in this chapter impairs the rights of creditors of a lessor if the lease contract:

(a) Becomes enforceable, not in current course of trade but in satisfaction of or as security for a preexisting claim for money, security or the like; and

(b) Is made under circumstances which under any statute or rule of law apart from this chapter would constitute the transaction a fraudulent transfer or voidable preference.

(3) A creditor of a seller may treat a sale or an identification of goods to a contract for sale as void if as against the creditor retention of possession by the seller is fraudulent under any statute or rule of law, but retention of possession of the goods pursuant to a lease contract entered into by the seller as lessee and the buyer as lessor in connection with the sale or identification of the goods is not fraudulent if the buyer bought for value and in good faith. [1989 c.676 §38]

Source: Section 72A.3080 — Special rights of creditors , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 71.2020 — OR Code / Title 8 / Chapter 71 / Section 71.2020
71.2020 Notice
Status: in_force

(1) Subject to subsection (6) of this section, a person has notice of a fact if the person:

(a) Has actual knowledge of it;

(b) Has received a notice or notification of it; or

(c) From all the facts and circumstances known to the person at the time in question, has reason to know that it exists.

(2) “Knowledge” means actual knowledge. “Knows” has a corresponding meaning.

(3) “Discover,” “learn” or words of similar import refer to knowledge rather than to reason to know.

(4) A person notifies or gives a notice or notification to another person by taking such steps as may be reasonably required to inform the other person in ordinary course, whether or not the other person actually comes to know of it.

(5) Subject to subsection (6) of this section, a person receives a notice or notification when:

(a) It comes to the person’s attention; or

(b) It is duly delivered in a form reasonable under the circumstances at the place of business through which the contract was made or at another location held out by the person as the place for receipt of such communications.

(6) Notice, knowledge or a notice or notification received by an organization is effective for a particular transaction from the time it is brought to the attention of the individual conducting that transaction and, in any event, from the time it would have been brought to the individual’s attention if the organization had exercised due diligence. An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routines. Due diligence does not require an individual acting for the organization to communicate information unless the communication is part of the individual’s regular duties or the individual has reason to know of the transaction and that the transaction would be materially affected by the information. [1961 c.726 § 71.2020 (Notice) ; 2009 c.181 §9]

Source: Section 71.2020 — Notice; knowledge , https://www.­oregonlegislature.­gov/bills_laws/ors/ors071.­html (accessed May 26, 2025).
ORS § 72a.2040 — OR Code / Title 8 / Chapter 72a / Section 72a.2040
72A.2040 Formation in general
Status: in_force

(1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a lease contract.

(2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined.

(3) Although one or more terms are left open, a lease contract does not fail for indefiniteness if the parties have intended to make a lease contract and there is a reasonably certain basis for giving an appropriate remedy. [1989 c.676 §13]

Source: Section 72A.2040 — Formation in general , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 74a.3010 — OR Code / Title 8 / Chapter 74a / Section 74a.3010
74A.3010 Execution and execution date
Status: in_force

(1) A payment order is “executed” by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed.

(2) “Execution date” of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the sender’s order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received. If the sender’s instruction states a payment date, the execution date is the payment date or an earlier date on which execution is reasonably necessary to allow payment to the beneficiary on the payment date. [1991 c.442 §21]

Source: Section 74A.3010 — Execution and execution date , https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html (accessed May 26, 2025).
ORS § 72.7010 — OR Code / Title 8 / Chapter 72 / Section 72.7010
72.7010 Remedies for breach of collateral contracts not impaired
Status: in_force

Remedies for breach of any obligation or promise collateral or ancillary to a contract for sale are not impaired by the provisions of this chapter. [1961 c.726 § 72.7010 (Remedies for breach of collateral contracts not impaired) ]

Source: Section 72.7010 — Remedies for breach of collateral contracts not impaired , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 72a.3100 — OR Code / Title 8 / Chapter 72a / Section 72a.3100
72A.3100 Lessor’s and lessee’s rights when goods become accessions
Status: in_force

(1) Goods are “accessions” when they are installed in or affixed to other goods.

(2) The interest of a lessor or a lessee under a lease contract entered into before the goods became accessions is superior to all interests in the whole except as stated in subsection (4) of this section.

(3) The interest of a lessor or a lessee under a lease contract entered into at the time or after the goods became accessions is superior to all subsequently acquired interests in the whole except as stated in subsection (4) of this section but is subordinate to interests in the whole existing at the time the lease contract was made unless the holders of such interests in the whole have in writing consented to the lease or disclaimed an interest in the goods as part of the whole.

(4) The interest of a lessor or a lessee under a lease contract described in subsection (2) or (3) of this section is subordinate to the interest of:

(a) A buyer in the ordinary course of business or a lessee in the ordinary course of business of any interest in the whole acquired after the goods became accessions; or

(b) A creditor with a security interest in the whole perfected before the lease contract was made to the extent that the creditor makes subsequent advances without knowledge of the lease contract.

(5) When under subsections (2) or (3) and (4) of this section, a lessor or a lessee of accessions holds an interest that is superior to all interests in the whole, the lessor or the lessee may on default, expiration, termination or cancellation of the lease contract by the other party but subject to the provisions of the lease contract and this chapter, or if necessary to enforce the lessor’s or lessee’s other rights and remedies under this chapter, remove the goods from the whole, free and clear of all interests in the whole, but the lessor or lessee must reimburse any holder of an interest in the whole who is not the lessee and who has not otherwise agreed for the cost of repair of any physical injury but not for any diminution in value of the whole caused by the absence of the goods removed or by any necessity for replacing them. A person entitled to reimbursement may refuse permission to remove until the party seeking removal gives adequate security for the performance of this obligation. [1989 c.676 §40]

PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED AND EXCUSED

Source: Section 72A.3100 — Lessor’s and lessee’s rights when goods become accessions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 77.2090 — OR Code / Title 8 / Chapter 77 / Section 77.2090
77.2090 Lien of warehouse
Status: in_force

(1) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, labor or other charges, present or future, in relation to the goods, and for expenses necessary for preservation of the goods or reasonably incurred in their sale pursuant to law. If the person on whose account the goods are held is liable for similar charges or expenses in relation to other goods whenever deposited and it is stated in the warehouse receipt or storage agreement that a lien is claimed for charges and expenses in relation to other goods, the warehouse also has a lien against the goods covered by the warehouse receipt or storage agreement or on the proceeds thereof in its possession for those charges and expenses whether or not the other goods have been delivered by the warehouse. However, as against a person to which a negotiable warehouse receipt is duly negotiated, a warehouse’s lien is limited to charges in an amount or at a rate specified in the warehouse receipt or, if no charges are so specified, to a reasonable charge for storage of the specific goods covered by the receipt subsequent to the date of the receipt.

(2) The warehouse may also reserve a security interest against the bailor for the maximum amount specified on the receipt for charges other than those specified in subsection (1) of this section, such as for money advanced and interest. The security interest is governed by ORS chapter 79.

(3) A warehouse’s lien for charges and expenses under subsection (1) of this section or a security interest under subsection (2) of this section is also effective against any person that so entrusted the bailor with possession of the goods that a pledge of them by the bailor to a good-faith purchaser for value would have been valid. However, the lien or security interest is not effective against a person that before issuance of a document of title had a legal interest or a perfected security interest in the goods and that did not:

(a) Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with:

(A) Actual or apparent authority to ship, store or sell;

(B) Power to obtain delivery under ORS 77.4030 (Obligation of bailee to deliver) ; or

(C) Power of disposition under ORS 72.4030 (Power to transfer) , 72A.3040 (Subsequent lease of goods by lessor) (2), 72A.3050 (Sale or sublease of goods by lessee) (2), 79.0320 (UCC 9-320. Buyer of goods) or 79.0321 (UCC 9-321. Licensee of general intangible and lessee of goods in ordinary course of business) (3) or other statute or rule of law; or

(b) Acquiesce in the procurement by the bailor or its nominee of any document.

(4) A warehouse’s lien on household goods for charges and expenses in relation to the goods under subsection (1) of this section is also effective against all persons if the depositor was the legal possessor of the goods at the time of deposit. In this subsection, “household goods” means furniture, furnishings or personal effects used by the depositor in a dwelling.

(5) A warehouse loses its lien on any goods that it voluntarily delivers or unjustifiably refuses to deliver. [1961 c.726 § 77.2090 (Lien of warehouse) ; 1971 c.370 §1; 2001 c.445 §149; 2009 c.181 §63]

Source: Section 77.2090 — Lien of warehouse , https://www.­oregonlegislature.­gov/bills_laws/ors/ors077.­html (accessed May 26, 2025).
ORS § 72.3260 — OR Code / Title 8 / Chapter 72 / Section 72.3260
72.3260 Sale on approval and sale or return
Status: in_force

(1) Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is:

(a) A “sale on approval” if the goods are delivered primarily for use; and

(b) A “sale or return” if the goods are delivered primarily for resale.

(2) Goods held on approval are not subject to the claims of the buyer’s creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer’s possession.

(3) Any “or return” term of a contract for sale is to be treated as a separate contract for sale within ORS 72.2010 (Formal requirements: statute of frauds) relating to the statute of frauds and as contradicting the sale aspect of the contract within the provisions of ORS 72.2020 (Final written expression: parol or extrinsic evidence) on parole or extrinsic evidence. [1961 c.726 § 72.3260 (Sale on approval and sale or return) ; 1967 c.395 §1; 1993 c.756 §1; 2001 c.445 §134]

Source: Section 72.3260 — Sale on approval and sale or return; rights of creditors , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 74a.5020 — OR Code / Title 8 / Chapter 74a / Section 74a.5020
74A.5020 Creditor process served on receiving bank
Status: in_force

(1) As used in this section, “creditor process” means levy, attachment, garnishment, notice of lien, sequestration or similar process issued by or on behalf of a creditor or other claimant with respect to an account.

(2) This subsection applies to creditor process with respect to an authorized account of the sender of a payment order if the creditor process is served on the receiving bank. For the purpose of determining rights with respect to the creditor process, if the receiving bank accepts the payment order, the balance in the authorized account is deemed to be reduced by the amount of the payment order to the extent the bank did not otherwise receive payment of the order, unless the creditor process is served at a time and in a manner affording the bank a reasonable opportunity to act on it before the bank accepts the payment order.

(3) If a beneficiary’s bank has received a payment order for payment to the beneficiary’s account in the bank, the following rules apply:

(a) The bank may credit the beneficiary’s account. The amount credited may be set off against an obligation owed by the beneficiary to the bank or may be applied to satisfy creditor process served on the bank with respect to the account;

(b) The bank may credit the beneficiary’s account and allow withdrawal of the amount credited unless creditor process with respect to the account is served at a time and in a manner affording the bank a reasonable opportunity to act to prevent withdrawal; and

(c) If creditor process with respect to the beneficiary’s account has been served and the bank has had a reasonable opportunity to act on it, the bank may not reject the payment order except for a reason unrelated to the service of process.

(4) Creditor process with respect to a payment by the originator to the beneficiary pursuant to a funds transfer may be served only on the beneficiary’s bank with respect to the debt owed by that bank to the beneficiary. Any other bank served with the creditor process is not obliged to act with respect to the process. [1991 c.442 §33]

Source: Section 74A.5020 — Creditor process served on receiving bank; setoff by beneficiary’s bank , https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html (accessed May 26, 2025).
ORS § 79.0624 — OR Code / Title 8 / Chapter 79 / Section 79.0624
79.0624 UCC 9-624. Waiver
Status: in_force

(1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under ORS 79.0611 (UCC 9-611. Notification before disposition of collateral) only by an agreement to that effect entered into and authenticated after default.

(2) A debtor may waive the right to require disposition of collateral under ORS 79.0620 (UCC 9-620. Acceptance of collateral in full or partial satisfaction of obligation) (5) only by an agreement to that effect entered into and authenticated after default.

(3) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under ORS 79.0623 (UCC 9-623. Right to redeem collateral) only by an agreement to that effect entered into and authenticated after default. [2001 c.445 §122]

Source: Section 79.0624 — UCC 9-624. Waiver , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 83.875 — OR Code / Title 8 / Chapter 83 / Section 83.875
83.875 Definitions for ORS 83.875, 83.880, 83.890 and 83.895
Status: in_force

As used in ORS 83.875 (Definitions for ORS 83.875, 83.880, 83.890 and 83.895) , 83.880 (Sale of motor vehicles, goods or services as time sale rather than loan) , 83.890 (Notice required in contract when seller intends to transfer contract) and 83.895 (Effect of seller’s failure to provide notice) :

(1) “Goods” has the meaning for that term provided in ORS 83.010 (Definitions for ORS 83.010 to 83.190) .

(2) “Motor vehicles” means a motor vehicle as defined in ORS 83.510 (Definitions for ORS 83.510 to 83.680) , purchased primarily for personal, family or household purposes and not primarily for business or commercial purposes.

(3) “Retail charge agreement” has the meaning for that term provided by ORS 83.010 (Definitions for ORS 83.010 to 83.190) , and includes a revolving charge agreement or charge agreement.

(4) “Retail installment contract” or “contract” means a retail installment contract for the sale of motor vehicles, goods or services.

(5) “Seller” includes a motor vehicle dealer as defined in ORS 83.510 (Definitions for ORS 83.510 to 83.680) .

(6) “Services” has the meaning given that term in ORS 83.010 (Definitions for ORS 83.010 to 83.190) . [1977 c.274 §5; 1981 c.910 §5; 2001 c.117 §15]

Source: Section 83.875 — Definitions for ORS 83.875, 83.880, 83.890 and 83.895 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html (accessed May 26, 2025).
ORS § 72.7130 — OR Code / Title 8 / Chapter 72 / Section 72.7130
72.7130 Buyer’s damages for nondelivery or repudiation
Status: in_force

(1) Subject to the provisions of ORS 72.7230 (Proof of market price: time and place) with respect to proof of market price, the measure of damages for nondelivery or repudiation by the seller is the difference between the market price at the time when the buyer learned of the breach and the contract price together with any incidental and consequential damages provided in ORS 72.7150 (Buyer’s incidental and consequential damages) , but less expenses saved in consequence of the seller’s breach.

(2) Market price is to be determined as of the place for tender or, in case of rejection after arrival or revocation of acceptance, as of the place of arrival. [1961 c.726 § 72.7130 (Buyer’s damages for nondelivery or repudiation) ]

Source: Section 72.7130 — Buyer’s damages for nondelivery or repudiation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 74.5040 — OR Code / Title 8 / Chapter 74 / Section 74.5040
74.5040 Privilege of presenting bank to deal with goods
Status: in_force

(1) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.

(2) For its reasonable expenses incurred by action under subsection (1) of this section the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller’s lien. [1961 c.726 § 74.5040 (Privilege of presenting bank to deal with goods) ; 1993 c.545 §113]

Source: Section 74.5040 — Privilege of presenting bank to deal with goods; security interest for expenses , https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html (accessed May 26, 2025).
ORS § 79.0525 — OR Code / Title 8 / Chapter 79 / Section 79.0525
79.0525 UCC 9-525. Fees
Status: in_force

(1) Except as otherwise provided in subsection (4) of this section, the nonrefundable fee for filing and indexing a record under ORS 79.0501 (UCC 9-501. Filing office) to 79.0528 (Liability of Secretary of State) may not exceed $15.

(2) The number of names required to be indexed does not affect the amount of the fee in subsection (1) of this section.

(3) The nonrefundable fee for responding to a request for information from the filing office, including for communicating whether there is on file any financing statement naming a particular debtor, may not exceed:

(a) $10 for each distinct debtor name to be searched;

(b) $5 for copies of Uniform Commercial Code documents relating to each distinct debtor name to be searched, in addition to the fee in paragraph (a) of this subsection; and

(c) $5 for each request by document number for copies of Uniform Commercial Code documents.

(4) This section does not require a fee with respect to a record filed or recorded in the filing office described in ORS 79.0501 (UCC 9-501. Filing office) (1)(a). However, the recording and satisfaction fees that otherwise would be applicable to the record apply.

(5) The Secretary of State shall adopt rules prescribing fees for providing summaries and compilations that are not debtor specific and for providing copies of records, as described in ORS 79.0523 (UCC 9-523. Information from filing office) (6), that are not debtor specific. [2001 c.445 §96; 2007 c.39 §1; 2009 c.745 §15]

Source: Section 79.0525 — UCC 9-525. Fees; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 73.0309 — OR Code / Title 8 / Chapter 73 / Section 73.0309
73.0309 Enforcement of lost, destroyed or stolen instrument
Status: in_force

(1) A person not in possession of an instrument is entitled to enforce the instrument if:

(a) The person was in possession of the instrument and entitled to enforce it when loss of possession occurred;

(b) The loss of possession was not the result of a transfer by the person or a lawful seizure; and

(c) The person cannot reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts cannot be determined, or it is in the wrongful possession of an unknown person or a person that cannot be found or is not amenable to service of process.

(2) A person seeking enforcement of an instrument under subsection (1) of this section must prove the terms of the instrument and the person’s right to enforce the instrument. If that proof is made, ORS 73.0205 (Special indorsement) applies to the case as if the person seeking enforcement had produced the instrument. The court may not enter judgment in favor of the person seeking enforcement unless it finds that the person required to pay the instrument is adequately protected against loss that might occur by reason of a claim by another person to enforce the instrument. Adequate protection may be provided by any reasonable means. [1993 c.545 §38]

Source: Section 73.0309 — Enforcement of lost, destroyed or stolen instrument , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 79.0330 — OR Code / Title 8 / Chapter 79 / Section 79.0330
79.0330 UCC 9-330. Priority of purchaser of chattel paper or instrument
Status: in_force

(1) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if:

(a) In good faith and in the ordinary course of the purchaser’s business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under ORS 79.0105 (UCC 9-105. Control of electronic chattel paper) ; and

(b) The chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser.

(2) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under ORS 79.0105 (UCC 9-105. Control of electronic chattel paper) in good faith, in the ordinary course of the purchaser’s business, and without knowledge that the purchase violates the rights of the secured party.

(3) Except as otherwise provided in ORS 79.0327 (UCC 9-327. Priority of security interests in deposit account) , a purchaser having priority in chattel paper under subsection (1) or (2) of this section also has priority in proceeds of the chattel paper to the extent that:

(a) ORS 79.0322 (UCC 9-322. Priorities among conflicting security interests in and agricultural liens on same collateral) provides for priority in the proceeds; or

(b) The proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser’s security interest in the proceeds is unperfected.

(4) Except as otherwise provided in ORS 79.0331 (UCC 9-331. Priority of rights of purchasers of instruments, documents and securities under ORS chapters 73, 77 and 78) (1), a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.

(5) For purposes of subsections (1) and (2) of this section, the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory.

(6) For purposes of subsections (2) and (4) of this section, if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party. [2001 c.445 §50]

Source: Section 79.0330 — UCC 9-330. Priority of purchaser of chattel paper or instrument , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 72a.4060 — OR Code / Title 8 / Chapter 72a / Section 72a.4060
72A.4060 Procedure on excused performance
Status: in_force

(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under ORS 72A.4050 (Excused performance) , the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired as provided under ORS 72A.5100 (Installment lease contracts) :

(a) Terminate the lease contract under ORS 72A.5050 (Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies) ; or

(b) Except in a finance lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.

(2) If, after receipt of a notification from the lessor under ORS 72A.4050 (Excused performance) , the lessee fails so to modify the lease agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect to any deliveries affected. [1989 c.676 §46]

Source: Section 72A.4060 — Procedure on excused performance , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 72.7020 — OR Code / Title 8 / Chapter 72 / Section 72.7020
72.7020 Seller’s remedies on discovery of buyer’s insolvency
Status: in_force

(1) Where the seller discovers the buyer to be insolvent the seller may refuse delivery except for cash including payment for all goods theretofore delivered under the contract, and stop delivery under ORS 72.7050 (Seller’s stoppage of delivery in transit or otherwise) .

(2) Where the seller discovers that the buyer has received goods on credit while insolvent the seller may reclaim the goods upon demand made within 10 days after the receipt, but if misrepresentation of solvency has been made to the particular seller in writing within three months before delivery the 10-day limitation does not apply. Except as provided in this subsection the seller may not base a right to reclaim goods on the buyer’s fraudulent or innocent misrepresentation of solvency or of intent to pay.

(3) The seller’s right to reclaim under subsection (2) of this section is subject to the rights of a buyer in ordinary course or other good faith purchaser or lien creditor under ORS 72.4030 (Power to transfer) . Successful reclamation of goods excludes all other remedies with respect to them. [1961 c.726 § 72.7020 (Seller’s remedies on discovery of buyer’s insolvency) ]

Source: Section 72.7020 — Seller’s remedies on discovery of buyer’s insolvency , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 72a.4030 — OR Code / Title 8 / Chapter 72a / Section 72a.4030
72A.4030 Retraction of anticipatory repudiation
Status: in_force

(1) Until the repudiating party’s next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has canceled the lease contract or materially changed the aggrieved party’s position or otherwise indicated that the aggrieved party considers the repudiation final.

(2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under ORS 72A.4010 (Insecurity) .

(3) Retraction reinstates a repudiating party’s rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation. [1989 c.676 §43]

Source: Section 72A.4030 — Retraction of anticipatory repudiation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 79.0605 — OR Code / Title 8 / Chapter 79 / Section 79.0605
79.0605 UCC 9-605. Unknown debtor or secondary obligor
Status: in_force

A secured party does not owe a duty based on its status as secured party:

(1) 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 person; and

(c) How to communicate with the person; or

(2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:

(a) That the person is a debtor; and

(b) The identity of the person. [2001 c.445 §103]

Source: Section 79.0605 — UCC 9-605. Unknown debtor or secondary obligor , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 79.0506 — OR Code / Title 8 / Chapter 79 / Section 79.0506
79.0506 UCC 9-506. Effect of errors or omissions
Status: in_force

(1) A financing statement substantially satisfying the requirements of ORS 79.0501 (UCC 9-501. Filing office) to 79.0528 (Liability of Secretary of State) is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.

(2) Except as otherwise provided in subsection (3) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with ORS 79.0503 (UCC 9-503. Name of debtor and secured party) (1) is seriously misleading.

(3) Except as otherwise provided in subsection (4) of this section, if a search of the records of the filing office under the debtor’s correct name, using the filing office’s standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with ORS 79.0503 (UCC 9-503. Name of debtor and secured party) (1), the name provided does not make the financing statement seriously misleading.

(4) If the filing office’s standard search logic so changes that a search of the records of the filing office under the debtor’s correct name, using the changed search logic, would not disclose a financing statement previously deemed not to be seriously misleading by reason of subsection (3) of this section, the financing statement is effective except against a purchaser of the collateral which gives value in reasonable reliance upon a search using the changed search logic.

(5) For purposes of ORS 79.0508 (UCC 9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement) (2), the “debtor’s correct name” in subsections (3) and (5) of this section means the correct name of the new debtor. [2001 c.445 §77]

Source: Section 79.0506 — UCC 9-506. Effect of errors or omissions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 79.0406 — OR Code / Title 8 / Chapter 79 / Section 79.0406
79.0406 UCC 9-406. Discharge of account debtor
Status: in_force

(1) Subject to subsections (2) to (9) of this section, an account debtor on an account, chattel paper or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the assignee, that the amount due or to become due has been assigned and that payment is to be made to the assignee. After receipt of the notification, the account debtor may discharge its obligation by paying the assignee and may not discharge the obligation by paying the assignor.

(2) Subject to subsection (8) of this section, notification is ineffective under subsection (1) of this section:

(a) If it does not reasonably identify the rights assigned;

(b) To the extent that an agreement between an account debtor and a seller of a payment intangible limits the account debtor’s duty to pay a person other than the seller and the limitation is effective under law other than this chapter; or

(c) At the option of an account debtor, if the notification notifies the account debtor to make less than the full amount of any installment or other periodic payment to the assignee, even if:

(A) Only a portion of the account, chattel paper or payment intangible has been assigned to that assignee;

(B) A portion has been assigned to another assignee; or

(C) The account debtor knows that the assignment to that assignee is limited.

(3) Subject to subsection (8) of this section, if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (1) of this section.

(4) Except as otherwise provided in subsection (5) of this section and ORS 72A.3030 (Alienability of party’s interest under lease contract or of lessor’s residual interest in goods) and 79.0407 (UCC 9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest) , and subject to subsection (8) of this section, a term in an agreement between an account debtor and an assignor or in a promissory note is ineffective to the extent that it:

(a) Prohibits, restricts or requires the consent of the account debtor or person obligated on the promissory note to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in, the account, chattel paper, payment intangible or promissory note; or

(b) Provides that the assignment or transfer or the creation, attachment, perfection or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the account, chattel paper, payment intangible or promissory note.

(5) Subsection (4) of this section does not apply to the sale of a payment intangible or promissory note, other than a sale pursuant to a disposition under ORS 79.0610 (UCC 9-610. Disposition of collateral after default) or an acceptance of collateral under ORS 79.0620 (UCC 9-620. Acceptance of collateral in full or partial satisfaction of obligation) .

(6) Except as otherwise provided in ORS 72A.3030 (Alienability of party’s interest under lease contract or of lessor’s residual interest in goods) and 79.0407 (UCC 9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest) and subject to subsections (8) and (9) of this section, a rule of law, statute or regulation that prohibits, restricts or requires the consent of a government, governmental body or official, or account debtor to the assignment or transfer of, or creation of a security interest in, an account or chattel paper is ineffective to the extent that the rule of law, statute or regulation:

(a) Prohibits, restricts or requires the consent of the government, governmental body or official, or account debtor to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in the account or chattel paper; or

(b) Provides that the assignment or transfer or the creation, attachment, perfection or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the account or chattel paper.

(7) Subject to subsection (8) of this section, an account debtor may not waive or vary its option under subsection (2)(c) of this section.

(8) This section is subject to law other than this chapter which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes.

(9) Intentionally left blank —Ed.

(a) This section does not apply to the assignment of a health-care-insurance receivable.

(b) Subsections (4) and (6) of this section do not apply to the assignment or transfer of, or the creation of a security interest in, a claim or right to receive compensation for injuries or sickness as described in 26 U.S.C. 104(a)(2), provided that such transaction constitutes a sale of such claim or right. The limitation in this paragraph is intended to leave to the court the determination of the proper rules in such cases. The court may not infer from that limitation the nature of the proper rule in such cases and may continue to apply established approaches.

(c) Subsections (4) and (6) of this section do not apply to the following:

(A) The assignment or transfer of, or the creation of a security interest in, a claim or right to receive compensation for injuries or sickness as described in 26 U.S.C. 104(a)(1);

(B) The assignment or transfer of, or the creation of a security interest in, a claim or right to receive benefits under a special needs trust as described in 42 U.S.C. 1396p(d)(4); or

(C) The assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in, the benefits, rights, privileges or options accruing under an annuity policy, to the extent that the annuity policy provides for such a restriction and the restriction is permitted under ORS 743.049 (Exemption of proceeds of annuity policies) .

(d) Subsection (6) of this section does not apply to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in, a right when the transfer of the right is prohibited or restricted by ORS 147.325 (Compensation not subject to assignment or legal process prior to receipt by beneficiary) , 461.250 (Validation and payment of prizes) (8) or 656.234 (Compensation not assignable nor to pass by operation of law) , to the extent that ORS 147.325 (Compensation not subject to assignment or legal process prior to receipt by beneficiary) , 461.250 (Validation and payment of prizes) (8) or 656.234 (Compensation not assignable nor to pass by operation of law) is inconsistent with subsection (6) of this section.

(10) Except to the extent otherwise provided in subsection (9) of this section, this section prevails over any inconsistent provision of an existing or future statute unless the provision refers expressly to this section and states that the provision prevails over this section. [2001 c.445 §68; 2003 c.58 §4; 2012 c.12 §10]

Source: Section 79.0406 — UCC 9-406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 83.750 — OR Code / Title 8 / Chapter 83 / Section 83.750
83.750 Rights and duties of buyer upon cancellation of sale or revocation of offer to purchase
Status: in_force

(1) Except as provided by ORS 83.740 (Duties of seller upon cancellation of sale or revocation of offer to purchase) (3), within a reasonable time after a home solicitation sale has been canceled or an offer to purchase revoked, the buyer must tender to the seller upon demand any goods delivered by the seller pursuant to the sale, but the buyer is not obliged to tender at any place other than the residence of the buyer. If the seller fails to demand possession of goods within a reasonable time after cancellation or revocation, the goods become the property of the buyer without obligation to pay for them. For the purpose of this subsection, 20 days is presumed to be a reasonable time.

(2) The buyer has a duty to take reasonable care of the goods in the possession of the buyer before cancellation or revocation and for a reasonable time thereafter, during which time the goods are otherwise at the seller’s risk.

(3) If the seller has performed any services pursuant to a home solicitation sale prior to its cancellation, the seller is entitled to no compensation. [1971 c.744 §21(5); 1977 c.170 §4]

Source: Section 83.750 — Rights and duties of buyer upon cancellation of sale or revocation of offer to purchase , https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html (accessed May 26, 2025).
ORS § 73.0303 — OR Code / Title 8 / Chapter 73 / Section 73.0303
73.0303 Value and consideration
Status: in_force

(1) An instrument is issued or transferred for value if:

(a) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed;

(b) The transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding;

(c) The instrument is issued or transferred as payment of, or as security for, an antecedent claim against any person, whether or not the claim is due;

(d) The instrument is issued or transferred in exchange for a negotiable instrument; or

(e) The instrument is issued or transferred in exchange for the incurring of an irrevocable obligation to a third party by the person taking the instrument.

(2) “Consideration” means any consideration sufficient to support a simple contract. The drawer or maker of an instrument has a defense if the instrument is issued without consideration. If an instrument is issued for a promise of performance, the issuer has a defense to the extent performance of the promise is due and the promise has not been performed. If an instrument is issued for value as stated in subsection (1) of this section, the instrument is also issued for consideration. [1993 c.545 §32]

Source: Section 73.0303 — Value and consideration , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 79.0616 — OR Code / Title 8 / Chapter 79 / Section 79.0616
79.0616 UCC 9-616. Explanation of calculation of surplus or deficiency
Status: in_force

(1) As used in this section:

(a) “Explanation” means a writing 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 applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates and expenses may affect the amount of the surplus or deficiency; and

(D) Provides a telephone number or mailing address from which additional information concerning the transaction is available.

(b) “Request” means a record:

(A) Authenticated by a debtor or consumer obligor;

(B) Requesting that the recipient provide an explanation; and

(C) Sent after disposition of the collateral under ORS 79.0610 (UCC 9-610. Disposition of collateral after default) .

(2) In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under ORS 79.0615 (UCC 9-615. Application of proceeds of disposition) , the secured party shall:

(a) Send an explanation to the debtor or consumer obligor, as applicable, after the disposition and:

(A) Before or when the secured party accounts to the debtor and pays any surplus or first makes written demand on the consumer obligor after the disposition for payment of the deficiency; and

(B) Within 14 days after receipt of a request; or

(b) In the case of a consumer obligor who is liable for a deficiency, within 14 days after receipt of a request, send to the consumer obligor a record waiving the secured party’s right to a deficiency.

(3) To comply with subsection (1)(a)(B) of this section, a writing must provide the following information in the following order:

(a) The aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:

(A) If the secured party takes or receives possession of the collateral after default, not more than 35 days before the secured party takes or receives possession; or

(B) If the secured party takes or receives possession of the collateral before default or does not take possession of the collateral, not more than 35 days before the disposition;

(b) The amount of proceeds of the disposition;

(c) The aggregate amount of the obligations after deducting the amount of proceeds;

(d) The amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition, processing and disposing of the collateral, and attorney fees secured by the collateral which are known to the secured party and relate to the current disposition;

(e) The amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in paragraph (a) of this subsection; and

(f) The amount of the surplus or deficiency.

(4) A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (1) of this section is sufficient, even if it includes minor errors that are not seriously misleading.

(5) A debtor or consumer obligor is entitled without charge to one response to a request under this section during any six-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (2)(a) of this section. The secured party may require payment of a charge not exceeding $25 for each additional response. [2001 c.445 §114]

Source: Section 79.0616 — UCC 9-616. Explanation of calculation of surplus or deficiency , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 84.040 — OR Code / Title 8 / Chapter 84 / Section 84.040
84.040 Automated transaction
Status: in_force

In an automated transaction, the following rules apply:

(1) A contract may be formed by the interaction of electronic agents of the parties, even if no individual was aware of or reviewed the electronic agents’ actions or the resulting terms and agreements.

(2) A contract may be formed by the interaction of an electronic agent and an individual, acting on the individual’s own behalf or for another person, including by an interaction in which the individual performs actions that the individual is free to refuse to perform and that the individual knows or has reason to know will cause the electronic agent to complete the transaction or performance.

(3) The terms of a contract are determined by the substantive law applicable to it. [2001 c.535 §14]

Source: Section 84.040 — Automated transaction , https://www.­oregonlegislature.­gov/bills_laws/ors/ors084.­html (accessed May 26, 2025).
ORS § 72.7160 — OR Code / Title 8 / Chapter 72 / Section 72.7160
72.7160 Buyer’s right to specific performance or replevin
Status: in_force

(1) A judgment requiring specific performance may be entered if the goods are unique or in other proper circumstances.

(2) The judgment for specific performance may include such terms and conditions as to payment of the price, damages or other relief as the court may deem just.

(3) The buyer has a right of replevin for goods identified to the contract if after reasonable effort the buyer is unable to effect cover for such goods or the circumstances reasonably indicate that such effort will be unavailing or if the goods have been shipped under reservation and satisfaction of the security interest in them has been made or tendered. In the case of goods bought for personal, family or household purposes, the buyer’s right of replevin vests upon acquisition of a special property, even if the seller had not then repudiated or failed to deliver. [1961 c.726 § 72.7160 (Buyer’s right to specific performance or replevin) ; 2001 c.445 §139; 2003 c.576 §333]

Source: Section 72.7160 — Buyer’s right to specific performance or replevin , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 72a.5180 — OR Code / Title 8 / Chapter 72a / Section 72a.5180
72A.5180 Cover
Status: in_force

(1) After a default by a lessor under the lease contract of the type described in ORS 72A.5080 (Lessee’s remedies) , or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or lease goods in substitution for those due from the lessor.

(2) Except as otherwise provided in ORS 72A.5030 (Modification or impairment of rights and remedies) with respect to damages liquidated in the lease agreement or otherwise determined pursuant to agreement of the parties under ORS 71.3020 (Variation by agreement) and 72A.5030 (Modification or impairment of rights and remedies) , if a lessee’s cover is by a lease agreement substantially similar to the original lease agreement and the new lease agreement is made in good faith and in a commercially reasonable manner, the lessee may recover from the lessor as damages:

(a) The present value, as of the date of the commencement of the term of the new lease agreement, of the rent under the new lease agreement applicable to that period of the new lease term which is comparable to the then remaining term of the original lease agreement minus the present value as of the same date of the total rent for the then remaining lease term of the original lease agreement; and

(b) Any incidental or consequential damages, less expenses saved in consequence of the lessor’s default.

(3) If a lessee’s cover is by lease agreement that for any reason does not qualify for treatment under subsection (2) of this section, or is by purchase or otherwise, the lessee may recover from the lessor as if the lessee had elected not to cover and ORS 72A.5190 (Lessee’s damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods) governs. [1989 c.676 §65; 1993 c.646 §13; 2009 c.181 §39]

Source: Section 72A.5180 — Cover; substitute goods , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 72a.5240 — OR Code / Title 8 / Chapter 72a / Section 72a.5240
72A.5240 Lessor’s right to identify goods to lease contract
Status: in_force

(1) A lessor aggrieved under ORS 72A.5230 (Lessor’s remedies) may:

(a) Identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor’s or the supplier’s possession or control; and

(b) Dispose of goods as provided in ORS 72A.5270 (Lessor’s rights to dispose of goods) that demonstrably have been intended for the particular lease contract even though those goods are unfinished.

(2) If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract or cease manufacture and lease, sell or otherwise dispose of the goods for scrap or salvage value or proceed in any other reasonable manner. [1989 c.676 §71]

Source: Section 72A.5240 — Lessor’s right to identify goods to lease contract , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 73.0405 — OR Code / Title 8 / Chapter 73 / Section 73.0405
73.0405 Employer’s responsibility for fraudulent indorsement by employee
Status: in_force

(1) In this section:

(a) “Employee” includes an independent contractor and employee of an independent contractor retained by the employer.

(b) “Fraudulent indorsement” means:

(A) In the case of an instrument payable to the employer, a forged indorsement purporting to be that of the employer; or

(B) In the case of an instrument with respect to which the employer is the issuer, a forged indorsement purporting to be that of the person identified as payee.

(c) “Responsibility” with respect to instruments means authority to sign or indorse instruments on behalf of the employer, to process instruments received by the employer for bookkeeping purposes, for deposit to an account, or for other disposition, to prepare or process instruments for issue in the name of the employer, to supply information determining the names or addresses of payees of instruments to be issued in the name of the employer, to control the disposition of instruments to be issued in the name of the employer, or to act otherwise with respect to instruments in a responsible capacity. “Responsibility” does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being stored or transported or are part of incoming or outgoing mail, or similar access.

(2) For the purpose of determining the rights and liabilities of a person who, in good faith, pays an instrument or takes it for value or for collection, if an employer entrusted an employee with responsibility with respect to the instrument and the employee or a person acting in concert with the employee makes a fraudulent indorsement of the instrument, the indorsement is effective as the indorsement of the person to whom the instrument is payable if it is made in the name of that person. If the person paying the instrument or taking it for value or for collection fails to exercise ordinary care in paying or taking the instrument and that failure substantially contributes to loss resulting from the fraud, the person bearing the loss may recover from the person failing to exercise ordinary care to the extent the failure to exercise ordinary care contributed to the loss.

(3) Under subsection (1) of this section, an indorsement is made in the name of the person to whom an instrument is payable if:

(a) It is made in a name substantially similar to the name of that person; or

(b) The instrument, whether or not indorsed, is deposited in a depositary bank to an account in a name substantially similar to the name of that person. [1993 c.545 §46]

Source: Section 73.0405 — Employer’s responsibility for fraudulent indorsement by employee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 81.010 — OR Code / Title 8 / Chapter 81 / Section 81.010
81.010 Effect of unaccepted offer in writing to pay or deliver
Status: in_force

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.

Source: Section 81.010 — Effect of unaccepted offer in writing to pay or deliver , https://www.­oregonlegislature.­gov/bills_laws/ors/ors081.­html (accessed May 26, 2025).
ORS § 83.030 — OR Code / Title 8 / Chapter 83 / Section 83.030
83.030 Contents of contract
Status: in_force

The retail installment contract shall contain the names of the seller and the buyer, the place of business of the seller, the residence or other address of the buyer as specified by the buyer and a description or identification of the goods sold or to be sold, or services furnished or rendered or to be furnished or rendered. The contract also shall contain the following items, which shall be set forth in the sequence appearing below; however, additional items may be included to explain the calculations involved in determining the balance to be paid by the buyer:

(1) The cash sale price of each item of goods or services;

(2) The amount of the buyer’s down payment, identifying the amounts paid in money and allowed for goods traded in;

(3) The difference between subsections (1) and (2) of this section;

(4) The aggregate amount, if any, included for insurance, specifying the type or types of insurance and the terms of coverage;

(5) The aggregate amount of official fees;

(6) The principal balance, which is the sum of subsections (3), (4) and (5) of this section;

(7) The dollar amount or rate of the service charge;

(8) The amount of the time balance owed by the buyer to the seller, which is the sum of subsections (6) and (7) of this section, if subsection (7) is stated in a dollar amount; and

(9) The maximum number of installment payments required, the amount of each installment and the due date of each payment necessary to pay such balance. However, if installment payments other than the final payment are stated as a series of equal scheduled amounts and if the amount of the final installment payment does not substantially exceed the scheduled amount of each preceding installment payment, the maximum number of payments and the amount and due date of each payment need not be separately stated and the amount of the scheduled final installment payment may be stated as the remaining unpaid balance. The due date of the first installment payment may be fixed by a day or date or may be fixed by reference to the date of the contract or to the time of delivery or installation. [1963 c.489 §4]

Source: Section 83.030 — Contents of contract , https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html (accessed May 26, 2025).
ORS § 83.520 — OR Code / Title 8 / Chapter 83 / Section 83.520
83.520 Form and contents of retail installment contract
Status: reserved

(1) A retail installment contract shall be in writing, shall contain all the agreements of the parties, shall contain the names of the motor vehicle dealer and the buyer, the place of business of the motor vehicle dealer, the residence or place of business of the buyer as specified by the buyer and a description of the motor vehicle including its make, year model, model and identification numbers or marks, and shall be signed by the buyer and the motor vehicle dealer.

(2) The printed portion of the contract shall be in at least 8-point type. The contract shall contain in printing or writing of a size equal to at least 10-point bold type, the following:

(a) Both at the top of the contract and directly above the space reserved for the signature of the buyer, the words “RETAIL INSTALLMENT CONTRACT”;

(b) A specific statement that liability insurance coverage for bodily injury and property damage caused to others is not included, if that is the case; and

(c) The following notice:

Do not sign this contract before you read it or if it contains any blank space, except that:

(1) If delivery of the motor vehicle or mobile home is to be made to you after this contract is signed, the serial number or other identifying information and the due date of the first installment may be filled in at the time of delivery; and

(2) If the name of the financing agency is not known at the time the contract is executed, the name of the financing agency may be inserted in the contract on or about the date the name of the financing agency is known.

You are entitled to a copy of this contract.

You have the right to pay off in advance the full amount due and to obtain a partial refund of the finance charge.

(3) The contract shall contain the following items:

(a) The cash sale price of the motor vehicle which is the subject matter of the retail installment sale.

(b) The amount of the buyer’s down payment, itemizing the amounts, if any, paid or credited in money or in goods and containing a brief description of the goods traded in.

(c) The difference between the items set forth in paragraphs (a) and (b) of this subsection.

(d) The amount, if any, included for insurance and other benefits, specifying the coverages and benefits. For purposes of this paragraph, “other benefits” includes any amounts actually paid or to be paid by the motor vehicle dealer pursuant to an agreement with the buyer to discharge a security interest, lien or lease interest on property traded in.

(e) The amount, if any, of official fees.

(f) The principal balance, which is the sum of the items set forth in paragraphs (c), (d) and (e) of this subsection.

(g) The amount of the finance charge.

(h) The time balance, which is the sum of the items set forth in paragraphs (f) and (g) of this subsection.

(i) The time sale price.

(j) A plain and concise statement of the amount in dollars of each installment or future payment to be made by the buyer, the number of installments required, and the date or dates at which, or period or periods in which, the installments are due.

(4) The contract may contain additional items to explain the calculations involved in determining the stated time balance to be paid by the buyer. [1957 c.625 §§2,3,5; 1979 c.816 §2; 1995 c.519 §3; 1999 c.525 §1; 2001 c.117 §5]

Source: Section 83.520 — Form and contents of retail installment contract , https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html (accessed May 26, 2025).
ORS § 79.0206 — OR Code / Title 8 / Chapter 79 / Section 79.0206
79.0206 UCC 9-206. Security interest arising in purchase or delivery of financial asset
Status: in_force

(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 intermediary at the time of the purchase; and

(b) The securities intermediary credits the financial asset to the buyer’s securities account before the buyer pays the securities intermediary.

(2) The security interest described in subsection (1) of this section secures the person’s obligation to pay for the financial asset.

(3) A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:

(a) The security or other financial asset:

(A) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and

(B) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and

(b) The agreement calls for delivery against payment.

(4) The security interest described in subsection (3) of this section secures the obligation to make payment for the delivery. [2001 c.445 §16]

Source: Section 79.0206 — UCC 9-206. Security interest arising in purchase or delivery of financial asset , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 83.040 — OR Code / Title 8 / Chapter 83 / Section 83.040
83.040 Subsequent purchases under original contract
Status: in_force

A retail installment contract may be contained in more than one document, provided that one such document shall be an original document signed by the retail buyer, stated to be applicable to purchases of goods or services to be made by the retail buyer from time to time. In such case such document, together with the sales slip, account book or other written statement relating to each purchase, shall set forth all of the information required by ORS 83.030 (Contents of contract) and shall constitute the retail installment contract for each purchase. On each succeeding purchase pursuant to such original document, the sales slip, account book or other written statement may at the option of the seller constitute the memorandum required by ORS 83.140 (Consolidation of purchases with prior contract) . [1963 c.489 §5]

Source: Section 83.040 — Subsequent purchases under original contract , https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html (accessed May 26, 2025).
ORS § 79.0324 — OR Code / Title 8 / Chapter 79 / Section 79.0324
79.0324 UCC 9-324. Priority of purchase-money security interests
Status: in_force

(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 79.0327 (UCC 9-327. Priority of security interests in deposit account) , 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.

(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 security interest in chattel paper or an instrument constituting proceeds of the inventory and in proceeds of the chattel paper, if so provided in ORS 79.0330 (UCC 9-330. Priority of purchaser of chattel paper or instrument) , and, except as otherwise provided in ORS 79.0327 (UCC 9-327. Priority of security interests in deposit account) , also has priority in identifiable cash proceeds of the inventory to the extent the identifiable cash proceeds are received on or before the delivery of the inventory to a buyer, if:

(a) The purchase-money security interest is perfected when the debtor receives possession of the inventory;

(b) The purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;

(c) The holder of the conflicting security interest receives the notification within five years before the debtor receives possession of the inventory; and

(d) The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in inventory of the debtor and describes the inventory.

(3) Subsection (2)(b) to (d) of this section applies only if the holder of the conflicting security interest had filed a financing statement covering the same types of inventory:

(a) If the purchase-money security interest is perfected by filing, before the date of the filing; or

(b) If the purchase-money security interest is temporarily perfected without filing or possession under ORS 79.0312 (UCC 9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money) (6), before the beginning of the 20-day period thereunder.

(4) Subject to subsection (5) of this section and except as otherwise provided in subsection (7) of this section, a perfected purchase-money security interest in livestock that are farm products has priority over a conflicting security interest in the same livestock, and, except as otherwise provided in ORS 79.0327 (UCC 9-327. Priority of security interests in deposit account) , a perfected security interest in their identifiable proceeds and identifiable products in their unmanufactured states also has priority, if:

(a) The purchase-money security interest is perfected when the debtor receives possession of the livestock;

(b) The purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;

(c) The holder of the conflicting security interest receives the notification within six months before the debtor receives possession of the livestock; and

(d) The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in livestock of the debtor and describes the livestock.

(5) Subsection (4)(b) to (d) of this section applies only if the holder of the conflicting security interest had filed a financing statement covering the same types of livestock:

(a) If the purchase-money security interest is perfected by filing, before the date of the filing; or

(b) If the purchase-money security interest is temporarily perfected without filing or possession under ORS 79.0312 (UCC 9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money) (6), before the beginning of the 20-day period thereunder.

(6) Except as otherwise provided in subsection (7) of this section, a perfected purchase-money security interest in software has priority over a conflicting security interest in the same collateral, and, except as otherwise provided in ORS 79.0327 (UCC 9-327. Priority of security interests in deposit account) , a perfected security interest in its identifiable proceeds also has priority, to the extent that the purchase-money security interest in the goods in which the software was acquired for use has priority in the goods and proceeds of the goods under this section.

(7) If more than one security interest qualifies for priority in the same collateral under subsection (1), (2), (4) or (6) of this section:

(a) A security interest securing an obligation incurred as all or part of the price of the collateral has priority over a security interest securing an obligation incurred for value given to enable the debtor to acquire rights in or the use of collateral; and

(b) In all other cases, ORS 79.0322 (UCC 9-322. Priorities among conflicting security interests in and agricultural liens on same collateral) (1) applies to the qualifying security interests. [2001 c.445 §44]

Source: Section 79.0324 — UCC 9-324. Priority of purchase-money security interests , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 82.020 — OR Code / Title 8 / Chapter 82 / Section 82.020
82.020 Computation of interest
Status: in_force

(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, regulation or practice, there is paid by or at the expense of the borrower to the lender, or the lender’s broker, officer, director or agent, with respect to or in connection with any loan to which ORS 82.010 (Legal rate of interest) applies, any commission, bonus, fee, premium, penalty or other charge, compensation or gratuity, whether in money, credit or other thing of value, as a consideration, compensation or inducement for obtaining any such loan, or any renewal, extension of forbearance thereof, the same shall be deemed a part of the interest charged on such loan.

(2) In computing interest for the purposes of ORS 82.010 (Legal rate of interest) , any bona fide commission paid or sustained by the borrower shall be computed for the contract term and not for any accelerated period or prepayment.

(3) Notwithstanding subsection (1) of this section, the following charges shall not be deemed a part of the interest charged on a loan:

(a) Reasonable amounts actually applied in payment of the expense of inspecting any security offered in connection with the loan, investigating the responsibility of the applicant or procuring or extending any abstract of title or certificate of title insurance covering such security;

(b) The amount actually paid for the examination of any such abstract of title or certificate of insurance; or

(c) The cost of the preparation, execution and recording of any papers necessary in consummating such loan. [1987 c.215 §20]

Source: Section 82.020 — Computation of interest; charges not included , https://www.­oregonlegislature.­gov/bills_laws/ors/ors082.­html (accessed May 26, 2025).
ORS § 74.1020 — OR Code / Title 8 / Chapter 74 / Section 74.1020
74.1020 Applicability
Status: in_force

(1) To the extent that items within this chapter are also within ORS chapters 73 and 78, they are subject to those chapters. If there is conflict, this chapter and ORS chapter 78 govern ORS chapter 73.

(2) The liability of a bank for action or nonaction with respect to an item handled by it for purposes of presentment, payment or collection is governed by the law of the place where the bank is located. In the case of action or nonaction by or at a branch or separate office of a bank, its liability is governed by the law of the place where the branch or separate office is located. [1961 c.726 § 74.1020 (Applicability) ; 1993 c.545 §73; 1995 c.79 §25]

Source: Section 74.1020 — Applicability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html (accessed May 26, 2025).
ORS § 77.2020 — OR Code / Title 8 / Chapter 77 / Section 77.2020
77.2020 Form of warehouse receipt
Status: in_force

(1) A warehouse receipt need not be in any particular form.

(2) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission:

(a) A statement of the location of the warehouse facility where the goods are stored;

(b) The date of issue of the receipt;

(c) The unique identification code of the receipt;

(d) A statement whether the goods received will be delivered to the bearer, to a named person, or to a named person or its order;

(e) The rate of storage and handling charges, unless goods are stored under a field warehousing arrangement, in which case a statement of that fact is sufficient on a nonnegotiable receipt;

(f) A description of the goods or the packages containing them;

(g) The signature of the warehouse or its agent;

(h) If the receipt is issued for goods that the warehouse owns, either solely, jointly or in common with others, a statement of the fact of that ownership; and

(i) A statement of the amount of advances made and of liabilities incurred for which the warehouse claims a lien or security interest, unless the precise amount of advances made or of liabilities incurred, at the time of the issue of the receipt, is unknown to the warehouse or to its agent that issued the receipt, in which case a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient.

(3) A warehouse may insert in its receipt any terms that are not contrary to the Uniform Commercial Code and do not impair its obligation of delivery under ORS 77.4030 (Obligation of bailee to deliver) or its duty of care under ORS 77.2040 (Duty of care) . Any contrary provision is ineffective. [1961 c.726 § 77.2020 (Form of warehouse receipt) ; 2009 c.181 §56]

Source: Section 77.2020 — Form of warehouse receipt; effect of omission , https://www.­oregonlegislature.­gov/bills_laws/ors/ors077.­html (accessed May 26, 2025).
ORS § 71.3070 — OR Code / Title 8 / Chapter 71 / Section 71.3070
71.3070 Prima facie evidence by third-party documents
Status: in_force

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]

Note: See note under 71.3010 (Territorial applicability) .

Source: Section 71.3070 — Prima facie evidence by third-party documents , https://www.­oregonlegislature.­gov/bills_laws/ors/ors071.­html (accessed May 26, 2025).
ORS § 84.063 — OR Code / Title 8 / Chapter 84 / Section 84.063
84.063 Rules
Status: in_force

A governmental agency may adopt rules necessary to implement the provisions of ORS 84.014 (Consent for conducting transaction with governmental agency) and the amendments to ORS 84.049 (Creation and retention of electronic records by governmental agency) by section 3, chapter 39, Oregon Laws 2011. [2011 c.39 §4]

Source: Section 84.063 — Rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors084.­html (accessed May 26, 2025).
ORS § 72a.2160 — OR Code / Title 8 / Chapter 72a / Section 72a.2160
72A.2160 Third-party beneficiaries of express and implied warranties
Status: in_force

A warranty to or for the benefit of a lessee under this chapter, whether express or implied, extends to any natural person who is in the family or household of the lessee or who is a guest in the lessee’s home if it is reasonable to expect that such person may use, consume or be affected by the goods and who is injured in person by breach of the warranty. This section does not displace principles of law and equity that extend a warranty to or for the benefit of a lessee to other persons. The operation of this section may not be excluded, modified or limited, but an exclusion, modification or limitation of the warranty, including any with respect to rights and remedies, effective against the lessee is also effective against any beneficiary designated under this section. [1989 c.676 §25]

Source: Section 72A.2160 — Third-party beneficiaries of express and implied warranties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 72.8130 — OR Code / Title 8 / Chapter 72 / Section 72.8130
72.8130 Liability to retailer of manufacturer not maintaining service and repair facility within state
Status: in_force

Each manufacturer who, with respect to a consumer good sold within this state, makes an express warranty but does not provide a service or repair facility within this state is liable to the retail seller who incurs obligations in giving effect to the express warranty:

(1) In the event of replacement, in an amount equal to the cost to the retail seller of the replaced good, and cost of transporting the good, if such costs are incurred, plus a reasonable handling charge.

(2) In the event of service and repair, in an amount equal to that which would be received by the retail seller for like service rendered to a retail consumer who is not entitled to warranty protection, including actual and reasonable costs of the service and repair and the costs of transporting the good, if such costs are incurred, plus a reasonable profit.

(3) In the event of reimbursement under ORS 72.8110 (Retailer’s service and repair of nonconforming good in absence of manufacturer’s service and repair facilities within state) (1), in an amount equal to that reimbursed to the buyer plus a reasonable handling or service charge. [1973 c.413 §11]

Note: See note under 72.8010 (Definitions for ORS 72.8010 to 72.8200) .

Source: Section 72.8130 — Liability to retailer of manufacturer not maintaining service and repair facility within state , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 78.3030 — OR Code / Title 8 / Chapter 78 / Section 78.3030
78.3030 “Protected purchaser.”
Status: in_force

(1) “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

(a) Gives value;

(b) Does not have notice of any adverse claim to the security; and

(c) Obtains control of the certificated or uncertificated security.

(2) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim. [1961 c.726 § 78.3030 (“Protected purchaser.”) ; 1985 c.676 § 78.3030 (“Protected purchaser.”) ; 1995 c.328 §29]

Source: Section 78.3030 — “Protected purchaser.” , https://www.­oregonlegislature.­gov/bills_laws/ors/ors078.­html (accessed May 26, 2025).
ORS § 77.3010 — OR Code / Title 8 / Chapter 77 / Section 77.3010
77.3010 Liability for nonreceipt or misdescription
Status: in_force

(1) A consignee of a nonnegotiable bill of lading which has given value in good faith or a holder to which a negotiable bill has been duly negotiated relying upon the description of the goods in the bill or upon the date shown in the bill, may recover from the issuer damages caused by the misdating of the bill or the nonreceipt or misdescription of the goods, except to the extent that the bill indicates that the issuer does not know whether any part or all of the goods in fact were received or conform to the description, such as in a case in which the description is in terms of marks or labels or kind, quantity or condition or the receipt or description is qualified by “contents or condition of contents of packages unknown,” “said to contain,” “shipper’s weight, load and count” or words of similar import, if that indication is true.

(2) If goods are loaded by the issuer of a bill of lading:

(a) The issuer shall count the packages of goods if shipped in packages and ascertain the kind and quantity if shipped in bulk; and

(b) Words such as “shipper’s weight, load and count” or words of similar import indicating that the description was made by the shipper are ineffective except as to goods concealed in packages.

(3) If bulk goods are loaded by a shipper that makes available to the issuer of a bill of lading adequate facilities for weighing those goods, the issuer shall ascertain the kind and quantity within a reasonable time after receiving the shipper’s request in a record to do so. In that case, “shipper’s weight” or other words of similar import are ineffective.

(4) The issuer of a bill of lading, by including in the bill the words “shipper’s weight, load and count” or words of similar import, may indicate that the goods were loaded by the shipper, and if that statement is true, the issuer is not liable for damages caused by the improper loading. However, omission of such words does not imply liability for damages caused by improper loading.

(5) A shipper guarantees to an issuer the accuracy at the time of shipment of the description, marks, labels, number, kind, quantity, condition and weight, as furnished by the shipper. The shipper shall indemnify the issuer against damage caused by inaccuracies in those particulars. This right of indemnity does not limit the issuer’s responsibility or liability under the contract of carriage to any person other than the shipper. [1961 c.726 § 77.3010 (Liability for nonreceipt or misdescription) ; 2009 c.181 §65]

Source: Section 77.3010 — Liability for nonreceipt or misdescription; said to contain; shipper’s weight, load and count; improper handling , https://www.­oregonlegislature.­gov/bills_laws/ors/ors077.­html (accessed May 26, 2025).
ORS § 71.1080 — OR Code / Title 8 / Chapter 71 / Section 71.1080
71.1080 Relation to Electronic Signatures in Global and National Commerce Act
Status: in_force

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 (Relation to Electronic Signatures in Global and National Commerce Act) ; 2009 c.181 §7]

Source: Section 71.1080 — Relation to Electronic Signatures in Global and National Commerce Act , https://www.­oregonlegislature.­gov/bills_laws/ors/ors071.­html (accessed May 26, 2025).
ORS § 74.2110 — OR Code / Title 8 / Chapter 74 / Section 74.2110
74.2110 Bank as holder in due course
Status: in_force

For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of ORS 73.0302 (Holder in due course) on what constitutes a holder in due course. [1961 c.726 § 74.2110 (Bank as holder in due course) ; 1993 c.545 §94]

Source: Section 74.2110 — Bank as holder in due course , https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html (accessed May 26, 2025).
ORS § 72a.5270 — OR Code / Title 8 / Chapter 72a / Section 72a.5270
72A.5270 Lessor’s rights to dispose of goods
Status: in_force

(1) After a default by a lessee under the lease contract of the type described in ORS 72A.5230 (Lessor’s remedies) or after the lessor refuses to deliver or takes possession of goods as provided in ORS 72A.5250 (Lessor’s right to possession of goods) or 72A.5260 (Lessor’s stoppage of delivery in transit or otherwise) , or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned or the undelivered balance thereof by lease, sale or otherwise.

(2) Except as otherwise provided with respect to damages liquidated in the lease agreement as provided in ORS 72A.5040 (Liquidation of damages) or otherwise determined pursuant to agreement of the parties as provided in ORS 71.3020 (Variation by agreement) and 72A.5030 (Modification or impairment of rights and remedies) , if the disposition is by lease agreement substantially similar to the original lease agreement and the new lease agreement is made in good faith and in a commercially reasonable manner, the lessor may recover from the lessee, as damages, accrued and unpaid rent as of the date of the commencement of the term of the new lease agreement, the present value, as of the same date, of the total rent for the then remaining lease term of the original lease agreement minus the present value, as of the same date, of the rent under the new lease agreement applicable to that period of the new lease term which is comparable to the then remaining term of the original lease agreement, and any incidental damages allowed under ORS 72A.5300 (Lessor’s incidental damages) , less expenses saved in consequence of the lessee’s default.

(3) If the lessor’s disposition is by lease agreement that for any reason does not qualify for treatment under subsection (2) of this section or is by sale or otherwise, the lessor may recover from the lessee as if the lessor had elected not to dispose of the goods and ORS 72A.5280 (Lessor’s damages for default) governs.

(4) A subsequent buyer or lessee who buys or leases from the lessor in good faith for value as a result of a disposition under this section takes the goods free of the original lease contract and any rights of the original lessee even though the lessor fails to comply with one or more of the requirements of this chapter.

(5) The lessor is not accountable to the lessee for any profit made on any disposition. A lessee who has rightfully rejected or justifiably revoked acceptance shall account to the lessor for any excess over the amount of the lessee’s security interest as provided in ORS 72A.5080 (Lessee’s remedies) . [1989 c.676 §74; 1993 c.646 §17; 2009 c.181 §42]

Source: Section 72A.5270 — Lessor’s rights to dispose of goods , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 72.1070 — OR Code / Title 8 / Chapter 72 / Section 72.1070
72.1070 Goods to be severed from realty
Status: in_force

(1) A contract for the sale of minerals or the like (including oil and gas) or a structure or its materials to be removed from realty is a contract for the sale of goods within this chapter if they are to be severed by the seller but until severance a purported present sale thereof which is not effective as a transfer of an interest in land is effective only as a contract to sell.

(2) A contract for the sale apart from the land of growing crops or other things attached to realty and capable of severance without material harm thereto but not described in subsection (1) of this section or of timber to be cut is a contract for the sale of goods within this chapter whether the subject matter is to be severed by the buyer or by the seller even though it forms part of the realty at the time of contracting, and the parties can by identification effect a present sale before severance.

(3) The provisions of this section are subject to any third party rights provided by the law relating to realty records, and the contract for sale may be executed and recorded as a document transferring an interest in land and shall then constitute notice to third parties of the buyer’s rights under the contract for sale. [1961 c.726 § 72.1070 (Goods to be severed from realty) ; 1963 c.402 §9; 1973 c.504 §3]

FORM, FORMATION AND READJUSTMENT OF CONTRACT

Source: Section 72.1070 — Goods to be severed from realty; recording , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 73.0203 — OR Code / Title 8 / Chapter 73 / Section 73.0203
73.0203 Transfer of instrument
Status: in_force

(1) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument.

(2) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course, but the transferee cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee has engaged in fraud or illegality affecting the instrument.

(3) Unless otherwise agreed, if an instrument is transferred for value and the transferee does not become a holder because of lack of indorsement by the transferor, the transferee has a specifically enforceable right to the unqualified indorsement of the transferor, but negotiation of the instrument does not occur until the indorsement is made.

(4) If a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this chapter and has only the rights of a partial assignee. [1993 c.545 §25]

Source: Section 73.0203 — Transfer of instrument; rights acquired by transfer , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 77.5030 — OR Code / Title 8 / Chapter 77 / Section 77.5030
77.5030 Document of title to goods defeated in certain cases
Status: in_force

(1) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not:

(a) Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with:

(A) Actual or apparent authority to ship, store or sell;

(B) Power to obtain delivery under ORS 77.4030 (Obligation of bailee to deliver) ; or

(C) Power of disposition under ORS 72.4030 (Power to transfer) , 72A.3040 (Subsequent lease of goods by lessor) (2), 72A.3050 (Sale or sublease of goods by lessee) (2), 79.0320 (UCC 9-320. Buyer of goods) or 79.0321 (UCC 9-321. Licensee of general intangible and lessee of goods in ordinary course of business) (3) or other statute or rule of law; or

(b) Acquiesce in the procurement by the bailor or its nominee of any document.

(2) Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under ORS 77.5040 (Rights acquired in the absence of due negotiation) to the same extent as the rights of the issuer or a transferee from the issuer.

(3) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with ORS 77.4010 (Irregularities in issue of receipt or bill or conduct of issuer) to 77.4040 (No liability for good faith delivery pursuant to document of title) pursuant to its own bill of lading discharges the carrier’s obligation to deliver. [1961 c.726 § 77.5030 (Document of title to goods defeated in certain cases) ; 2001 c.445 §150; 2009 c.181 §79]

Source: Section 77.5030 — Document of title to goods defeated in certain cases , https://www.­oregonlegislature.­gov/bills_laws/ors/ors077.­html (accessed May 26, 2025).
ORS § 74a.3030 — OR Code / Title 8 / Chapter 74a / Section 74a.3030
74A.3030 Erroneous execution of payment order
Status: in_force

(1) A receiving bank that executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or issues a payment order in execution of the sender’s order and then issues a duplicate order, is entitled to payment of the amount of the sender’s order under ORS 74A.4020 (Obligation of sender to pay receiving bank) (3) if that subsection is otherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous order the excess payment received to the extent allowed by the law governing mistake and restitution.

(2) A receiving bank that executes the payment order of the sender by issuing a payment order in an amount less than the amount of the sender’s order is entitled to payment of the amount of the sender’s order under ORS 74A.4020 (Obligation of sender to pay receiving bank) (3) if that subsection is otherwise satisfied and the bank corrects its mistake by issuing an additional payment order for the benefit of the beneficiary of the sender’s order. If the error is not corrected, the issuer of the erroneous order is entitled to receive or retain payment from the sender of the order it accepted only to the extent of the amount of the erroneous order. This subsection does not apply if the receiving bank executes the sender’s payment order by issuing a payment order in an amount less than the amount of the sender’s order for the purpose of obtaining payment of its charges for services and expenses pursuant to instruction of the sender.

(3) If a receiving bank executes the payment order of the sender by issuing a payment order to a beneficiary different from the beneficiary of the sender’s order and the funds transfer is completed on the basis of that error, the sender of the payment order that was erroneously executed and all previous senders in the funds transfer are not obliged to pay the payment orders they issued. The issuer of the erroneous order is entitled to recover from the beneficiary of the order the payment received to the extent allowed by the law covering mistake and restitution. [1991 c.442 §23]

Source: Section 74A.3030 — Erroneous execution of payment order , https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html (accessed May 26, 2025).
ORS § 74a.5040 — OR Code / Title 8 / Chapter 74a / Section 74a.5040
74A.5040 Order in which items and payment orders may be charged to account
Status: in_force

(1) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence.

(2) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied. [1991 c.442 §35]

Source: Section 74A.5040 — Order in which items and payment orders may be charged to account; order of withdrawals from account , https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html (accessed May 26, 2025).
ORS § 81.150 — OR Code / Title 8 / Chapter 81 / Section 81.150
81.150 Revocation of contract provision requiring consumer to assert claim outside state
Status: in_force

(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 or household purposes, in which the total cost of the purchase is $15,000 or less.

(2) A consumer may revoke a provision in a consumer contract that requires the consumer to assert a claim against the other party to the contract, or respond to a claim by the other party to the contract, in a forum that is not in this state. If the provision requires arbitration in a forum that is not in this state, the sole effect of a revocation under this section is that any evidentiary hearing, oral argument or other proceeding that requires or allows attendance by the consumer must be conducted in this state.

(3) Revocation of a provision under this section must be made in writing and communicated by the consumer to the other party within a reasonable time after a dispute arises.

(4) This section applies only to a consumer contract that was entered into by a consumer when the consumer was a resident of this state.

(5) A party seeking to enforce a revoked provision is liable for reasonable attorney fees incurred by a consumer in any litigation that results from the attempted enforcement of the revoked provision. [2007 c.890 §1]

Source: Section 81.150 — Revocation of contract provision requiring consumer to assert claim outside state; requirements; attorney fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors081.­html (accessed May 26, 2025).
ORS § 82.160 — OR Code / Title 8 / Chapter 82 / Section 82.160
82.160 Notice to borrower of penalty for repayment prior to date for repayment in loan agreement
Status: in_force

(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 the following notice:

Do not sign this loan agreement before you read it. This loan agreement provides for the payment of a penalty if you wish to repay the loan prior to the date provided for repayment in the loan agreement.

(2) If a loan agreement does not contain a notice as required by subsection (1) of this section, a lender shall not collect from the borrower a penalty for payment of the loan prior to the date provided for repayment. [1973 c.611 §1; 1985 c.359 §1]

Source: Section 82.160 — Notice to borrower of penalty for repayment prior to date for repayment in loan agreement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors082.­html (accessed May 26, 2025).
ORS § 72.1020 — OR Code / Title 8 / Chapter 72 / Section 72.1020
72.1020 Scope
Status: in_force

Unless the context otherwise requires, this chapter applies to transactions in goods; they do not apply to any transaction which although in the form of an unconditional contract to sell or present sale is intended to operate only as a security transaction nor does this chapter impair or repeal any statute regulating sales to consumers, farmers or other specified classes of buyers. [1961 c.726 § 72.1020 (Scope) ]

Source: Section 72.1020 — Scope; certain security and other transactions excluded from chapter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 79.0201 — OR Code / Title 8 / Chapter 79 / Section 79.0201
79.0201 UCC 9-201. General effectiveness of security agreement
Status: in_force

(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 of law which establishes a different rule for consumers and is also subject to ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) on retail installment contracts and ORS chapter 725 on small loans.

(3) In case of conflict between this chapter and a rule of law, statute or rule described in subsection (2) of this section, the rule of law, statute or rule controls. Failure to comply with a statute or rule described in subsection (2) of this section has only the effect the statute or rule specifies.

(4) This chapter does not:

(a) Validate any rate, charge, agreement or practice that violates a rule of law, statute or regulation described in subsection (2) of this section; or

(b) Extend the application of the rule of law, statute, or rule to a transaction not otherwise subject to it. [2001 c.445 §11]

Source: Section 79.0201 — UCC 9-201. General effectiveness of security agreement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 79.0511 — OR Code / Title 8 / Chapter 79 / Section 79.0511
79.0511 UCC 9-511. Secured party of record
Status: in_force

(1) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under ORS 79.0514 (UCC 9-514. Assignment of powers of secured party of record) (1), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.

(2) If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under ORS 79.0514 (UCC 9-514. Assignment of powers of secured party of record) (2), the assignee named in the amendment is a secured party of record.

(3) A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person. [2001 c.445 §82]

Source: Section 79.0511 — UCC 9-511. Secured party of record , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 74a.1080 — OR Code / Title 8 / Chapter 74a / Section 74a.1080
74A.1080 Exclusion of consumer transactions covered by federal law
Status: in_force

(1) Except as provided in subsection (2) of this section, this chapter does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, P.L. 95.630, 92 Stat. 3728, 15 U.S.C. 1693 et seq.).

(2) This chapter applies to a funds transfer that is a remittance transfer, as defined in 15 U.S.C. 1693o-1, unless the remittance transfer is an electronic fund transfer, as defined in 15 U.S.C. 1693a.

(3) In a funds transfer to which this chapter applies, if an applicable provision of this chapter is inconsistent with an applicable provision of the Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs to the extent of the inconsistency. [1991 c.442 §8; 2013 c.23 §1]

Source: Section 74A.1080 — Exclusion of consumer transactions covered by federal law; remittance transfers , https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html (accessed May 26, 2025).
ORS § 83.990 — OR Code / Title 8 / Chapter 83 / Section 83.990
83.990 Penalties
Status: in_force

(1) Any person who violates any provision of ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) commits a Class A violation.

(2) A willful violation of ORS 83.520 (Form and contents of retail installment contract) to 83.600 (Schedule of payments) or 83.650 (Effect of negotiation of notes on rights against motor vehicle dealer) to 83.670 (Unenforceable contract provisions) by any person shall bar recovery of any finance charge, delinquency or collection charge or refinancing charge on the retail installment contract involved.

(3) Notwithstanding the provisions of subsections (1) to (3) of this section, any failure to comply with any provision of ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) may be corrected within 10 days after the holder is notified thereof in writing by the buyer, and, if so corrected, neither the seller nor the holder shall be subject to any penalty.

(4) Any person who willfully and intentionally violates any provision of ORS 83.010 (Definitions for ORS 83.010 to 83.190) to 83.190 (Civil penalties) commits a Class B misdemeanor. Violation of any order or injunction issued pursuant to ORS 83.010 (Definitions for ORS 83.010 to 83.190) to 83.190 (Civil penalties) shall constitute prima facie proof of a violation of this subsection. [1957 c.625 §27; 1961 c.725 §401; subsection (4) enacted as 1963 c.489 §17; 1999 c.1051 §148; 2011 c.597 §153]

Source: Section 83.990 — Penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html (accessed May 26, 2025).
ORS § 84.025 — OR Code / Title 8 / Chapter 84 / Section 84.025
84.025 Attribution and effect of electronic record and electronic signature
Status: in_force

(1) An electronic record or electronic signature is attributable to a person if it was the act of the person. The act of the person may be shown in any manner, including a showing of the efficacy of any security procedure applied to determine the person to which the electronic record or electronic signature was attributable.

(2) The effect of an electronic record or electronic signature attributed to a person under subsection (1) of this section is determined from the context and surrounding circumstances at the time of its creation, execution or adoption, including the parties’ agreement, if any, and otherwise as provided by law. [2001 c.535 §9]

Source: Section 84.025 — Attribution and effect of electronic record and electronic signature , https://www.­oregonlegislature.­gov/bills_laws/ors/ors084.­html (accessed May 26, 2025).
ORS § 74a.1020 — OR Code / Title 8 / Chapter 74a / Section 74a.1020
74A.1020 Subject matter
Status: in_force

Except as otherwise provided in ORS 74A.1080 (Exclusion of consumer transactions covered by federal law) , this chapter applies to funds transfers defined in ORS 74A.1040 (Funds transfer) . [1991 c.442 §2]

Source: Section 74A.1020 — Subject matter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html (accessed May 26, 2025).
ORS § 74.2040 — OR Code / Title 8 / Chapter 74 / Section 74.2040
74.2040 Methods of sending and presenting
Status: in_force

(1) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items.

(2) A collecting bank may send:

(a) An item directly to the payor bank;

(b) An item to a nonbank payor if authorized by its transferor; and

(c) An item other than documentary drafts to a nonbank payor, if authorized by Federal Reserve regulation or operating circular, clearing house rule or the like.

(3) Presentment may be made by a presenting bank at a place where the payor bank or other payor has requested that presentment be made. [1961 c.726 § 74.2040 (Methods of sending and presenting) ; 1963 c.402 §3; 1993 c.545 §87]

Source: Section 74.2040 — Methods of sending and presenting; presentment , https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html (accessed May 26, 2025).
ORS § 73.0106 — OR Code / Title 8 / Chapter 73 / Section 73.0106
73.0106 Unconditional promise or order
Status: in_force

(1) Except as provided in this section, for the purposes of ORS 73.0104 (Negotiable instrument) (1), a promise or order is unconditional unless it states an express condition to payment, that the promise or order is subject to or governed by another writing, or that rights or obligations with respect to the promise or order are stated in another writing. A reference to another writing does not of itself make the promise or order conditional.

(2) A promise or order is not made conditional:

(a) By a reference to another writing for a statement of rights with respect to collateral, prepayment or acceleration; or

(b) Because payment is limited to resort to a particular fund or source.

(3) If a promise or order requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the promise or order, the condition does not make the promise or order conditional for the purposes of ORS 73.0104 (Negotiable instrument) (1). If the person whose specimen signature appears on an instrument fails to countersign the instrument, the failure to countersign is a defense to the obligation of the issuer, but the failure does not prevent a transferee of the instrument from becoming a holder of the instrument.

(4) If a promise or order at the time it is issued or first comes into possession of a holder contains a statement, required by applicable statutory or administrative law, to the effect that the rights of a holder or transferee are subject to claims or defenses that the issuer could assert against the original payee, the promise or order is not thereby made conditional for the purposes of ORS 73.0104 (Negotiable instrument) (1); but if the promise or order is an instrument, there cannot be a holder in due course of the instrument. [1993 c.545 §9]

Source: Section 73.0106 — Unconditional promise or order , https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).
ORS § 84.013 — OR Code / Title 8 / Chapter 84 / Section 84.013
84.013 Use of electronic records and electronic signatures
Status: in_force

(1) ORS 84.001 (Short title) to 84.061 (Federal electronic signatures law partially superseded) do not require a record or signature to be created, generated, sent, communicated, received, stored or otherwise processed or used by electronic means or in electronic form.

(2) ORS 84.001 (Short title) to 84.061 (Federal electronic signatures law partially superseded) apply only to transactions between parties, each of which has agreed to conduct transactions by electronic means. Whether the parties agree to conduct a transaction by electronic means is determined from the context and surrounding circumstances, including the parties’ conduct.

(3) A party that agrees to conduct a transaction by electronic means may refuse to conduct other transactions by electronic means. The right granted by this subsection may not be waived by agreement.

(4) Except as otherwise provided in ORS 84.001 (Short title) to 84.061 (Federal electronic signatures law partially superseded) , the effect of any provision of ORS 84.001 (Short title) to 84.061 (Federal electronic signatures law partially superseded) may be varied by agreement. The presence in certain provisions of ORS 84.001 (Short title) to 84.061 (Federal electronic signatures law partially superseded) of the words “unless otherwise agreed,” or words of similar import, does not imply that the effect of other provisions of ORS 84.001 (Short title) to 84.061 (Federal electronic signatures law partially superseded) may not be varied by agreement.

(5) Whether an electronic record or electronic signature has legal consequences is determined by ORS 84.001 (Short title) to 84.061 (Federal electronic signatures law partially superseded) and other applicable law. [2001 c.535 §5]

Source: Section 84.013 — Use of electronic records and electronic signatures; variation by agreement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors084.­html (accessed May 26, 2025).
ORS § 72a.2050 — OR Code / Title 8 / Chapter 72a / Section 72a.2050
72A.2050 Firm offers
Status: in_force

An offer by a merchant to lease goods to or from another person in a signed writing that by its terms gives assurance it will be held open is not revocable, for lack of consideration, during the time stated or, if no time is stated, for a reasonable time, but in no event may the period of irrevocability exceed three months. Any such term of assurance on a form supplied by the offeree must be separately signed by the offeror. [1989 c.676 §14]

Source: Section 72A.2050 — Firm offers , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 72.1030 — OR Code / Title 8 / Chapter 72 / Section 72.1030
72.1030 Definitions and index of definitions
Status: in_force

(1) In this chapter unless the context otherwise requires:

(a) “Buyer” means a person who buys or contracts to buy goods.

(b) “Livestock” means equines, cattle, sheep, goats, llamas, alpacas and swine.

(c) “Receipt” of goods means taking physical possession of them.

(d) “Seller” means a person who sells or contracts to sell goods.

(2) Other definitions applying to this chapter, and the sections in which they appear are:

(a) “Acceptance,” as defined in ORS 72.6060 (What constitutes acceptance of goods) .

(b) “Banker’s credit,” as defined in ORS 72.3250 (“Letter of credit” term) .

(c) “Between merchants,” as defined in ORS 72.1040 (Definitions: “merchant”) .

(d) “Cancellation,” as defined in ORS 72.1060 (Definitions: “contract”) (4).

(e) “Commercial unit,” as defined in ORS 72.1050 (Definitions: “goods”) .

(f) “Confirmed credit,” as defined in ORS 72.3250 (“Letter of credit” term) .

(g) “Conforming to contract,” as defined in ORS 72.1060 (Definitions: “contract”) .

(h) “Contract for sale,” as defined in ORS 72.1060 (Definitions: “contract”) .

(i) “Cover,” as defined in ORS 72.7120 (“Cover”) .

(j) “Entrusting,” as defined in ORS 72.4030 (Power to transfer) .

(k) “Financing agency,” as defined in ORS 72.1040 (Definitions: “merchant”) .

(L) “Future goods,” as defined in ORS 72.1050 (Definitions: “goods”) .

(m) “Goods,” as defined in ORS 72.1050 (Definitions: “goods”) .

(n) “Identification,” as defined in ORS 72.5010 (Insurable interest in goods) .

(o) “Installment contract,” as defined in ORS 72.6120 (“Installment contract”) .

(p) “Letter of credit,” as defined in ORS 72.3250 (“Letter of credit” term) .

(q) “Lot,” as defined in ORS 72.1050 (Definitions: “goods”) .

(r) “Merchant,” as defined in ORS 72.1040 (Definitions: “merchant”) .

(s) “Overseas,” as defined in ORS 72.3230 (Form of bill of lading required in overseas shipment) .

(t) “Person in position of seller,” as defined in ORS 72.7070 (“Person in the position of a seller.”) .

(u) “Present sale,” as defined in ORS 72.1060 (Definitions: “contract”) .

(v) “Sale,” as defined in ORS 72.1060 (Definitions: “contract”) .

(w) “Sale on approval,” as defined in ORS 72.3260 (Sale on approval and sale or return) .

(x) “Sale or return,” as defined in ORS 72.3260 (Sale on approval and sale or return) .

(y) “Termination,” as defined in ORS 72.1060 (Definitions: “contract”) .

(3) “Control” as provided in ORS 77.1060 (Control of electronic document of title) and the following definitions in other series of sections apply to this chapter:

(a) “Check,” as defined in ORS 73.0104 (Negotiable instrument) .

(b) “Consignee,” as defined in ORS 77.1020 (Definitions and index of definitions) .

(c) “Consignor,” as defined in ORS 77.1020 (Definitions and index of definitions) .

(d) “Consumer goods,” as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions) .

(e) “Dishonor,” as defined in ORS 73.0502 (Dishonor) .

(f) “Draft,” as defined in ORS 73.0104 (Negotiable instrument) .

(4) In addition, ORS chapter 71 contains general definitions and principles of construction and interpretation applicable throughout this chapter. [1961 c.726 § 72.1030 (Definitions and index of definitions) ; 1979 c.636 §1; 1993 c.545 §116; 1995 c.320 §1; 2001 c.445 §132; 2009 c.181 §24]

Source: Section 72.1030 — Definitions and index of definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 79.0526 — OR Code / Title 8 / Chapter 79 / Section 79.0526
79.0526 UCC 9-526. Filing-office rules
Status: in_force

(1) The Secretary of State shall adopt and publish rules applicable to its filing procedures, processes and operations to implement this chapter. The filing-office rules must be:

(a) Consistent with this chapter; and

(b) Adopted and published in accordance with ORS chapter 183.

(2) To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially ORS 79.0501 (UCC 9-501. Filing office) to 79.0528 (Liability of Secretary of State) , and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially ORS 79.0501 (UCC 9-501. Filing office) to 79.0528 (Liability of Secretary of State) , the Secretary of State, so far as is consistent with the purposes, policies and provisions of this chapter, in adopting, amending and repealing filing-office rules, shall:

(a) Consult with filing offices in other jurisdictions that enact substantially ORS 79.0501 (UCC 9-501. Filing office) to 79.0528 (Liability of Secretary of State) ;

(b) Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and

(c) Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially ORS 79.0501 (UCC 9-501. Filing office) to 79.0528 (Liability of Secretary of State) . [2001 c.445 §97]

Source: Section 79.0526 — UCC 9-526. Filing-office rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 80.127 — OR Code / Title 8 / Chapter 80 / Section 80.127
80.127 Place to file effective financing statement
Status: in_force

The proper place to file an effective financing statement on farm products as defined in ORS 80.100 (Definitions for ORS 80.100 to 80.130) is in the office of the Secretary of State. [Formerly 79.7000]

Source: Section 80.127 — Place to file effective financing statement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors080.­html (accessed May 26, 2025).
ORS § 78.1080 — OR Code / Title 8 / Chapter 78 / Section 78.1080
78.1080 Warranties in direct holding
Status: in_force

(1) A person that transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser, that:

(a) The certificate is genuine and has not been materially altered;

(b) The transferor or indorser does not know of any fact that might impair the validity of the security;

(c) There is no adverse claim to the security;

(d) The transfer does not violate any restriction on transfer;

(e) If the transfer is by indorsement, the indorsement is made by an appropriate person, or if the indorsement is by an agent, the agent has actual authority to act on behalf of the appropriate person; and

(f) The transfer is otherwise effective and rightful.

(2) A person that originates an instruction for registration of transfer of an uncertificated security to a purchaser for value warrants to the purchaser that:

(a) The instruction is made by an appropriate person, or if the instruction is by an agent, the agent has actual authority to act on behalf of the appropriate person;

(b) The security is valid;

(c) There is no adverse claim to the security; and

(d) At the time the instruction is presented to the issuer:

(A) The purchaser will be entitled to the registration of transfer;

(B) The transfer will be registered by the issuer free from all liens, security interests, restrictions and claims other than those specified in the instruction;

(C) The transfer will not violate any restriction on transfer; and

(D) The requested transfer will otherwise be effective and rightful.

(3) A person that transfers an uncertificated security to a purchaser for value and does not originate an instruction in connection with the transfer warrants that:

(a) The uncertificated security is valid;

(b) There is no adverse claim to the security;

(c) The transfer does not violate any restriction on transfer; and

(d) The transfer is otherwise effective and rightful.

(4) A person who indorses a security certificate warrants to the issuer that:

(a) There is no adverse claim to the security; and

(b) The indorsement is effective.

(5) A person who originates an instruction for registration of transfer of an uncertificated security warrants to the issuer that:

(a) The instruction is effective; and

(b) At the time the instruction is presented to the issuer, the purchaser will be entitled to the registration of transfer.

(6) A person who presents a certificated security for registration of transfer or for payment or exchange warrants to the issuer that the person is entitled to the registration, payment or exchange, but a purchaser for value and without notice of adverse claims to whom transfer is registered warrants only that the person has no knowledge of any unauthorized signature in a necessary indorsement.

(7) If a person acts as agent in delivering a certificated security to a purchaser, the identity of the principal was known to the person to whom the certificate was delivered and the certificate delivered by the agent was received by the agent from the principal or received by the agent from another person at the direction of the principal, the person delivering the security certificate warrants only that the delivering person has authority to act for the principal and does not know of any adverse claim to the certificated security.

(8) A secured party who redelivers a security certificate received, or after payment and on order of the debtor delivers the security certificate to another person, makes only the warranties of an agent under subsection (7) of this section.

(9) Except as otherwise provided in subsection (7) of this section, a broker acting for a customer makes to the issuer and a purchaser the warranties provided in subsections (1) to (6) of this section. A broker that delivers a security certificate to its customer, or causes its customer to be registered as the owner of an uncertificated security, makes to the customer the warranties provided in subsection (1) or (2) of this section, and has the rights and privileges of a purchaser under this section. The warranties of and in favor of the broker acting as an agent are in addition to applicable warranties given by and in favor of the customer. [1985 c.676 § 78.1080 (Warranties in direct holding) ; 1995 c.328 §8]

Source: Section 78.1080 — Warranties in direct holding , https://www.­oregonlegislature.­gov/bills_laws/ors/ors078.­html (accessed May 26, 2025).
ORS § 74a.4030 — OR Code / Title 8 / Chapter 74a / Section 74a.4030
74A.4030 Payment by sender to receiving bank
Status: in_force

(1) Payment of the sender’s obligation under ORS 74A.4020 (Obligation of sender to pay receiving bank) to pay the receiving bank occurs as follows:

(a) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve Bank or through a funds-transfer system.

(b) If the sender is a bank and the sender credited an account of the receiving bank with the sender, or caused an account of the receiving bank in another bank to be credited, payment occurs when the credit is withdrawn or, if not withdrawn, at midnight of the day on which the credit is withdrawable and the receiving bank learns of that fact.

(c) If the receiving bank debits an account of the sender with the receiving bank, payment occurs when the debit is made to the extent the debit is covered by a withdrawable credit balance in the account.

(2) Intentionally left blank —Ed.

(a) If the sender and receiving bank are members of a funds-transfer system that nets obligations multilaterally among participants, the receiving bank receives final settlement when settlement is complete in accordance with the rules of the system.

(b) The obligation of the sender to pay the amount of a payment order transmitted through the funds-transfer system may be satisfied, to the extent permitted by the rules of the system, by setting off and applying against the sender’s obligation the right of the sender to receive payment from the receiving bank of the amount of any other payment order transmitted to the sender by the receiving bank through the funds-transfer system.

(c) The aggregate balance of obligations owed by each sender to each receiving bank in the funds-transfer system may be satisfied, to the extent permitted by the rules of the system, by setting off and applying against that balance the aggregate balance of obligations owed to the sender by other members of the system.

(d) The aggregate balance is determined after the right of setoff described in paragraph (b) of this subsection has been exercised.

(3) If two banks transmit payment orders to each other under an agreement that settlement of the obligations of each bank to the other under ORS 74A.4020 (Obligation of sender to pay receiving bank) will be made at the end of the day or other period, the total amount owed with respect to all orders transmitted by one bank shall be set off against the total amount owed with respect to all orders transmitted by the other bank. To the extent of the setoff, each bank has made payment to the other.

(4) In a case not covered by subsection (1) of this section, the time when payment of the sender’s obligation under ORS 74A.4020 (Obligation of sender to pay receiving bank) (2) or (3) occurs is governed by the applicable principles of law that determine when an obligation is satisfied. [1991 c.442 §28]

Source: Section 74A.4030 — Payment by sender to receiving bank , https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html (accessed May 26, 2025).
ORS § 72.3080 — OR Code / Title 8 / Chapter 72 / Section 72.3080
72.3080 Absence of specified place for delivery
Status: in_force

Unless otherwise agreed:

(1) The place for delivery of goods is the seller’s place of business or if the seller has none the residence of the seller; but

(2) In a contract for sale of identified goods which to the knowledge of the parties at the time of contracting are in some other place, that place is the place for their delivery; and

(3) Documents of title may be delivered through customary banking channels. [1961 c.726 § 72.3080 (Absence of specified place for delivery) ]

Source: Section 72.3080 — Absence of specified place for delivery , https://www.­oregonlegislature.­gov/bills_laws/ors/ors072.­html (accessed May 26, 2025).
ORS § 84.055 — OR Code / Title 8 / Chapter 84 / Section 84.055
84.055 Interoperability
Status: in_force

A governmental agency in this state that adopts standards pursuant to ORS 84.052 (Acceptance and distribution of electronic records by governmental agencies) may encourage and promote consistency and interoperability with similar requirements adopted by other governmental agencies of this state and other states and the federal government and nongovernmental persons interacting with governmental agencies of this state. If appropriate, those standards may specify differing levels of standards from which governmental agencies of this state may choose in implementing the most appropriate standard for a particular application. [2001 c.535 §19]

Source: Section 84.055 — Interoperability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors084.­html (accessed May 26, 2025).
ORS § 75.1070 — OR Code / Title 8 / Chapter 75 / Section 75.1070
75.1070 Confirmer, nominated person and adviser
Status: in_force

(1) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer.

(2) A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.

(3) A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary to advise them accurately concerning the terms of the letter of credit, confirmation, amendment or advice received by that person and undertakes to the beneficiary to check the apparent authenticity of the request to advise. Even if the advice is inaccurate, the letter of credit, confirmation or amendment is enforceable as issued.

(4) A person who notifies a transferee beneficiary of the terms of a letter of credit, confirmation, amendment or advice has the rights and obligations of an adviser under subsection (3) of this section. The terms in the notice to the transferee beneficiary may differ from the terms in any notice to the transferor beneficiary to the extent permitted by the letter of credit, confirmation, amendment or advice received by the person who so notifies. [1961 c.726 § 75.1070 (Confirmer, nominated person and adviser) ; 1997 c.150 §10]

Source: Section 75.1070 — Confirmer, nominated person and adviser , https://www.­oregonlegislature.­gov/bills_laws/ors/ors075.­html (accessed May 26, 2025).
ORS § 79.0103 — OR Code / Title 8 / Chapter 79 / Section 79.0103
79.0103 UCC 9-103. Purchase-money security interest
Status: in_force

(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 the collateral or for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used.

(2) A security interest in goods is a purchase-money security interest:

(a) To the extent that the goods are purchase-money collateral with respect to that security interest;

(b) If the security interest is in inventory that is or was purchase-money collateral, also to the extent that the security interest secures a purchase-money obligation incurred with respect to other inventory in which the secured party holds or held a purchase-money security interest; and

(c) Also to the extent that the security interest secures a purchase-money obligation incurred with respect to software in which the secured party holds or held a purchase-money security interest.

(3) A security interest in software is a purchase-money security interest to the extent that the security interest also secures a purchase-money obligation incurred with respect to goods in which the secured party holds or held a purchase-money security interest if:

(a) The debtor acquired its interest in the software in an integrated transaction in which it acquired an interest in the goods; and

(b) The debtor acquired its interest in the software for the principal purpose of using the software in the goods.

(4) The security interest of a consignor in goods that are the subject of a consignment is a purchase-money security interest in inventory.

(5) In a transaction other than a consumer-goods transaction, if the extent to which a security interest is a purchase-money security interest depends on the application of a payment to a particular obligation, the payment must be applied:

(a) In accordance with any reasonable method of application to which the parties agree;

(b) In the absence of the parties’ agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or

(c) In the absence of an agreement to a reasonable method and a timely manifestation of the obligor’s intention, in the following order:

(A) To obligations that are not secured; and

(B) If more than one obligation is secured, to obligations secured by purchase-money security interests in the order in which those obligations were incurred.

(6) In a transaction other than a consumer-goods transaction, a purchase-money security interest does not lose its status as such, even if:

(a) The purchase-money collateral also secures an obligation that is not a purchase-money obligation;

(b) Collateral that is not purchase-money collateral also secures the purchase-money obligation; or

(c) The purchase-money obligation has been renewed, refinanced, consolidated, or restructured.

(7) In a transaction other than a consumer-goods transaction, a secured party claiming a purchase-money security interest has the burden of establishing the extent to which the security interest is a purchase-money security interest.

(8) The limitation of the rules in subsections (5), (6) and (7) of this section to transactions other than consumer-goods transactions is intended to leave to the court the determination of the proper rules in consumer-goods transactions. The court may not infer from that limitation the nature of the proper rule in consumer-goods transactions and may continue to apply established approaches. [2001 c.445 §3]

Source: Section 79.0103 — UCC 9-103. Purchase-money security interest; application of payments; burden of establishing , https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html (accessed May 26, 2025).
ORS § 78.1010 — OR Code / Title 8 / Chapter 78 / Section 78.1010
78.1010 Short title
Status: in_force

This chapter may be cited as Uniform Commercial Code–Investment Securities. [1961 c.726 § 78.1010 (Short title) ; 1985 c.676 § 78.1010 (Short title) ; 1995 c.328 §1]

Source: Section 78.1010 — Short title , https://www.­oregonlegislature.­gov/bills_laws/ors/ors078.­html (accessed May 26, 2025).
ORS § 72a.1010 — OR Code / Title 8 / Chapter 72a / Section 72a.1010
72A.1010 Short title
Status: in_force

This chapter may be cited as the Uniform Commercial Code–Leases. [1989 c.676 §1; 1995 c.79 §21]

Source: Section 72A.1010 — Short title , https://www.­oregonlegislature.­gov/bills_laws/ors/ors72A.­html (accessed May 26, 2025).
ORS § 71.3100 — OR Code / Title 8 / Chapter 71 / Section 71.3100
71.3100 Subordinated obligations
Status: in_force

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]

Note: See note under 71.3010 (Territorial applicability) .

Source: Section 71.3100 — Subordinated obligations , https://www.­oregonlegislature.­gov/bills_laws/ors/ors071.­html (accessed May 26, 2025).