OR Rev Stat § 79.0620 (2021)
2021 Oregon Revised Statutes|Volume : 02 - Business Organizations, Commercial Code|Chapter 079 - Secured Transactions|Section 79.0620 - UCC 9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.

(1) Except as otherwise provided in subsection (7) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a) The debtor consents to the acceptance under subsection (3) of this section; (b) The secured party does not receive, within the time set forth in subsection (4) of this section, a notification of objection to the proposal authenticated by: (A) A person to which the secured party was required to send a proposal under ORS 79.0621; or (B) Any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal; (c) If the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and (d) Subsection (5) of this section does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to ORS 79.0624. (2) A purported or apparent acceptance of collateral under this section is ineffective unless: (a) The secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and (b) The conditions of subsection (1) of this section are met. (3) For purposes of this section: (a) A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default; and (b) A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party: (A) Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained; (B) In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and (C) Does not receive a notification of objection authenticated by the debtor within 20 days after the proposal is sent. (4) To be effective under subsection (1)(b) of this section, a notification of objection must be received by the secured party: (a) In the case of a person to which the proposal was sent pursuant to ORS 79.0621, within 20 days after notification was sent to that person; and (b) In other cases: (A) Within 20 days after the last notification was sent pursuant to ORS 79.0621; or (B) If a notification was not sent, before the debtor consents to the acceptance under subsection (3) of this section. (5) A secured party that has taken possession of collateral shall dispose of the collateral pursuant to ORS 79.0610 within the time specified in subsection (6) of this section if: (a) Sixty percent of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or (b) Sixty percent of the principal amount of the obligation secured has been paid in the case of a non-purchase-money security interest in consumer goods. (6) To comply with subsection (5) of this section, the secured party shall dispose of the collateral: (a) Within 180 days after taking possession; or (b) Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and authenticated after default. (7) In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures. [2001 c.445 §118]