reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0405 - UCC 9-405. Modification of assigned contract.

(1) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (2) to (4) of this section.
(2) Subsection (1) of this section applies to the extent that:
(a) The right to payment or a part thereof under an assigned contract has not been fully earned by performance; or
(b) The right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under ORS 79.0406 (1).
(3) 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.
(4) This section does not apply to an assignment of a health-care-insurance receivable. [2001 c.445 §67]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0407 - UCC 9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest.

(1) Except as otherwise provided in subsection (2) of this section, a term in a lease agreement is ineffective to the extent that it:
(a) Prohibits, restricts or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor’s residual interest in the goods; 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 lease.
(2) Except as otherwise provided in ORS 72A.3030 (7), a term described in subsection (1)(b) of this section is effective to the extent that there is:
(a) A transfer by the lessee of the lessee’s right of possession or use of the goods in violation of the term; or
(b) A delegation of a material performance of either party to the lease contract in violation of the term.
(3) The creation, attachment, perfection or enforcement of a security interest in the lessor’s interest under the lease contract or the lessor’s residual interest in the goods is not a transfer that materially impairs the lessee’s prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of ORS 72A.3030 (4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor. [2001 c.445 §69]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0409 - UCC 9-409. Restrictions on assignment of letter-of-credit rights ineffective.

(1) A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit which prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary’s assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that the term or rule of law, statute, regulation, custom or practice:
(a) Would impair the creation, attachment or perfection of a security interest in the letter-of-credit right; or
(b) Provides that the assignment or the creation, attachment or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the letter-of-credit right.
(2) To the extent that a term in a letter of credit is ineffective under subsection (1) of this section but would be effective under law other than this chapter or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit, or to the assignment of a right to proceeds of the letter of credit, the creation, attachment or perfection of a security interest in the letter-of-credit right:
(a) Is not enforceable against the applicant, issuer, nominated person or transferee beneficiary;
(b) Imposes no duties or obligations on the applicant, issuer, nominated person or transferee beneficiary; and
(c) Does not require the applicant, issuer, nominated person or transferee beneficiary to recognize the security interest, pay or render performance to the secured party, or accept payment or other performance from the secured party. [2001 c.445 §71]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0501 - UCC 9-501. Filing office.

(1) Except as otherwise provided in subsection (2) of this section, if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:
(a) The office designated for the filing or recording of a record of a mortgage on the related real property, if:
(A) The collateral is as-extracted collateral or timber to be cut; or
(B) The financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or
(b) The office of the Secretary of State, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing.
(2) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the Secretary of State. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become fixtures. [2001 c.445 §72]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0502 - UCC 9-502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.

(1) Subject to subsection (2) of this section, a financing statement is sufficient only if it:
(a) Provides the name of the debtor;
(b) Provides the name of the secured party or a representative of the secured party; and
(c) Indicates the collateral covered by the financing statement.
(2) Except as otherwise provided in ORS 79.0501 (2), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (1) of this section and also:
(a) Indicate that it covers this type of collateral;
(b) Indicate that it is to be filed for record in the real property records;
(c) Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and
(d) If the debtor does not have an interest of record in the real property, provide the name of a record owner.
(3) A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:
(a) The record indicates the goods or accounts that it covers;
(b) The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;
(c) The record satisfies the requirements for a financing statement in this section except that:
(A) The record need not indicate that the record is to be filed in the real property records; and
(B) If the record provides the name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom ORS 79.0503 (1)(d) applies, the record sufficiently provides the name of a debtor; and
(d) The record is duly recorded.
(4) A financing statement may be filed before a security agreement is made or a security interest otherwise attaches. [2001 c.445 §73; 2015 c.538 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0504 - UCC 9-504. Indication of collateral.

A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) A description of the collateral pursuant to ORS 79.0108; or
(2) An indication that the financing statement covers all assets or all personal property. [2001 c.445 §75]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0505 - UCC 9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments and other transactions.

(1) A consignor, lessor or other bailor of goods, a licensor or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in ORS 79.0311 (1), using the terms "consignor," "consignee," "lessor," "lessee," "bailor," "bailee," "licensor," "licensee," "owner," "registered owner," "buyer," "seller" or words of similar import, instead of the terms "secured party" and "debtor."
(2) ORS 79.0501 to 79.0528 apply to the filing of a financing statement under subsection (1) of this section and, as appropriate, to compliance that is equivalent to filing a financing statement under ORS 79.0311 (2), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner or buyer which attaches to the collateral is perfected by the filing or compliance. [2001 c.445 §76]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0506 - UCC 9-506. Effect of errors or omissions.

(1) A financing statement substantially satisfying the requirements of ORS 79.0501 to 79.0528 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 (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 (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 (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]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0507 - UCC 9-507. Effect of certain events on effectiveness of financing statement.

(1) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(2) Except as otherwise provided in subsection (3) of this section and ORS 79.0506 (4) and 79.0508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under ORS 79.0506.
(3) If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under ORS 79.0503 (1) so that the financing statement becomes seriously misleading under ORS 79.0506:
(a) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the financing statement becomes seriously misleading. [2001 c.445 §78; 2012 c.12 §13]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0508 - UCC 9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement.

(1) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(2) If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (1) of this section to be seriously misleading under ORS 79.0506:
(a) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under ORS 79.0203 (4); and
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under ORS 79.0203 (4) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(3) This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under ORS 79.0507 (1). [2001 c.445 §79]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0509 - UCC 9-509. Persons entitled to file a record.

(1) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(a) The debtor authorizes the filing in an authenticated record or pursuant to subsection (2) or (3) of this section; or
(b) The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(2) By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(a) The collateral described in the security agreement; and
(b) Property that becomes collateral under ORS 79.0315 (1)(b), whether or not the security agreement expressly covers proceeds.
(3) By acquiring collateral in which a security interest or agricultural lien continues under ORS 79.0315 (1)(a), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under ORS 79.0315 (1)(b).
(4) A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(a) The secured party of record authorizes the filing; or
(b) The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by ORS 79.0513 (1) or (3), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(5) If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (4) of this section. [2001 c.445 §80]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0510 - UCC 9-510. Effectiveness of filed record.

(1) A filed record is effective only to the extent that it was filed by a person that may file it under ORS 79.0509.
(2) A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.
(3) A continuation statement that is not filed within the six-month period prescribed by ORS 79.0515 (4) is ineffective. [2001 c.445 §81]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0511 - UCC 9-511. Secured party of record.

(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 (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 (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]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0512 - UCC 9-512. Amendment of financing statement.

(1) Subject to ORS 79.0509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (5) of this section, otherwise amend the information provided in, a financing statement by filing an amendment that:
(a) Identifies, by its file number, the initial financing statement to which the amendment relates; and
(b) If the amendment relates to an initial financing statement filed or recorded in a filing office described in ORS 79.0501 (1)(a), provides the information specified in ORS 79.0502 (2).
(2) Except as otherwise provided in ORS 79.0515, the filing of an amendment does not extend the period of effectiveness of the financing statement.
(3) A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
(4) A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
(5) An amendment is ineffective to the extent it:
(a) Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or
(b) Purports to delete all secured parties of record and fails to provide the name of a new secured party of record. [2001 c.445 §83; 2003 c.14 §27]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0513 - UCC 9-513. Termination statement.

(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, 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, for purposes of ORS 79.0519 (7), 79.0522 (1) and 79.0523 (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]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0514 - UCC 9-514. Assignment of powers of secured party of record.

(1) Except as otherwise provided in subsection (3) of this section, an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.
(2) Except as otherwise provided in subsection (3) of this section, a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:
(a) Identifies, by its file number, the initial financing statement to which it relates;
(b) Provides the name of the assignor; and
(c) Provides the name and mailing address of the assignee.
(3) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under ORS 79.0502 (3) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than the Uniform Commercial Code. [2001 c.445 §85]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0518 - UCC 9-518. Claim concerning inaccurate or wrongfully filed record.

(1) A person may file in the filing office an information statement with respect to a record indexed there under the person’s name if the person believes that the record is inaccurate or was wrongfully filed.
(2) An information statement under subsection (1) of this section must:
(a) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
(b) Indicate that it is an information statement;
(c) Provide the basis for the person’s belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person’s belief that the record was wrongfully filed; and
(d) Indicate the name of the debtor and the secured party.
(3) A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the filing statement to which the record relates and believes that the person that filed the record was not entitled to do so under ORS 79.0509 (4).
(4) An information statement under subsection (3) of this section must:
(a) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
(b) Indicate that it is an information statement; and
(c) Provide the basis for the person’s belief that the person that filed the record was not entitled to do so under ORS 79.0509 (4).
(5) The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record. [2001 c.445 §89; 2012 c.12 §16]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0521 - UCC 9-521. Uniform form of written financing statement and amendment.

A filing office that accepts written records may not refuse to accept a written initial financing statement, addendum or amendment in the form and format set forth in the final official text of the 2010 revisions to Article 9 of the Uniform Commercial Code promulgated by The American Law Institute and the Uniform Law Commission, except for a reason set forth in ORS 79.0516 (2). [2001 c.445 §92; 2012 c.12 §17]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0522 - UCC 9-522. Maintenance and destruction of records.

(1) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under ORS 79.0515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the initial financing statement to which the record relates.
(2) Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with subsection (1) of this section. [2001 c.445 §93; 2003 c.14 §30]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0524 - UCC 9-524. Delay by filing office.

Delay by the filing office beyond a time limit prescribed by ORS 79.0501 to 79.0528 is excused if:
(1) The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment or other circumstances beyond control of the filing office; and
(2) The filing office exercises reasonable diligence under the circumstances. [2001 c.445 §95]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0525 - UCC 9-525. Fees; rules.

(1) Except as otherwise provided in subsection (4) of this section, the nonrefundable fee for filing and indexing a record under ORS 79.0501 to 79.0528 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 (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 (6), that are not debtor specific. [2001 c.445 §96; 2007 c.39 §1; 2009 c.745 §15]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0526 - UCC 9-526. Filing-office rules.

(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 to 79.0528, 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 to 79.0528, 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 to 79.0528;
(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 to 79.0528. [2001 c.445 §97]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0527 - UCC 9-527. Duty to report.

The Secretary of State shall report to the Legislative Assembly on or before January 15 of each odd-numbered year regarding the operation of the filing office. The report must contain a statement of the extent to which the filing-office rules are not in harmony with the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators, or any successor organization, and the reasons for these variations. [2001 c.445 §98]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0528 - Liability of Secretary of State.

Except as provided in ORS 30.260 to 30.300, the Secretary of State and the secretary’s officers and employees shall not be liable to debtors, secured parties or any other person in administering this chapter or ORS 80.100 to 80.130. [Formerly 79.8010]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0601 - UCC 9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes.

(1) After default, a secured party has the rights provided in ORS 79.0601 to 79.0628 and, except as otherwise provided in ORS 79.0602, those provided by agreement of the parties. A secured party:
(a) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest or agricultural lien by any available judicial procedure; and
(b) If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(2) A secured party in possession of collateral or control of collateral under ORS 77.1060, 79.0104, 79.0105, 79.0106 or 79.0107 has the rights and duties provided in ORS 79.0207.
(3) The rights under subsections (1) and (2) of this section are cumulative and may be exercised simultaneously.
(4) Except as otherwise provided in subsection (7) of this section and ORS 79.0605, after default, a debtor and an obligor have the rights provided in ORS 79.0601 to 79.0628 and by agreement of the parties.
(5) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(a) The date of perfection of the security interest or agricultural lien in the collateral;
(b) The date of filing a financing statement covering the collateral; or
(c) Any date specified in a statute under which the agricultural lien was created.
(6) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
(7) Except as otherwise provided in ORS 79.0607 (3), ORS 79.0601 to 79.0628 impose no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles or promissory notes. [2001 c.445 §99; 2009 c.181 §102]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0602 - UCC 9-602. Waiver and variance of rights and duties.

Except as otherwise provided in ORS 79.0624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(1) ORS 79.0207 (2)(d)(C), which deals with use and operation of the collateral by the secured party;
(2) ORS 79.0210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) ORS 79.0607 (3), which deals with collection and enforcement of collateral;
(4) ORS 79.0608 (1) and 79.0615 (3) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement or disposition;
(5) ORS 79.0608 (1) and 79.0615 (4) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) ORS 79.0609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
(7) ORS 79.0610 (2), 79.0611, 79.0613 and 79.0614, which deal with disposition of collateral;
(8) ORS 79.0615 (6), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party or a secondary obligor;
(9) ORS 79.0616, which deals with explanation of the calculation of a surplus or deficiency;
(10) ORS 79.0620, 79.0621 and 79.0622, which deal with acceptance of collateral in satisfaction of obligation;
(11) ORS 79.0623, which deals with redemption of collateral;
(12) ORS 79.0624, which deals with permissible waivers; and
(13) ORS 79.0625 and 79.0626, which deal with the secured party’s liability for failure to comply with this chapter. [2001 c.445 §100]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0603 - UCC 9-603. Agreement on standards concerning rights and duties.

(1) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in ORS 79.0602 if the standards are not manifestly unreasonable.
(2) Subsection (1) of this section does not apply to the duty under ORS 79.0609 to refrain from breaching the peace. [2001 c.445 §101]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0604 - UCC 9-604. Procedure if security agreement covers real property or fixtures.

(1) If a security agreement covers both personal and real property, a secured party may proceed:
(a) Under ORS 79.0601 to 79.0628 as to the personal property without prejudicing any rights with respect to the real property; or
(b) As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of ORS 79.0601 to 79.0628 do not apply.
(2) Subject to subsection (3) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(a) Under ORS 79.0601 to 79.0628; or
(b) In accordance with the rights with respect to real property, in which case the other provisions of ORS 79.0601 to 79.0628 do not apply.
(3) Subject to the other provisions of ORS 79.0601 to 79.0628, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(4) A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse. [2001 c.445 §102]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0605 - UCC 9-605. Unknown debtor or secondary obligor.

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]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0606 - UCC 9-606. Time of default for agricultural lien.

For purposes of ORS 79.0601 to 79.0628, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. [2001 c.445 §104]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0607 - UCC 9-607. Collection and enforcement by secured party.

(1) If so agreed, and in any event after default, a secured party:
(a) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(b) May take any proceeds to which the secured party is entitled under ORS 79.0315;
(c) May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(d) If it holds a security interest in a deposit account perfected by control under ORS 79.0104 (1)(a), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(e) If it holds a security interest in a deposit account perfected by control under ORS 79.0104 (1)(b) or (c), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(2) If necessary to enable a secured party to exercise under subsection (1)(c) of this section the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded the secured party’s sworn affidavit, with a copy of the security agreement attached thereto. The affidavit shall be in recordable form and state that:
(a) A default has occurred with respect to the obligation secured by the mortgage; and
(b) The secured party is entitled to enforce the mortgage nonjudicially.
(3) A secured party shall proceed in a commercially reasonable manner if the secured party:
(a) Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(b) Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(4) A secured party may deduct from the collections made pursuant to subsection (3) of this section reasonable expenses of collection and enforcement, including reasonable attorney fees and legal expenses incurred by the secured party.
(5) This section does not determine whether an account debtor, bank or other person obligated on collateral owes a duty to a secured party. [2001 c.445 §105; 2012 c.12 §18]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0608 - UCC 9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.

(1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(a) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under ORS 79.0607 in the following order to:
(A) The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney fees and legal expenses incurred by the secured party;
(B) The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C) The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(b) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder’s demand under paragraph (a)(C) of this subsection.
(c) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under ORS 79.0607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(d) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(2) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles or promissory notes, the debtor is not entitled to any surplus and the obligor is not liable for any deficiency. [2001 c.445 §106]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0609 - UCC 9-609. Secured party’s right to take possession after default.

(1) After default, a secured party:
(a) May take possession of the collateral; and
(b) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under ORS 79.0610.
(2) A secured party may proceed under subsection (1) of this section:
(a) Pursuant to judicial process; or
(b) Without judicial process, if it proceeds without breach of the peace.
(3) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties. [2001 c.445 §107]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 079 - Secured Transactions › Section 79.0610 - UCC 9-610. Disposition of collateral after default.

(1) After default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(2) Every aspect of a disposition of collateral, including the method, manner, time, place and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(3) A secured party may purchase collateral:
(a) At a public disposition; or
(b) At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(4) A contract for sale, lease, license or other disposition includes the warranties relating to title, possession, quiet enjoyment and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(5) A secured party may disclaim or modify warranties under subsection (4) of this section:
(a) In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(b) By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(6) A record is sufficient to disclaim warranties under subsection (5) of this section if it indicates "There is no warranty relating to title, possession, quiet enjoyment or the like in this disposition" or uses words of similar import. [2001 c.445 §108]