2013 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 079 - Secured Transactions
Section 79.0109 - UCC 9-109. Scope.

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

(a) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;

(b) An agricultural lien;

(c) A sale of accounts, chattel paper, payment intangibles or promissory notes;

(d) A consignment;

(e) A security interest arising under ORS 72.4010, 72.5050, 72.7110 (3), or 72A.5080 (5), as provided in ORS 79.0110; and

(f) A security interest arising under ORS 74.2100 or 75.1180.

(2) The application of this chapter to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this chapter does not apply.

(3) This chapter does not apply to the extent that:

(a) A statute, regulation or treaty of the United States preempts this chapter;

(b) Another statute of this state expressly governs the creation, perfection, priority or enforcement of a security interest created by this state or a governmental unit of this state;

(c) A statute of another state, a foreign country, or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority, or enforcement of a security interest created by the state, country, or governmental unit;

(d) The rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under ORS 75.1140; or

(e) A provision of this chapter conflicts with a provision of ORS 359.200 to 359.255.

(4) This chapter does not apply to:

(a) A landlord's lien, other than an agricultural lien;

(b) A lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but ORS 79.0333 applies with respect to priority of the lien;

(c) An assignment of a claim for wages, salary or other compensation of an employee;

(d) A sale of accounts, chattel paper, payment intangibles or promissory notes as part of a sale of the business out of which they arose;

(e) An assignment of accounts, chattel paper, payment intangibles or promissory notes which is for the purpose of collection only;

(f) An assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;

(g) An assignment of a single account, payment intangible or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;

(h) A transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but ORS 79.0315 and 79.0322 apply with respect to proceeds and priorities in proceeds;

(i) An assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;

(j) A right of recoupment or setoff, but:

(A) ORS 79.0340 applies with respect to the effectiveness of rights of recoupment or setoff against deposit accounts; and

(B) ORS 79.0404 applies with respect to defenses or claims of an account debtor;

(k) The creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, or a seller's or purchaser's interest in a land sale contract and the proceeds thereof, except to the extent that provision is made for:

(A) Liens on real property in ORS 79.0203 and 79.0308;

(B) Fixtures in ORS 79.0334;

(C) Fixture filings in ORS 79.0501, 79.0502, 79.0512, 79.0516 and 79.0519; and

(D) Security agreements covering personal and real property in ORS 79.0604;

(L) An assignment of a claim arising in tort, other than a commercial tort claim, but ORS 79.0315 and 79.0322 apply with respect to proceeds and priorities in proceeds; or

(m) An assignment, in a consumer transaction, of a deposit account from which, under the terms of the account agreement, third party payments may be made by means of a check, draft, negotiable order of withdrawal or other order, but ORS 79.0315 and 79.0322 apply with respect to proceeds and priorities in proceeds. [2001 c.445 §9; 2011 c.230 §9]

Note: Sections 25 to 31, chapter 12, Oregon Laws 2012, provide:

Sec. 25. (1) A security interest that is a perfected security interest immediately before the operative date specified in section 32 of this 2012 Act [July 1, 2013] is a perfected security interest under section 21 of this 2012 Act [801.495] and under ORS 79.0102, 79.0105, 79.0208, 79.0307, 79.0311, 79.0316, 79.0317, 79.0326, 79.0335, 79.0406, 79.0408, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 803.030 and 803.097, as amended by sections 1 to 19, 22 and 23 of this 2012 Act, if after the operative date specified in section 32 of this 2012 Act the applicable requirements for attachment and perfection under the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act are satisfied without further action.

(2) Except as otherwise provided in section 27 of this 2012 Act, if immediately before the operative date specified in section 32 of this 2012 Act a security interest is a perfected security interest but the applicable requirements for perfection under the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act are not satisfied on or before the operative date specified in section 32 of this 2012 Act, the security interest remains perfected thereafter only if the applicable requirements for perfection under the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act are satisfied within one year after the operative date specified in section 32 of this 2012 Act. [2012 c.12 §25]

Sec. 26. A security interest that is an unperfected security interest immediately before the operative date specified in section 32 of this 2012 Act [July 1, 2013] becomes a perfected security interest:

(1) Without further action on or after the operative date specified in section 32 of this 2012 Act if the applicable requirements for perfection under the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act are satisfied before or at that time; or

(2) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. [2012 c.12 §26]

Sec. 27. (1) The filing of a financing statement before the operative date specified in section 32 of this 2012 Act [July 1, 2013] is effective to perfect a security interest to the extent that the filing would satisfy the applicable requirements for perfection under the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act.

(2) The amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act do not render ineffective an effective financing statement that, before the operative date specified in section 32 of this 2012 Act, is filed and satisfies the applicable requirements for perfection under the law of jurisdiction governing perfection as provided in ORS 79.0102, 79.0105, 79.0208, 79.0307, 79.0311, 79.0316, 79.0317, 79.0326, 79.0335, 79.0406, 79.0408, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 803.030 and 803.097 as those statutes existed before the operative date specified in section 32 of this 2012 Act. However, except as otherwise provided in subsections (3) and (4) of this section and in section 28 of this 2012 Act, the financing statement ceases to be effective:

(a) If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had section 21 of this 2012 Act [801.495] and the amendments to ORS 79.0102, 79.0105, 79.0208, 79.0307, 79.0311, 79.0316, 79.0317, 79.0326, 79.0335, 79.0406, 79.0408, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 803.030 and 803.097 by sections 1 to 19, 22 and 23 of this 2012 Act not become operative; or

(b) If the financing statement is filed in another jurisdiction, at the earlier of:

(A) The time the financing statement would have ceased to be effective under the law of the other jurisdiction; or

(B) June 30, 2018.

(3) The filing of a continuation statement after the operative date specified in section 32 of this 2012 Act does not continue the effectiveness of a financing statement filed before the operative date specified in section 32 of this 2012 Act. However, upon the timely filing of a continuation statement after the operative date specified in section 32 of this 2012 Act and in accordance with the law of the jurisdiction governing perfection as provided in the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act, the effectiveness of a financing statement filed in the same office in the jurisdiction before the operative date specified in section 32 of this 2012 Act continues for the period provided by the law of the jurisdiction.

(4) Subsection (2)(b)(B) of this section applies to a financing statement that, before the operative date specified in section 32 of this 2012 Act, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in ORS 79.0102, 79.0105, 79.0208, 79.0307, 79.0311, 79.0316, 79.0317, 79.0326, 79.0335, 79.0406, 79.0408, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 803.030 and 803.097, as those statutes existed before the operative date specified in section 32 of this 2012 Act, only to the extent that the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act provide that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.

(5) A financing statement that includes a financing statement filed before the operative date specified in section 32 of this 2012 Act and a continuation statement filed before the operative date specified in section 32 of this 2012 Act is effective only to the extent that the financing statement satisfies the requirements of ORS 79.0503, 79.0515, 79.0516, 79.0518 and 79.0521, as amended by sections 12, 14, 15, 16 and 17 of this 2012 Act, for an initial filing statement. A financing statement that indicates that the debtor is a decedent's estate indicates that the collateral is being administered by a personal representative within the meaning of ORS 79.0503 (1)(b), as amended by section 12 of this 2012 Act. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of ORS 79.0503 (1)(c), as amended by section 12 of this 2012 Act. [2012 c.12 §27]

Sec. 28. (1) The filing of an initial filing statement in the office specified in ORS 79.0501 continues the effectiveness of a financing statement filed before the operative date specified in section 32 of this 2012 Act [July 1, 2013] if:

(a) The filing of an initial financing statement in the office would be effective to perfect a security interest under the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act;

(b) The financing statement filed before the operative date specified in section 32 of this 2012 Act was filed in an office in another state; and

(c) The initial financing statement satisfies the provisions of subsection (3) of this section.

(2) The filing of an initial financing statement under subsection (1) of this section continues the effectiveness of the financing statement filed before the operative date specified in section 32 of this 2012 Act:

(a) If the initial financing statement is filed before the operative date specified in section 32 of this 2012 Act, for the period provided in ORS 79.0515, as that statute existed before the operative date specified in section 32 of this 2012 Act, with respect to an initial financing statement; and

(b) If the initial financing statement is filed after the operative date specified in section 32 of this 2012 Act, for the period provided in ORS 79.0515, as amended by section 14 of this 2012 Act, with respect to an initial financing statement.

(3) To be effective for purposes of subsection (1) of this section, an initial financing statement must:

(a) Satisfy the requirements of ORS 79.0501 to 79.0528 for an initial financing statement;

(b) Identify the financing statement that was filed before the operative date specified in section 32 of this 2012 Act by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and

(c) Indicate that the financing statement filed before the operative date specified in section 32 of this 2012 Act remains effective. [2012 c.12 §28]

Sec. 29. (1) After the operative date specified in section 32 of this 2012 Act [July 1, 2013], a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a financing statement filed before the operative date specified in section 32 of this 2012 Act only in accordance with the law of the jurisdiction governing perfection as provided in the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act. However, the effectiveness of a financing statement filed before the operative date specified in section 32 of this 2012 Act may also be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

(2) Except as otherwise provided in subsection (3) of this section, if the law of this state governs perfection of a security interest, the information in a financing statement filed before the operative date specified in section 32 of this 2012 Act may be amended after the operative date specified in section 32 of this 2012 Act only if:

(a) The financing statement filed before the operative date specified in section 32 of this 2012 Act and an amendment are filed in the office specified in ORS 79.0501;

(b) An amendment is filed in the office specified in ORS 79.0501 concurrently with or after the filing in the office of an initial financing statement that satisfies section 28 (3) of this 2012 Act; or

(c) An initial financing statement that provides the information as amended and satisfies section 28 (3) of this 2012 Act is filed in the office specified in ORS 79.0501.

(3) If the law of this state governs perfection of a security interest, the effectiveness of a financing statement filed before the operative date specified in section 32 of this 2012 Act may be continued only under section 27 (3) and (5) or 28 of this 2012 Act.

(4) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a financing statement filed in this state before the operative date specified in section 32 of this 2012 Act may be terminated after the operative date specified in section 32 of this 2012 Act by filing a termination statement in an office in which the financing statement filed before the operative date specified in section 32 of this 2012 Act is filed unless an initial financing statement that satisfies section 28 (3) of this 2012 Act has been filed in the office specified as the office in which to file a financing statement by the law of the jurisdiction governing perfection as provided in the amendments to statutes by sections 1 to 19, 22 and 23 of this 2012 Act. [2012 c.12 §29]

Sec. 30. A person may file an initial financing statement or a continuation statement under sections 24 to 31 of this 2012 Act if:

(1) The secured party of record authorizes the filing; and

(2) The filing is necessary under sections 24 to 31 of this 2012 Act:

(a) To continue the effectiveness of a financing statement filed before the operative date specified in section 32 of this 2012 Act [July 1, 2013]; or

(b) To perfect or continue the perfection of a security interest. [2012 c.12 §30]

Sec. 31. Section 21 of this 2012 Act [801.495] and the amendments to ORS 79.0102, 79.0105, 79.0208, 79.0307, 79.0311, 79.0316, 79.0317, 79.0326, 79.0335, 79.0406, 79.0408, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 803.030 and 803.097 by sections 1 to 19, 22 and 23 of this 2012 Act determine the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the operative date specified in section 32 of this 2012 Act [July 1, 2013], ORS 79.0102, 79.0105, 79.0208, 79.0307, 79.0311, 79.0316, 79.0317, 79.0326, 79.0335, 79.0406, 79.0408, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 803.030 and 803.097, as those statutes existed before the operative date specified in section 32 of this 2012 Act, determine priority. [2012 c.12 §31]