2007 Oregon Code - Chapter 75 :: Chapter 75 - Letters of Credit
Chapter 75 Letters
of Credit
2007 EDITION
LETTERS OF CREDIT
COMMERCIAL TRANSACTIONS
75.1010 Short
title
75.1020 Definitions
75.1030 Application
of chapter
75.1040 Formal
requirements
75.1050 Consideration
75.1060 Issuance,
amendment, cancellation and duration
75.1070 Confirmer,
nominated person and adviser
75.1080 Issuers
rights and obligations
75.1090 Fraud
and forgery
75.1100 Warranties
75.1110 Remedies
75.1120 Transfer
of letter of credit
75.1130 Successor
of beneficiary
75.1140 Assignment
of proceeds
75.1150 Statute
of limitations
75.1160 Choice
of law and forum
75.1170 Subrogation
of issuer, applicant and nominated person
75.1180 Security
interest of issuer or nominated person
75.010, 75.020, 75.030, 75.040, 75.050,
75.060, 75.070, 75.080, 75.090, 75.100, 75.110, 75.120, 75.130, 75.140, 75.150,
75,160, 75.170, 75.180, 75.190, 75.200, 75.210, 75.220, 75.230, 75.240, 75.250,
75.260, 75.270, 75.280, 75.290, 75.300, 75.310, 75.320, 75.330, 75.340, 75.350,
75.360, 75.370, 75.380, 75.390, 75.400, 75.410, 75.420, 75.430, 75.440, 75.450,
75.460, 75.470, 75.480, 75.490, 75.500, 75.510, 75.520, 75.530, 75.540, 75.550,
75.560, 75.570, 75.580, 75.590, 75.600, 75.610, 75.620, 75.630, 75.640, 75.650,
75.660, 75.670, 75.680, 75.690, 75.700, 75.710, 75.720, 75.730, 75.740, 75.750,
75.760, 75.770, 75.780 [Repealed
by 1961 c.726 §427]
75.1010
Short title. This chapter
may be cited as Uniform Commercial CodeLetters of Credit. [1961 c.726 §75.1010]
75.1020
Definitions. (1) As used in
this chapter:
(a) Adviser means a person who, at the
request of the issuer, a confirmer or another adviser, notifies or requests
another adviser to notify the beneficiary that a letter of credit has been
issued, confirmed or amended.
(b) Applicant means a person at whose
request or for whose account a letter of credit is issued. Applicant includes
a person who requests that an issuer issue a letter of credit on behalf of
another if the person making the request undertakes an obligation to reimburse
the issuer.
(c) Beneficiary means a person who under
the terms of a letter of credit is entitled to have its complying presentation
honored. Beneficiary includes a person to whom drawing rights have been
transferred under a transferable letter of credit.
(d) Confirmer means a nominated person
who undertakes, at the request or with the consent of the issuer, to honor a
presentation under a letter of credit issued by another.
(e) Dishonor of a letter of credit means
failure timely to honor or to take an interim action, such as acceptance of a
draft, that may be required by the letter of credit.
(f) Document means a draft or other
demand, document of title, investment security, certificate, invoice or other
record, statement or representation of fact, law, right or opinion:
(A) That is presented in a written or
other medium permitted by the letter of credit or, unless prohibited by the
letter of credit, by the standard practice referred to in ORS 75.1080 (5); and
(B) That is capable of being examined for
compliance with the terms and conditions of the letter of credit. A document
may not be oral.
(g) Good faith means honesty in fact in
the conduct of the transaction concerned.
(h) Honor of a letter of credit means
performance of the issuers undertaking in the letter of credit to pay or
deliver an item of value. Unless the letter of credit otherwise provides, honor
occurs:
(A) Upon payment;
(B) If the letter of credit provides for
acceptance, upon acceptance of a draft and, at maturity, its payment; or
(C) If the letter of credit provides for
incurring a deferred obligation, upon incurring the obligation and, at
maturity, its performance.
(i) Issuer means a bank or other person
that issues a letter of credit, but does not include an individual who makes an
engagement for personal, family or household purposes.
(j) Letter of credit means a definite
undertaking that satisfies the requirements of ORS 75.1040 by an issuer to a
beneficiary at the request or for the account of an applicant or, in the case
of a financial institution, to itself or for its own account, to honor a
documentary presentation by payment or delivery of an item of value.
(k) Nominated person means a person whom
the issuer:
(A) Designates or authorizes to pay,
accept, negotiate or otherwise give value under a letter of credit; and
(B) Undertakes by agreement or custom and
practice to reimburse.
(L) Presentation means delivery of a
document to an issuer or nominated person for honor or giving of value under a
letter of credit.
(m) Presenter means a person making a
presentation as or on behalf of a beneficiary or nominated person.
(n) Record means information that is
inscribed on a tangible medium or that is stored in an electronic or other
medium and is retrievable in perceivable form.
(o) Successor of a beneficiary means a
person who succeeds to substantially all of the rights of a beneficiary by
operation of law, including a corporation with or into which the beneficiary
has been merged or consolidated, an administrator, executor, personal
representative, trustee in bankruptcy, debtor in possession, liquidator and
receiver.
(2) Other definitions applying to this
chapter and the sections in which they appear are:
Acceptance ORS 73.0409
Value ORS
73.0303,
ORS
74.2110
(3) ORS chapter 71 contains certain
additional general definitions and principles of construction and
interpretation applicable throughout this chapter. [1961 c.726 §75.1020; 1997
c.150 §5]
75.1030
Application of chapter. (1)
This chapter applies to letters of credit and to certain rights and obligations
arising out of transactions involving letters of credit.
(2) The statement of a rule in this
chapter does not by itself require, imply or negate application of the same or
different rule to a situation not provided for, or to a person not specified in
this chapter.
(3) With the exception of this subsection,
subsections (1) and (4) of this section and ORS 75.1020 (1)(i) and (j), 75.1060
(4) and 75.1140 (4), and except to the extent prohibited in ORS 71.1020 (3) and
75.1170 (4), the effect of this chapter may be varied by agreement or by a
provision stated or incorporated by reference in an undertaking. A term in an
agreement or undertaking generally excusing liability or generally limiting remedies
for failure to perform obligations is not sufficient to vary obligations
prescribed by this chapter.
(4) Rights and obligations of an issuer to
a beneficiary or a nominated person under a letter of credit are independent of
the existence, performance or nonperformance of a contract or arrangement out
of which the letter of credit arises or which underlies it, including contracts
or arrangements between the issuer and the applicant and between the applicant
and the beneficiary. [1961 c.726 §75.1030; 1993 c.545 §119; 1997 c.150 §6]
75.1040
Formal requirements. A
letter of credit, confirmation, advice, transfer, amendment or cancellation may
be issued in any form that is a record and is authenticated:
(1) By a signature; or
(2) In accordance with the agreement of
the parties to the standard practice referred to in ORS 75.1080 (5). [1961
c.726 §75.1040; 1997 c.150 §7]
75.1050
Consideration. Consideration
is not required to issue, amend, transfer or cancel a letter of credit, advice
or confirmation. [1961 c.726 §75.1050; 1997 c.150 §8]
75.1060
Issuance, amendment, cancellation and duration. (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;
1997 c.150 §9]
75.1070
Confirmer, nominated person and adviser. (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; 1997 c.150 §10]
75.1080
Issuers rights and obligations. (1) Except as provided in ORS 75.1090, an issuer shall honor a
presentation that, as determined by the standard practice referred to in
subsection (5) of this section, appears on its face strictly to comply with the
terms and conditions of the letter of credit. Except as provided in ORS 75.1130
and unless otherwise agreed with the applicant, an issuer shall dishonor a
presentation that does not appear to comply with the terms and conditions of
the letter of credit.
(2) An issuer has a reasonable time after
presentation, but not later than the seventh business day after the issuer
receives the documents:
(a) To honor;
(b) If the letter of credit provides for
honor to be completed more than seven business days after presentation, to
accept a draft or incur a deferred obligation; or
(c) To give notice to the presenter of
discrepancies in the presentation.
(3) Except as otherwise provided in
subsection (4) of this section, an issuer is precluded from asserting as a
basis for dishonor:
(a) Any discrepancy if timely notice is
not given; or
(b) Any discrepancy not stated in the
notice if timely notice is given.
(4) Failure to give the notice specified
in subsection (2) of this section or to mention fraud, forgery or expiration in
the notice does not preclude the issuer from asserting, as a basis for
dishonor, fraud or forgery as described in ORS 75.1090 (1) or expiration of the
letter of credit before presentation.
(5) An issuer shall observe standard
practice of financial institutions that regularly issue letters of credit.
Determination of the issuers observance of the standard practice is a matter
of interpretation for the court. The court shall offer the parties a reasonable
opportunity to present evidence of the standard practice.
(6) An issuer is not responsible for:
(a) The performance or nonperformance of
the underlying contract, arrangement, or transaction;
(b) An act or omission of another person;
or
(c) Observance or knowledge of the usage
of a particular trade other than the standard practice referred to in
subsection (5) of this section.
(7) If an undertaking constituting a
letter of credit under ORS 75.1020 (1)(j) contains nondocumentary conditions,
an issuer shall disregard the nondocumentary conditions and treat them as if
they were not stated.
(8) An issuer that has dishonored a
presentation shall return the documents or hold them at the disposal of, and
send advice to that effect to, the presenter.
(9) An issuer that has honored a
presentation as permitted or required by this chapter:
(a) Is entitled to be reimbursed by the
applicant in immediately available funds not later than the date of its payment
of funds;
(b) Takes the documents free of claims of
the beneficiary or presenter;
(c) Is precluded from asserting a right of
recourse on a draft under ORS 73.0414 and 73.0415;
(d) Except as provided in ORS 75.1100 and
75.1170, is precluded from restitution of money paid or other value given by
mistake to the extent the mistake concerns discrepancies in the documents or
tender that are apparent on the face of the presentation; and
(e) Is discharged to the extent of its
performance under the letter of credit unless the issuer honored a presentation
in which a required signature of a beneficiary was forged. [1961 c.726 §75.1080;
1997 c.150 §11]
75.1090
Fraud and forgery. (1) If a
presentation is made that appears on its face strictly to comply with the terms
and conditions of the letter of credit, but a required document is forged or
materially fraudulent, or honor of the presentation would facilitate a material
fraud by the beneficiary on the issuer or applicant:
(a) The issuer shall honor the
presentation, if honor is demanded by:
(A) A nominated person who has given value
in good faith and without notice of forgery or material fraud;
(B) A confirmer who has honored its
confirmation in good faith;
(C) A holder in due course of a draft
drawn under the letter of credit that was taken after acceptance by the issuer
or nominated person; or
(D) An assignee of the issuers or
nominated persons deferred obligation that was taken for value and without
notice of forgery or material fraud after the obligation was incurred by the
issuer or nominated person; and
(b) The issuer, acting in good faith, may
honor or dishonor the presentation in any other case.
(2) If an applicant claims that a required
document is forged or materially fraudulent or that honor of the presentation
would facilitate a material fraud by the beneficiary on the issuer or
applicant, a court of competent jurisdiction may temporarily or permanently
enjoin the issuer from honoring a presentation or grant similar relief against
the issuer or other persons only if the court finds that:
(a) The relief is not prohibited under the
law applicable to an accepted draft or deferred obligation incurred by the
issuer;
(b) A beneficiary, issuer or nominated
person who may be adversely affected is adequately protected against loss that
it may suffer because the relief is granted;
(c) All of the conditions to entitle a
person to the relief under the law of this state have been met; and
(d) On the basis of the information
submitted to the court, the applicant is more likely than not to succeed under
its claim of forgery or material fraud and the person demanding honor does not
qualify for protection under subsection (1)(a) of this section. [1961 c.726 §75.1090;
1997 c.150 §12]
75.1100
Warranties. (1) If its
presentation is honored, the beneficiary warrants:
(a) To the issuer, any other person to
whom presentation is made and to the applicant that there is no fraud or
forgery of the kind described in ORS 75.1090 (1); and
(b) To the applicant that the drawing does
not violate any agreement between the applicant and beneficiary or any other
agreement intended by them to be augmented by the letter of credit.
(2) The warranties in subsection (1) of
this section are in addition to warranties arising under ORS chapters 73, 74,
77 and 78 because of the presentation or transfer of documents covered by ORS
chapters 73, 74, 77 and 78. [1961 c.726 §75.1100; 1997 c.150 §13]
75.1110
Remedies. (1) If an issuer
wrongfully dishonors or repudiates its obligation to pay money under a letter
of credit before presentation, the beneficiary, successor or nominated person
presenting on its own behalf may recover from the issuer the amount that is the
subject of the dishonor or repudiation. If the issuers obligation under the
letter of credit is not for the payment of money, the claimant may obtain
specific performance or, at the claimants election, recover an amount equal to
the value of performance from the issuer. In either case, the claimant may also
recover incidental but not consequential damages. The claimant is not obligated
to take action to avoid damages that might be due from the issuer under this
subsection. If, although not obligated to do so, the claimant avoids damages,
the claimants recovery from the issuer must be reduced by the amount of
damages avoided. The issuer has the burden of proving the amount of damages
avoided. In the case of repudiation, the claimant need not present any
document.
(2) If an issuer wrongfully dishonors a
draft or demand presented under a letter of credit or honors a draft or demand
in breach of its obligation to the applicant, the applicant may recover damages
resulting from the breach, including incidental but not consequential damages,
less any amount saved as a result of the breach.
(3) If an adviser or nominated person
other than a confirmer breaches an obligation under this section or an issuer
breaches an obligation not covered in subsection (1) or (2) of this section, a
person to whom the obligation is owed may recover damages resulting from the
breach, including incidental but not consequential damages, less any amount
saved as a result of the breach. To the extent of the confirmation, a confirmer
has the liability of an issuer specified in this subsection and subsections (1)
and (2) of this section.
(4) An issuer, nominated person or adviser
who is found liable under subsection (1), (2) or (3) of this section shall pay
interest on the amount owed thereunder from the date of wrongful dishonor or
other appropriate date.
(5) Reasonable attorney fees and other
expenses of litigation shall be awarded to the prevailing party in an action in
which a remedy is sought under this section.
(6) Damages that would otherwise be
payable by a party for breach of an obligation under this section may be
liquidated by agreement or undertaking, but only in an amount or by a formula
that is reasonable in light of the harm anticipated. [1961 c.726 §75.1110; 1997
c.150 §14]
75.1120
Transfer of letter of credit.
(1) Except as provided in ORS 75.1130, unless a letter of credit provides that
it is transferable, the right of a beneficiary to draw or otherwise demand
performance under a letter of credit may not be transferred.
(2) Even if a letter of credit provides
that it is transferable, the issuer may refuse to recognize or carry out a
transfer if:
(a) The transfer would violate applicable
law; or
(b) The transferor or transferee has
failed to comply with any requirement stated in the letter of credit or any
other requirement relating to transfer imposed by the issuer that is within the
standard practice referred to in ORS 75.1080 (5) or is otherwise reasonable
under the circumstances. [1961 c.726 §75.1120; 1997 c.150 §15]
75.1130
Successor of beneficiary.
(1) A successor of a beneficiary may consent to amendments, sign and present
documents and receive payment or other items of value in the name of the
beneficiary without disclosing its status as a successor.
(2) A successor of a beneficiary may
consent to amendments, sign and present documents and receive payment or other
items of value in its own name as the disclosed successor of the beneficiary.
Except as provided in subsection (5) of this section, an issuer shall recognize
a disclosed successor of a beneficiary as beneficiary in full substitution for
its predecessor upon compliance with the requirements for recognition by the
issuer of a transfer of drawing rights by operation of law under the standard
practice referred to in ORS 75.1080 (5) or, in the absence of such a practice,
compliance with other reasonable procedures sufficient to protect the issuer.
(3) An issuer is not obliged to determine
whether a purported successor is a successor of a beneficiary or whether the
signature of a purported successor is genuine or authorized.
(4) Honor of a purported successors
apparently complying presentation under subsection (1) or (2) of this section
has the consequences specified in ORS 75.1080 (9) even if the purported
successor is not the successor of a beneficiary. Documents signed in the name
of the beneficiary or of a disclosed successor by a person who is neither the
beneficiary nor the successor of the beneficiary are forged documents for the
purposes of ORS 75.1090.
(5) An issuer whose rights of
reimbursement are not covered by subsection (4) of this section or
substantially similar law and any confirmer or nominated person may decline to
recognize a presentation under subsection (2) of this section.
(6) A beneficiary whose name is changed
after the issuance of a letter of credit has the same rights and obligations as
a successor of a beneficiary under this section. [1961 c.726 §75.1130; 1997
c.150 §16]
75.1140
Assignment of proceeds. (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 beneficiarys
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 beneficiarys assignment of the
proceeds of a letter of credit and are superior to the assignees 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 issuers or nominated persons 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 beneficiarys 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 beneficiarys right to proceeds and
its perfection are governed by ORS chapter 79 or other law. [1961 c.726 §75.1140;
1985 c.676 §75.1140; 1993 c.545 §120; 1995 c.328 §68; 1997 c.150 §17]
75.1150
Statute of limitations. An
action to enforce a right or obligation arising under this chapter must be
commenced within one year after the expiration date of the relevant letter of
credit or one year after the cause of action accrues, whichever occurs later. A
cause of action accrues when the breach occurs, regardless of the aggrieved
partys lack of knowledge of the breach. [1961 c.726 §75.1150; 1997 c.150 §18]
75.1160
Choice of law and forum. (1)
The liability of an issuer, nominated person or adviser for action or omission
is governed by the law of the jurisdiction chosen by an agreement in the form
of a record signed or otherwise authenticated by the affected parties in the
manner provided in ORS 75.1040 or by a provision in the persons letter of
credit, confirmation or other undertaking. The jurisdiction whose law is chosen
need not bear any relation to the transaction.
(2) Unless subsection (1) of this section
applies, the liability of an issuer, nominated person or adviser for action or
omission is governed by the law of the jurisdiction in which the person is
located. The person is considered to be located at the address indicated in the
persons undertaking. If more than one address is indicated, the person is
considered to be located at the address from which the persons undertaking was
issued. For the purpose of jurisdiction, choice of law and recognition of
interbranch letters of credit, but not enforcement of a judgment, all branches
of a bank are considered separate juridical entities and a bank is considered
to be located at the place where its relevant branch is considered to be
located under this subsection.
(3)(a) Except as provided in this
subsection, the liability of an issuer, nominated person or adviser is governed
by any rules of custom or practice, such as the Uniform Customs and Practice
for Documentary Credits, to which the letter of credit, confirmation or other
undertaking is expressly made subject.
(b) Except to the extent of any conflict
with the nonvariable provisions specified in ORS 75.1030 (3), rules of custom
or practice govern if:
(A) This chapter would govern the
liability of an issuer, nominated person or adviser under subsection (1) or (2)
of this section;
(B) The relevant undertaking incorporates
rules of custom or practice; and
(C) There is conflict between this chapter
and those rules as applied to that undertaking.
(4) If there is conflict between this
chapter and ORS chapters 73, 74, 74A or 79, this chapter governs.
(5) The forum for settling disputes
arising out of an undertaking under this chapter may be chosen in the manner
and with the binding effect that governing law may be chosen in accordance with
subsection (1) of this section. [1961 c.726 §75.1160; 1973 c.504 §4; 1997 c.150
§19]
75.1170
Subrogation of issuer, applicant and nominated person. (1) An issuer that honors a beneficiarys
presentation is subrogated to the rights of the beneficiary to the same extent
as if the issuer were a secondary obligor of the underlying obligation owed to
the beneficiary and of the applicant to the same extent as if the issuer were
the secondary obligor of the underlying obligation owed to the applicant.
(2) An applicant that reimburses an issuer
is subrogated to the rights of the issuer against any beneficiary, presenter or
nominated person to the same extent as if the applicant were the secondary
obligor of the obligations owed to the issuer and has the rights of subrogation
of the issuer to the rights of the beneficiary stated in subsection (1) of this
section.
(3) A nominated person who pays or gives
value against a draft or demand presented under a letter of credit is
subrogated to the rights of:
(a) The issuer against the applicant to
the same extent as if the nominated person were secondary obligor of the
obligation owed to the issuer by the applicant;
(b) The beneficiary to the same extent as
if the nominated person were a secondary obligor of the underlying obligation
owed to the beneficiary; and
(c) The applicant to same extent as if the
nominated person were a secondary obligor of the underlying obligation owed to
the applicant.
(4) Notwithstanding any agreement or term
to the contrary, the rights of subrogation stated in subsections (1) and (2) of
this section do not arise until the issuer honors the letter of credit or
otherwise pays. The rights in subsection (3) of this section do not arise until
the nominated person pays or otherwise gives value. Until the rights in
subsections (1), (2) or (3) of this section arise, the issuer, nominated person
and the applicant do not derive under this section present or prospective
rights forming the basis of a claim, defense or excuse. [1961 c.726 §75.1170;
1997 c.150 §20]
75.1180
Security interest of issuer or nominated person. (1) An issuer or nominated person has a
security interest in a document presented under a letter of credit to the
extent that the issuer or nominated person honors or gives value for the
presentation.
(2) As long as and to the extent that an
issuer or nominated person has not been reimbursed or has not otherwise
recovered the value given with respect to a security interest in a document
under subsection (1) of this section, the security interest continues and is
subject to ORS chapter 79, but:
(a) A security agreement is not necessary
to make the security interest enforceable under ORS 79.0203 (2)(c);
(b) If the document is presented in a
medium other than a written or other tangible medium, the security interest is
perfected; and
(c) If the document is presented in a
written or other tangible medium and is not a certificated security, chattel
paper, a document of title, an instrument, or a letter of credit, the security
interest is perfected and has priority over a conflicting security interest in
the document as long as the debtor does not have possession of the document. [2001
c.445 §148]
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