2011 Oregon Revised Statutes
ORS Volume 11, Chapters 431 - 470
ORS Chapter 446
446.611 Perfection of security interest in manufactured structure having ownership document.

(1)(a) Except as provided in paragraph (b) of this subsection, the exclusive means for perfecting a security interest in a manufactured structure that has an ownership document is by application for and notation of the security interest in the manufactured structure ownership document records of the Department of Consumer and Business Services. The application to have a security interest noted may be included as part of the application for issuance of an original ownership document. The department shall record the date of receipt of an application to have a security interest noted on the ownership document. The security interest is perfected as provided in ORS 79.0311 upon the department s entering the security interest in the records maintained by the department under ORS 446.571. The department shall note the interest on a new or updated ownership document and send the document as provided in ORS 446.571. A security interest perfected under this section continues in effect until released by the holder of the interest.

(b) Paragraph (a) of this subsection does not apply if the debtor who granted the security interest is in the business of selling manufactured structures and the structure constitutes inventory held for sale or lease. The filing provisions of ORS 79.0501 to 79.0528 apply to security interests in manufactured structures described in this paragraph.

(2) The department shall issue or update an ownership document to reflect a security interest described in subsection (1)(a) of this section and note the interest in the manufactured structure ownership document records maintained by the department. The department shall deliver the ownership document to the holder of the earliest perfected unreleased security interest in the manufactured structure or, if none, to the owner of the structure. The department shall also send a copy of the ownership document to the county assessor for the county in which the manufactured structure is being sited.

(3) If the department cancels an ownership document because the manufactured structure is recorded in the deed records of a county, the department shall notify the county assessor of any unreleased security interest recorded in the department s record for the manufactured structure. The county assessor shall record the security interest information for the structure in the deed records.

(4) If a manufactured structure is recorded in the deed records of a county prior to the recording of a security interest, the recording of a security interest in the county deed records satisfies the requirement in ORS 72A.3095 that the security interest be recorded as a mortgage on real estate and is effective as a financing statement perfecting the security interest in the structure as provided in ORS 79.0502 (3).

(5) If a manufactured structure ceases to be exempt from the ownership document requirement, upon recording the termination of the exemption in the deed records, the county assessor shall notify the department of any unreleased interest shown on the deed record for the manufactured structure. The department shall note the security interest information on the ownership document issued by the department. [2003 c.655 18]