2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 079 - Secured Transactions
Section 79.0109 - UCC 9-109. Scope.

(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 3 to 11, chapter 538, Oregon Laws 2015, provide:

Sec. 3. (1) Except as otherwise provided in sections 4 to 10 of this 2015 Act, the amendments to ORS 79.0502 and 79.0503 by sections 1 and 2 of this 2015 Act apply to a transaction or lien that is within the scope of ORS 79.0502 or 79.0503, as amended by sections 1 and 2 of this 2015 Act, respectively, even if the transaction or lien was entered into or created before the operative date specified in section 11 of this 2015 Act [January 1, 2016].

(2) The amendments to ORS 79.0502 and 79.0503 by sections 1 and 2 of this 2015 Act do not affect an action, case or proceeding that began before the operative date specified in section 11 of this 2015 Act. [2015 c.538 §3]

Sec. 4. (1) A security interest that is a perfected security interest before the operative date specified in section 11 of this 2015 Act [January 1, 2016] is a perfected security interest under ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act, if, after the operative date specified in section 11 of this 2015 Act, the applicable requirements for attachment and perfection under ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act, are satisfied without further action.

(2) Except as otherwise provided in section 6 of this 2015 Act, if, before the operative date specified in section 11 of this 2015 Act, a security interest is a perfected security interest but the applicable requirements for perfection under ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act, are not satisfied on or before the operative date specified in section 11 of this 2015 Act, the security interest remains perfected after the operative date specified in section 11 of this 2015 Act only if the applicable requirements for perfection under ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act, are satisfied within one year after the operative date specified in section 11 of this 2015 Act. [2015 c.538 §4]

Sec. 5. A security interest that is an unperfected security interest before the operative date specified in section 11 of this 2015 Act [January 1, 2016] becomes a perfected security interest:

(1) Without further action on or after the operative date specified in section 11 of this 2015 Act if the applicable requirements for perfection under ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act, are satisfied on or before the operative date specified in section 11 of this 2015 Act; or

(2) When the applicable requirements for perfection are satisfied, if the applicable requirements are satisfied after the operative date specified in section 11 of this 2015 Act. [2015 c.538 §5]

Sec. 6. (1) Filing a financing statement before the operative date specified in section 11 of this 2015 Act [January 1, 2016] is effective to perfect a security interest to the extent that the filing would satisfy the applicable requirements for perfection under ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act.

(2) The amendments to ORS 79.0502 and 79.0503 by sections 1 and 2 of this 2015 Act do not render ineffective an effective financing statement that, before the operative date specified in section 11 of this 2015 Act, is filed and satisfies the applicable requirements for perfection under a law that governs perfection in a jurisdiction, 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, 79.0502, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 803.030 and 803.097, as the statutes existed before the operative date specified in section 11 of this 2015 Act. Except as provided in subsections (3) and (4) of this section and section 7 of this 2015 Act, however, the financing statement ceases to be effective:

(a) At the time a financing statement filed in this state would have ceased to be effective if the amendments to ORS 79.0502 and 79.0503 by sections 1 and 2 of this 2015 Act had not become operative; or

(b) At the earlier of:

(A) The time at which the financing statement would have ceased to be effective under the law of a jurisdiction, other than this state, in which the financing statement was filed; or

(B) January 1, 2021.

(3) Filing a continuation statement after the operative date specified in section 11 of this 2015 Act does not continue the effectiveness of a financing statement that was filed before the operative date specified in section 11 of this 2015 Act, but timely filing a continuation statement after the operative date specified in section 11 of this 2015 Act and in accordance with the law that governs perfection in the jurisdiction in which the continuation statement was filed, as provided in ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act, continues the effectiveness of the financing statement for the period provided in 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 11 of this 2015 Act, is filed in a jurisdiction against a transmitting utility and satisfies the applicable requirements for perfection under the law that governs perfection in the jurisdiction, 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, 79.0502, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 803.030 and 803.097, as the statutes existed before the operative date specified in section 11 of this 2015 Act, only to the extent that the amendments to statutes by sections 1 to 19, 22 and 23, chapter 12, Oregon Laws 2012, provide that the law of the 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 that was filed before the operative date specified in section 11 of this 2015 Act and a continuation statement filed after the operative date specified in section 11 of this 2015 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, chapter 12, Oregon Laws 2012, for an initial financing statement. A financing statement that indicates that the debtor is a trust or is a trustee that is 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 2 of this 2015 Act. [2015 c.538 §6]

Sec. 7. (1) Filing an initial financing statement in the office specified in ORS 79.0501 continues the effectiveness of a financing statement filed before the operative date specified in section 11 of this 2015 Act [January 1, 2016] if:

(a) Filing an initial financing statement in the office would be effective to perfect a security interest under ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act;

(b) The financing statement filed before the operative date specified in section 11 of this 2015 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) For a financing statement filed before the operative date specified in section 11 of this 2015 Act, filing an initial financing statement under subsection (1) of this section continues the effectiveness of the financing statement for the period provided in ORS 79.0515 with respect to an initial financing statement.

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

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

(b) Identify the financing statement that was filed before the operative date specified in section 11 of this 2015 Act by indicating the office in which the financing statement filed and providing the filing date 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 11 of this 2015 Act remains effective. [2015 c.538 §7]

Sec. 8. (1) After the operative date specified in section 11 of this 2015 Act [January 1, 2016], 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 that was filed in a jurisdiction before the operative date specified in section 11 of this 2015 Act only in accordance with the law that governs perfection in the jurisdiction, as provided in ORS 79.0502 and 79.0503, as amended by sections 1 and 2 of this 2015 Act. The effectiveness of a financing statement that was filed before the operative date specified in section 11 of this 2015 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 that is filed before the operative date specified in section 11 of this 2015 Act may be amended after the operative date specified in section 11 of this 2015 Act only if:

(a) The financing statement that is filed before the operative date specified in section 11 of this 2015 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 filing in the office an initial financing statement that satisfies section 7 (3) of this 2015 Act; or

(c) An initial financing statement that provides the information as amended and satisfies section 7 (3) of this 2015 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 that is filed before the operative date specified in section 11 of this 2015 Act may be continued only under section 6 (3) or (5) or section 7 of this 2015 Act.

(4) Regardless of whether the law of this state governs perfection of a security interest, the effectiveness of a financing statement that is filed in this state before the operative date specified in section 11 of this 2015 Act may be terminated after the operative date specified in section 11 of this 2015 Act by filing a termination statement in an office in which the financing statement that was filed before the operative date specified in section 11 of this 2015 was filed, unless an initial financing statement that satisfies section 7 (3) of this 2015 Act has been filed in the office that the law that governs perfection in the jurisdiction specifies as the office in which to file a financing statement, as provided in the amendments to statutes by sections 1 to 19, 22 and 23, chapter 12, Oregon Laws 2012. [2015 c.538 §8]

Sec. 9. A person may file an initial financing statement or a continuation statement as provided in this section or section 3, 4, 5, 6, 7, 8 or 10 of this 2015 Act if:

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

(2) The filing is necessary under the provisions of this section or section 3, 4, 5, 6, 7, 8 or 10 of this 2015 Act to:

(a) Continue the effectiveness of a financing statement that was filed before the operative date specified in section 11 of this 2015 Act [January 1, 2016]; or

(b) Perfect or continue the perfection of a security interest. [2015 c.538 §9]

Sec. 10. ORS 79.0102, 79.0105, 79.0208, 79.0307, 79.0311, 79.0316, 79.0317, 79.0326, 79.0335, 79.0406, 79.0408, 79.0502, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 801.495, 803.030 and 803.097 determine the priority of conflicting claims to collateral, but if the relative priorities of the claims were established before the operative date specified in section 11 of this 2015 Act [January 1, 2016], ORS 79.0102, 79.0105, 79.0208, 79.0307, 79.0311, 79.0316, 79.0317, 79.0326, 79.0335, 79.0406, 79.0408, 79.0502, 79.0503, 79.0507, 79.0515, 79.0516, 79.0518, 79.0521, 79.0607, 79.0619, 801.495, 803.030 and 803.097, as the statutes existed before the operative date specified in section 11 of this 2015 Act, determine priority. [2015 c.538 §10]

Sec. 11. The amendments to ORS 79.0502 and 79.0503 by sections 1 and 2 of this 2015 Act become operative January 1, 2016. [2015 c.538 §11]