Oregon Statutes 79.0204 – UCC 9-204. After-acquired property; future advances
(1) Except as otherwise provided in subsection (2) of this section, a security agreement may create or provide for a security interest in after-acquired collateral.
Terms Used In Oregon Statutes 79.0204
- Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Oregon Statutes 79.0102
- Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Oregon Statutes 79.0102
- Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
- Consumer goods: means goods that are used or bought for use primarily for personal, family or household purposes. See Oregon Statutes 79.0102
- Security agreement: means an agreement that creates or provides for a security interest. See Oregon Statutes 79.0102
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(2) A security interest does not attach under a term constituting an after-acquired property clause to:
(a) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or
(b) A commercial tort claim.
(3) A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment. [2001 c.445 § 14]