(1) After default, a secured party has the rights provided in ORS § 79.0601 to 79.0628 and, except as otherwise provided in ORS § 79.0602, those provided by agreement of the parties. A secured party:

Terms Used In Oregon Statutes 79.0601

  • Agricultural lien: means an interest, other than a security interest or a lien created under ORS § 87. 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
  • Consignor: means a person that delivers goods to a consignee in a consignment. See Oregon Statutes 79.0102
  • Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Oregon Statutes 79.0102
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Goods: means all things that are movable when a security interest attaches. See Oregon Statutes 79.0102
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral:

    (i) Owes payment or other performance of the obligation;

    (ii) Has provided property other than the collateral to secure payment or other performance of the obligation; or

    (iii) Is otherwise accountable in whole or in part for payment or other performance of the obligation. See Oregon Statutes 79.0102

  • Statute: A law passed by a legislature.

(a) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest or agricultural lien by any available judicial procedure; and

(b) If the collateral is documents, may proceed either as to the documents or as to the goods they cover.

(2) A secured party in possession of collateral or control of collateral under ORS § 77.1060, 79.0104, 79.0105, 79.0106 or 79.0107 has the rights and duties provided in ORS § 79.0207.

(3) The rights under subsections (1) and (2) of this section are cumulative and may be exercised simultaneously.

(4) Except as otherwise provided in subsection (7) of this section and ORS § 79.0605, after default, a debtor and an obligor have the rights provided in ORS § 79.0601 to 79.0628 and by agreement of the parties.

(5) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:

(a) The date of perfection of the security interest or agricultural lien in the collateral;

(b) The date of filing a financing statement covering the collateral; or

(c) Any date specified in a statute under which the agricultural lien was created.

(6) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.

(7) Except as otherwise provided in ORS § 79.0607 (3), ORS § 79.0601 to 79.0628 impose no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles or promissory notes. [2001 c.445 § 99; 2009 c.181 § 102]

 

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