Terms Used In Oregon Statutes > Chapter 79 > Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement > Rights and Duties

• Account debtor: means a person obligated on an account, chattel paper or general intangible. See Oregon Statutes 79.0102
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Bank: means an organization that is engaged in the business of banking. See Oregon Statutes 79.0102
• Buyer: means a person who buys or contracts to buy goods. See Oregon Statutes 72.1030
• 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
• City: includes any incorporated village or town. See Oregon Statutes 174.100
• Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
• Commodity intermediary: means a person that:

  (A) Is registered as a futures commission merchant under federal commodities law; or

  (B) In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. See Oregon Statutes 79.0102

• Consignor: means a person that delivers goods to a consignee in a consignment. 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
• Contract: A legal written agreement that becomes binding when signed.
• Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Oregon Statutes 72.1060
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Oregon Statutes 79.0102
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Document: means a document of title or a receipt of the type described in ORS § 77. See Oregon Statutes 79.0102
• Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Oregon Statutes 79.0102
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Oregon Statutes 79.0102
• Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. See Oregon Statutes 79.0102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Oregon Statutes 79.0102
• Lien: A claim against real or personal property in satisfaction of a debt.
• Livestock: means equines, cattle, sheep, goats, llamas, alpacas and swine. See Oregon Statutes 72.1030
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Oregon Statutes 79.0102
• Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Seller: means a person who sells or contracts to sell goods. See Oregon Statutes 72.1030
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100