Oregon Statutes 79.0326 – UCC 9-326. Priority of security interests created by new debtor
(1) Subject to subsection (2) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of ORS § 79.0316 (9)(a) or 79.0508 is subordinate to a security interest in the same collateral which is perfected other than by such a filed financing statement.
Terms Used In Oregon Statutes 79.0326
- Collateral: means the property subject to a security interest or agricultural lien. 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
- New debtor: means a person that becomes bound as debtor under ORS § 79. See Oregon Statutes 79.0102
(2) The other provisions of ORS § 79.0301 to 79.0342 determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (1) of this section. However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor’s having become bound. [2001 c.445 § 46; 2012 c.12 § 8]