(1) Except as otherwise provided in subsection (2) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

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Terms Used In Oregon Statutes 79.0325

  • Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100

(a) The debtor acquired the collateral subject to the security interest created by the other person;

(b) The security interest created by the other person was perfected when the debtor acquired the collateral; and

(c) There is no period thereafter when the security interest is unperfected.

(2) Subsection (1) of this section subordinates a security interest only if the security interest:

(a) Otherwise would have priority solely under ORS § 79.0322 (1) or 79.0323; or

(b) Arose solely under ORS § 72.7110 (3) or 72A.5080 (5). [2001 c.445 § 45]

 

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