(1) Except as otherwise provided in subsections (2), (5), (6) and (7) of this section, a filed financing statement is effective for a period of five years after the date of filing.

Terms Used In Oregon Statutes 79.0515

  • Agricultural lien: means an interest, other than a security interest or a lien created under ORS § 87. See Oregon Statutes 79.0102
  • Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
  • Continuation statement: means an amendment of a financing statement which:

    (A) Identifies, by its file number, the initial financing statement to which it relates; and

    (B) Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. See Oregon Statutes 79.0102

  • File number: means the number assigned to an initial financing statement pursuant to ORS § 79. 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
  • Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying ORS § 79. See Oregon Statutes 79.0102
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation. See Oregon Statutes 79.0102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Public-finance transaction: means a secured transaction in connection with which:

    (A) Debt securities are issued;

    (B) All or a portion of the securities issued have an initial stated maturity of at least 20 years; and

    (C) The debtor, obligor, secured party, account debtor or other person obligated on collateral, assignor or assignee of a secured obligation, or assignor or assignee of a security interest is a state or a governmental unit of a state. See Oregon Statutes 79.0102

  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Oregon Statutes 79.0102
  • Termination statement: means an amendment of a financing statement which:

    (A) Identifies, by its file number, the initial financing statement to which it relates; and

    (B) Indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Oregon Statutes 79.0102

  • Transmitting utility: means an organization primarily engaged in the business of:

    (A) Operating a railroad, subway, street railway or trolley bus;

    (B) Transmitting communications electrically, electromagnetically or by light;

    (C) Transmitting goods by pipeline or sewer; or

    (D) Transmitting or producing and transmitting electricity, steam, gas or water. See Oregon Statutes 79.0102

(2) Except as otherwise provided in subsections (5), (6) and (7) of this section, an initial financing statement filed in connection with a public-finance transaction is effective for a period of 30 years after the date of filing if it indicates that it is filed in connection with a public-finance transaction.

(3) The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (4) of this section. Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.

(4) A continuation statement may be filed only within six months before the expiration of the five-year period specified in subsection (1) of this section or the 30-year period specified in subsection (2) of this section, whichever is applicable.

(5) Except as otherwise provided in ORS § 79.0510, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five-year period, the financing statement lapses in the same manner as provided in subsection (3) of this section, unless, before the lapse, another continuation statement is filed pursuant to subsection (4) of this section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.

(6) If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.

(7) A record of a mortgage that is effective as a financing statement filed as a fixture filing under ORS § 79.0502 (3) remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.

(8) The Secretary of State upon request shall provide a renewal notice report to a secured party by electronic mail or other electronic means. The renewal notice report must include:

(a) The file number and expiration date for each financing statement or effective financing statement, as defined in ORS § 80.100, or a continuation of the financing statement or effective financing statement, that:

(A) Lists the secured party; and

(B) Will expire within a period that begins 90 days after the date of the notice and ends one year after the date of the notice;

(b) The name of the debtor;

(c) A statement that to continue the financing statement or effective financing statement, the secured party may file a continuation statement or an initial financing statement under section 191 or 192, chapter 445, Oregon Laws 2001; and

(d) Other information that the Secretary of State specifies by rule. [2001 c.445 86,86a; 2003 c.655 § 56; 2009 c.597 § 1; 2012 c.12 § 14]

 

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