Except in a consumer-goods transaction, the following rules apply:

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Terms Used In Oregon Statutes 79.0613

  • Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
  • Consumer-goods transaction: means a consumer transaction in which:

    (A) An individual incurs an obligation primarily for personal, family or household purposes; and

    (B) A security interest in consumer goods secures the obligation. See Oregon Statutes 79.0102

  • 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
  • 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

  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100

(1) The contents of a notification of disposition are sufficient if the notification:

(a) Indicates the name of the debtor and the name, address and telephone number of the secured party;

(b) Describes the collateral that is the subject of the intended disposition;

(c) States the method of intended disposition;

(d) States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and

(e) States the time and place of a public disposition or the time after which any other disposition is to be made.

(2) Whether the contents of a notification that lacks any of the information specified in subsection (1) of this section are nevertheless sufficient is a question of fact.

(3) The contents of a notification providing substantially the information specified in subsection (1) of this section are sufficient, even if the notification includes:

(a) Information not specified by subsection (1) of this section; or

(b) Minor errors that are not seriously misleading.

(4) A particular phrasing of the notification is not required.

(5) The following form of notification and the form appearing in ORS § 79.0614 (3), when completed, provide sufficient information:

______________________________________________________________________________

NOTIFICATION OF DISPOSITION OF COLLATERAL

To: (Name of debtor, obligor or other person to which the notification is sent.)

From: (Name, address and telephone number of secured party.)

Name of Debtor(s): (Include only if debtor(s) are not an addressee.)

For a public disposition:

We will sell or lease or license, as applicable the (describe collateral) to the highest qualified bidder in public as follows:

Day and date: _________

Time: _________

Place: _________

For a private disposition:

We will sell or lease or license, as applicable the (describe collateral) privately sometime after (day and date).

You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell or lease or license, as applicable for a charge of $_____. You may request an accounting by calling us at (telephone number).

______________________________________________________________________________ [2001 c.445 § 111]

 

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