(1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:

Terms Used In Oregon Statutes 79.0621

  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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

  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • Proposal: means a record authenticated by a secured party which includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to ORS § 79. See Oregon Statutes 79.0102
  • Statute: A law passed by a legislature.

(a) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;

(b) Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(A) Identified the collateral;

(B) Was indexed under the debtor’s name as of that date; and

(C) Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and

(c) Any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation or treaty described in ORS § 79.0311 (1).

(2) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (1) of this section. [2001 c.445 § 119]

 

  Previous section
Next section  
 Default and Enforcement of Security Interest Contents