Terms Used In Oregon Statutes > Chapter 79 > Perfection and Priority

• Acceptor: means a drawee who has accepted a draft. See Oregon Statutes 73.0103
• Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Oregon Statutes 79.0102
• Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. See Oregon Statutes 74.1040
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Afternoon: means the period of a day between noon and midnight. See Oregon Statutes 74.1040
• Agricultural lien: means an interest, other than a security interest or a lien created under ORS § 87. See Oregon Statutes 79.0102
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Bailee: means a person that by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. See Oregon Statutes 77.1020
• Bank: means an organization that is engaged in the business of banking. See Oregon Statutes 79.0102
• Banking day: has the meaning given that term in ORS § 708A. See Oregon Statutes 74.1040
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Buyer: means a person who buys or contracts to buy goods. See Oregon Statutes 72.1030
• Carrier: means a person that issues a bill of lading. See Oregon Statutes 77.1020
• Cash proceeds: means proceeds that are money, checks, deposit accounts or the like. See Oregon Statutes 79.0102
• Certificate of title: includes another record maintained as an alternative to the certificate of title by the governmental unit that issues certificates of title if a statute permits the security interest in question to be indicated on the record as a condition or result of the security interest's obtaining priority over the rights of the lien creditor with respect to the collateral. See Oregon Statutes 79.0102
• Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Oregon Statutes 79.0102
• Clearing house: means an association of banks or other payors regularly clearing items. See Oregon Statutes 74.1040
• Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
• Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Oregon Statutes 79.0102
• Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option or another contract if the contract or option is:

  (A) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or

  (B) Traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer. See Oregon Statutes 79.0102

• Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Oregon Statutes 79.0102
• Commodity intermediary: means a person that:

  (A) Is registered as a futures commission merchant under federal commodities law; or

  (B) In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. See Oregon Statutes 79.0102

• Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Oregon Statutes 77.1020
• Consignee: means a merchant to which goods are delivered in a consignment. See Oregon Statutes 79.0102
• Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Oregon Statutes 77.1020
• Consignor: means a person that delivers goods to a consignee in a consignment. See Oregon Statutes 79.0102
• Consumer goods: means goods that are used or bought for use primarily for personal, family or household purposes. See Oregon Statutes 79.0102
• Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Oregon Statutes 72.1060
• Conviction: A judgement of guilt against a criminal defendant.
• County court: includes board of county commissioners. See Oregon Statutes 174.100
• Customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Oregon Statutes 74.1040
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Oregon Statutes 77.1020
• Dependent: A person dependent for support upon another.
• Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Oregon Statutes 79.0102
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Document: means a document of title or a receipt of the type described in ORS § 77. See Oregon Statutes 79.0102
• Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities defined in ORS § 78. See Oregon Statutes 74.1040
• Draft: means a draft as defined in ORS § 73. See Oregon Statutes 74.1040
• Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 73.0103
• Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 74.1040
• Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Oregon Statutes 73.0103
• Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Oregon Statutes 79.0102
• Encumbrance: means a right, other than an ownership interest, in real property. See Oregon Statutes 79.0102
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equipment: means goods other than inventory, farm products or consumer goods. See Oregon Statutes 79.0102
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Executor: A male person named in a will to carry out the decedent
• Farm products: means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are:

  (A) Crops grown, growing, or to be grown, including:

  (i) Crops produced on trees, vines and bushes; and

  (ii) Aquatic goods produced in aquacultural operations;

  (B) Livestock, born or unborn, including aquatic goods produced in aquacultural operations;

  (C) Supplies used or produced in a farming operation; or

  (D) Products of crops or livestock in their unmanufactured states. See Oregon Statutes 79.0102

• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• 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
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Oregon Statutes 79.0102
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• General intangible: means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money and oil, gas or other minerals before extraction. See Oregon Statutes 79.0102
• Goods: means all things that are movable when a security interest attaches. See Oregon Statutes 79.0102
• Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Oregon Statutes 77.1020
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Health-care-insurance receivable: means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided. See Oregon Statutes 79.0102
• Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Oregon Statutes 79.0102
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Inventory: means goods, other than farm products, which:

  (A) Are leased by a person as lessor;

  (B) Are held by a person for sale or lease or to be furnished under a contract of service;

  (C) Are furnished by a person under a contract of service; or

  (D) Consist of raw materials, work in process, or materials used or consumed in a business. See Oregon Statutes 79.0102

• Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. See Oregon Statutes 79.0102
• Invitation to bid: means all documents, whether attached or incorporated by reference, used for soliciting bids. See Oregon Statutes 279B.005
• Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Oregon Statutes 77.1020
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Oregon Statutes 74.1040
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Judgment: means the concluding decision of a court on one or more requests for relief in one or more actions, as reflected in a judgment document. See Oregon Statutes 18.005
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Oregon Statutes 79.0102
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Livestock: means equines, cattle, sheep, goats, llamas, alpacas and swine. See Oregon Statutes 72.1030
• Maker: means a person who signs or is identified in a note as a person undertaking to pay. See Oregon Statutes 73.0103
• Manufactured structure: has the meaning given that term in ORS § 446. See Oregon Statutes 79.0102
• Manufactured-structure transaction: means a secured transaction:

  (A) That creates a purchase-money security interest in a manufactured structure, other than a manufactured structure held as inventory; or

  (B) In which a manufactured structure, other than a manufactured structure held as inventory, is the primary collateral. See Oregon Statutes 79.0102

• 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.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• New debtor: means a person that becomes bound as debtor under ORS § 79. See Oregon Statutes 79.0102
• Oath: A promise to tell the truth.
• Order: means a written instruction to pay money signed by the person giving the instruction. See Oregon Statutes 73.0103
• Party: means a party to an instrument. See Oregon Statutes 73.0103
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Oregon Statutes 79.0102
• person with a disability: means any person who:

  (a) Has a physical or mental impairment which substantially limits one or more major life activities;

  (b) Has a record of such an impairment; or

  (c) Is regarded as having such an impairment. See Oregon Statutes 174.107

• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Probate: Proving a will
• Procurement description: includes specifications attached to or made a part of the solicitation. See Oregon Statutes 279B.005
• Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Oregon Statutes 73.0103
• Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Oregon Statutes 79.0102
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Oregon Statutes 77.1020
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Registered organization: includes a business trust that is formed or organized under the law of a single state if a statute of the state governing business trusts requires that the business trust's organic record be filed with the state. See Oregon Statutes 79.0102
• Remitter: means a person who purchases an instrument from the issuer if the instrument is payable to an identified person other than the purchaser. See Oregon Statutes 73.0103
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Request for proposals: means all documents, whether attached or incorporated by reference, used for soliciting proposals. See Oregon Statutes 279B.005
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• responsible proposer: means a person who meets the standards of responsibility described in ORS § 279B. See Oregon Statutes 279B.005
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Security agreement: means an agreement that creates or provides for a security interest. See Oregon Statutes 79.0102
• Seller: means a person who sells or contracts to sell goods. See Oregon Statutes 72.1030
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Shipper: means a person that enters into a contract of transportation with a carrier. See Oregon Statutes 77.1020
• Software: means a computer program and any supporting information provided in connection with a transaction relating to the program. See Oregon Statutes 79.0102
• 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
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument or investment property. See Oregon Statutes 79.0102
• Tangible chattel paper: means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. See Oregon Statutes 79.0102
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Verdict: The decision of a petit jury or a judge.
• Violate: includes failure to comply. See Oregon Statutes 174.100
• Warehouse: means a person engaged in the business of storing goods for hire. See Oregon Statutes 77.1020
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.