Oregon Secretary of State, Corporation Division

Rule Rule 160-040-0202
Rejection Reasons


(1)

The reasons for rejecting a filing submitted to the filing officer shall be those listed in Oregon Revised Statute (ORS) Ch. 79.0516 (UCC 9-516. What constitutes filing) and as delineated in the Jurisdictions Guidelines for Accepting a UCC Record for Filing Chart, published by the International Association of Commercial Administrators.

(2)

For the purposes of ORS 79.0516 (UCC 9-516. What constitutes filing)(2)(h), collateral “within the scope of this chapter” shall include:

(a)

Interest accounts (79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien));

(b)

Tangible chattel paper (79.0312 (UCC 9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money));

(c)

Electronic chattel paper (79.0312 (UCC 9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money));

(d)

Commercial tort claim (79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien));

(e)

Certain consumer goods interests (79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien));

(f)

Negotiable documents (79.0312 (UCC 9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money));

(g)

Equipment (79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien));

(h)

Farm products (79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien));

(i)

Certain general intangible transactions (79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien));

(j)

Instruments (79.0312 (UCC 9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money));

(k)

Inventory (79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien));

(l)

Interests in investment property created by debtor other than broker or intermediary (79.0312 (UCC 9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money)).

(3)

For the purposes of ORS 79.0516 (UCC 9-516. What constitutes filing)(2)(h), factors that indicate “the record is being filed for a purpose not within the scope of this chapter” shall include, but are not limited to:

(a)

Collateral description/attachments that contain:

(A)

Birth Certificate, Certificate of Live Birth, etc.

(B)

Driver’s License.

(C)

Treasury Account number.

(D)

Employer ID number.

(E)

Private Setoff Account number.

(F)

Marriage Certificate number.

(G)

Bill of Exchange.

(H)

Dollar amount(s) that are disproportionately large.

(b)

References to:

(A)

Public Policy HJR-192, Public Law 73-10.

(B)

House Joint Resolution 192 of June 1933.

(C)

UCC 1-103, UCC 1-104, UCC 10-104, UCC 1-201(39), UCC 3-419, UCC-401.

(c)

Words and phrases:

(A)

“Exempt from Levy.”

(B)

“Exempt from all taxes, burden, charges and duty” or parts thereof.

(C)

“Accepted for value.”

(D)

“Actual and Constructive Notice.”

(E)

“Strawman.”

(F)

“Non negotiable Notice of Transfer.”

(G)

“Notice of Dishonor.”

(4)

In determining under ORS 79.0516 (UCC 9-516. What constitutes filing) whether or not there is one or more grounds to refuse a UCC record, the filing office will refuse a record that does not provide an address that meets the minimum requirements for an address as set forth in these administrative rules.

(5)

In addition to rejection reasons under ORS 79.516, the filing office will refuse a record that contains a Social Security Number, a state identification number, a driver license number, a credit or debit card number or an account number that is not redacted so that not more than the last four digits of a number are accessible.
Source

Last accessed
Jun. 8, 2021