State Borrowing

ORS 286A.100
Definitions for ORS 286A


As used in this section and ORS 286A.102 (Lien of a pledge):

(1)

“Obligation” means:

(a)

A bond;

(b)

An agreement for exchange of interest rates with the State of Oregon; or

(c)

A credit enhancement device given as additional security for a bond.

(2)

“Pledge” means:

(a)

To create a security interest in or a lien on property to secure payment or performance of an obligation, by mortgaging, assigning or encumbering property or by creating a security interest in property by any other manner.

(b)

A security interest in or lien on property created under paragraph (a) of this subsection.

(3)

“Pledgee” means:

(a)

A trustee for the holder of an obligation; or

(b)

The holder of an obligation if a trustee was not appointed in the operative document or if the operative document authorizes the holder of an obligation to foreclose the lien of a pledge and enforce the remedies consequent to the pledge in lieu of the trustee.

(4)

“Property” means:

(a)

Real or personal property, tangible or intangible, whether owned when the pledge is made or acquired subsequently to the time the pledge is made; and

(b)

Revenues, contract rights, receivables or securities. [2007 c.783 §17; 2009 c.537 §8]

Source

Last accessed
May 26, 2023