Secured Transactions

ORS 79.0105
UCC 9-105


A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.


A system satisfies the provisions of subsection (1) of this section if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:


A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (d), (e) and (f) of this subsection, unalterable;


The authoritative copy identifies the secured party as the assignee of the record or records;


The authoritative copy is communicated to and maintained by the secured party or its designated custodian;


Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;


Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and


Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. [2001 c.445 §5; 2012 c.12 §2]


Last accessed
May 30, 2023