UCC 9-307. Location of debtor
(1)As used in this section, “place of business” means a place where a debtor conducts its affairs.
(2)Except as otherwise provided in this section, the following rules determine a debtor’s location:
(a)A debtor who is an individual is located at the individual’s principal residence.
(b)A debtor that is an organization and has only one place of business is located at its place of business.
(c)A debtor that is an organization and has more than one place of business is located at its chief executive office.
(3)Subsection (2) of this section applies only if a debtor’s residence, place of business or chief executive office, as applicable, is located in a jurisdiction whose law generally requires information concerning the existence of a nonpossessory security interest to be made generally available in a filing, recording or registration system as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the collateral. If subsection (2) of this section does not apply, the debtor is located in the District of Columbia.
(4)A person that ceases to exist, have a residence or have a place of business continues to be located in the jurisdiction specified by subsections (2) and (3) of this section.
(5)A registered organization that is organized under the law of a state is located in that state.
(6)Except as otherwise provided in subsection (9) of this section, a registered organization that is organized under the law of the United States and a branch or agency of a bank that is not organized under the law of the United States or a state are located:
(a)In the state that the law of the United States designates, if the law designates a state of location;
(b)In the state that the registered organization, branch or agency designates, if the law of the United States authorizes the registered organization, branch or agency to designate its state of location, including by designating its main office, home office or other comparable office; or
(c)In the District of Columbia, if neither paragraph (a) nor paragraph (b) of this subsection applies.
(7)A registered organization continues to be located in the jurisdiction specified by subsection (5) or (6) of this section notwithstanding:
(a)The suspension, revocation, forfeiture or lapse of the registered organization’s status as such in its jurisdiction of organization; or
(b)The dissolution, winding up or cancellation of the existence of the registered organization.
(8)The United States is located in the District of Columbia.
(9)A branch or agency of a bank that is not organized under the law of the United States or a state is located in the state in which the branch or agency is licensed, if all branches and agencies of the bank are licensed in only one state.
(10)A foreign air carrier under the Federal Aviation Act of 1958, as amended, is located at the designated office of the agent upon which service of process may be made on behalf of the carrier.
(11)This section applies only for purposes of ORS 79.0301 (UCC 9-301. Law governing perfection and priority of security interests) to 79.0342 (UCC 9-342. Bank’s right to refuse to enter into or disclose existence of control agreement). [2001 c.445 §27; 2012 c.12 §4]
Notes of Decisions
Where creditor with prior perfected secured interest opts not to exercise elective remedies against debtor, creditor maintains security interest and subsequent garnishor takes subject to creditor so that may trace and recapture collateral funds from garnishor. Davis v. F.W. Financial Services, Inc., 260 Or App 191, 317 P3d 916 (2013), Sup Ct review denied