Secured Transactions

ORS 79.0308
UCC 9-308. When security interest or agricultural lien is perfected

  • continuity of perfection


(1)

Except as otherwise provided in this section and ORS 79.0309 (UCC 9-309. Security interest perfected upon attachment), a security interest is perfected if it has attached and all of the applicable requirements for perfection in ORS 79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien) to 79.0316 (UCC 9-316. Effect of change in governing law) have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.

(2)

An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in ORS 79.0310 (UCC 9-310. When filing required to perfect security interest or agricultural lien) have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.

(3)

A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this chapter and is later perfected by another method under this chapter, without an intermediate period when it was unperfected.

(4)

Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.

(5)

Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage or other lien on personal or real property securing the right.

(6)

Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.

(7)

Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account. [2001 c.445 §28]
Chapter 79

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


Source

Last accessed
Jun. 26, 2021