Secured Transactions

ORS 79.0314
UCC 9-314. Perfection by control

(1)

A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper or electronic documents may be perfected by control of the collateral under ORS 77.1060 (Control of electronic document of title), 79.0104 (UCC 9-104. Control of deposit account), 79.0105 (UCC 9-105. Control of electronic chattel paper), 79.0106 (UCC 9-106. Control of investment property) or 79.0107 (UCC 9-107. Control of letter-of-credit right).

(2)

A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under ORS 77.1060 (Control of electronic document of title), 79.0104 (UCC 9-104. Control of deposit account), 79.0105 (UCC 9-105. Control of electronic chattel paper) or 79.0107 (UCC 9-107. Control of letter-of-credit right) when the secured party obtains control and remains perfected by control only while the secured party retains control.

(3)

A security interest in investment property is perfected by control under ORS 79.0106 (UCC 9-106. Control of investment property) from the time the secured party obtains control and remains perfected by control until:

(a)

The secured party does not have control; and

(b)

One of the following occurs:

(A)

If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;

(B)

If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or

(C)

If the collateral is a security entitlement, the debtor is or becomes the entitlement holder. [2001 c.445 §34; 2009 c.181 §99]
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

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