Secured Transactions

ORS 79.0315
UCC 9-315. Secured party’s rights on disposition of collateral and in proceeds


Except as otherwise provided in this chapter and in ORS 72.4030 (Power to transfer) (2):


A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and


A security interest attaches to any identifiable proceeds of collateral.


Proceeds that are commingled with other property are identifiable proceeds:


If the proceeds are goods, to the extent provided by ORS 79.0336 (UCC 9-336. Commingled goods); and


If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this chapter with respect to commingled property of the type involved.


A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.


A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless:


The following conditions are satisfied:


A filed financing statement covers the original collateral;


The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and


The proceeds are not acquired with cash proceeds;


The proceeds are identifiable cash proceeds; or


The security interest in the proceeds is perfected other than under subsection (3) of this section when the security interest attaches to the proceeds or within 20 days thereafter.


If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (4)(a) of this section becomes unperfected at the later of:


When the effectiveness of the filed financing statement lapses under ORS 79.0515 (UCC 9-515. Duration and effectiveness of financing statement) or is terminated under ORS 79.0513 (UCC 9-513. Termination statement); or


The 21st day after the security interest attaches to the proceeds. [2001 c.445 §35; 2003 c.14 §26]
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


Last accessed
Jun. 26, 2021