Secured Transactions

ORS 79.0512
UCC 9-512. Amendment of financing statement


(1)

Subject to ORS 79.0509 (UCC 9-509. Persons entitled to file a record), a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (5) of this section, otherwise amend the information provided in, a financing statement by filing an amendment that:

(a)

Identifies, by its file number, the initial financing statement to which the amendment relates; and

(b)

If the amendment relates to an initial financing statement filed or recorded in a filing office described in ORS 79.0501 (UCC 9-501. Filing office) (1)(a), provides the information specified in ORS 79.0502 (UCC 9-502. Contents of financing statement) (2).

(2)

Except as otherwise provided in ORS 79.0515 (UCC 9-515. Duration and effectiveness of financing statement), the filing of an amendment does not extend the period of effectiveness of the financing statement.

(3)

A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.

(4)

A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.

(5)

An amendment is ineffective to the extent it:

(a)

Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or

(b)

Purports to delete all secured parties of record and fails to provide the name of a new secured party of record. [2001 c.445 §83; 2003 c.14 §27]
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