Secured Transactions

ORS 79.0514
UCC 9-514. Assignment of powers of secured party of record

(1)

Except as otherwise provided in subsection (3) of this section, an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.

(2)

Except as otherwise provided in subsection (3) of this section, a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:

(a)

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

(b)

Provides the name of the assignor; and

(c)

Provides the name and mailing address of the assignee.

(3)

An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under ORS 79.0502 (UCC 9-502. Contents of financing statement) (3) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than the Uniform Commercial Code. [2001 c.445 §85]
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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