Secured Transactions

ORS 79.0611
UCC 9-611

(1)

As used in this section, “notification date” means the earlier of the date on which:

(a)

A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or

(b)

The debtor and any secondary obligor waive the right to notification.

(2)

Except as otherwise provided in subsection (4) of this section, a secured party that disposes of collateral under ORS 79.0610 (UCC 9-610) shall send to the persons specified in subsection (3) of this section a reasonable authenticated notification of disposition.

(3)

To comply with subsection (2) of this section, the secured party shall send an authenticated notification of disposition to:

(a)

The debtor;

(b)

Any secondary obligor; and

(c)

If the collateral is other than consumer goods:

(A)

Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;

(B)

Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i)
Identified the collateral;
(ii)
Was indexed under the debtor’s name as of that date; and
(iii)
Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and

(C)

Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation or treaty described in ORS 79.0311 (UCC 9-311) (1).

(4)

Subsection (2) of this section does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.

(5)

A secured party complies with the requirement for notification prescribed by subsection (3)(c)(B) of this section if:

(a)

Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in subsection (3)(c)(B) of this section; and

(b)

Before the notification date, the secured party:

(A)

Did not receive a response to the request for information; or

(B)

Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral. [2001 c.445 §109]
Source

Last accessed
May 30, 2023

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