ORS 79.0621
UCC 9-621. Notification of proposal to accept collateral

(1)

A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:

(a)

Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;

(b)

Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(A)

Identified the collateral;

(B)

Was indexed under the debtor’s name as of that date; and

(C)

Was filed in the office or offices 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 debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation or treaty described in ORS 79.0311 (UCC 9-311. Perfection of security interests in property subject to certain statutes, regulations and treaties) (1).

(2)

A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (1) of this section. [2001 c.445 §119]

Source: Section 79.0621 — UCC 9-621. Notification of proposal to accept collateral, https://www.­oregonlegislature.­gov/bills_laws/ors/ors079.­html.

79.0101
UCC 9-101. Short title 79.0102
UCC 9-102. Definitions and index of definitions 79.0103
UCC 9-103. Purchase-money security interest 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 79.0107
UCC 9-107. Control of letter-of-credit right 79.0108
UCC 9-108. Sufficiency of description 79.0109
UCC 9-109. Scope 79.0110
UCC 9-110. Security interests arising under ORS chapter 72 or 72A 79.0201
UCC 9-201. General effectiveness of security agreement 79.0202
UCC 9-202. Title to collateral immaterial 79.0203
UCC 9-203. Attachment and enforceability of security interest 79.0204
UCC 9-204. After-acquired property 79.0205
UCC 9-205. Use or disposition of collateral permissible 79.0206
UCC 9-206. Security interest arising in purchase or delivery of financial asset 79.0207
UCC 9-207. Rights and duties of secured party having possession or control of collateral 79.0208
UCC 9-208. Additional duties of secured party having control of collateral 79.0209
UCC 9-209. Duties of secured party if account debtor has been notified of assignment 79.0210
UCC 9-210. Request for accounting 79.0301
UCC 9-301. Law governing perfection and priority of security interests 79.0302
UCC 9-302. Law governing perfection and priority of agricultural liens 79.0303
UCC 9-303. Law governing perfection and priority of security interests in goods covered by a certificate of title 79.0304
UCC 9-304. Law governing perfection and priority of security interests in deposit accounts 79.0305
UCC 9-305. Law governing perfection and priority of security interests in investment property 79.0306
UCC 9-306. Law governing perfection and priority of security interests in letter-of-credit rights 79.0307
UCC 9-307. Location of debtor 79.0308
UCC 9-308. When security interest or agricultural lien is perfected 79.0309
UCC 9-309. Security interest perfected upon attachment 79.0310
UCC 9-310. When filing required to perfect security interest or agricultural lien 79.0311
UCC 9-311. Perfection of security interests in property subject to certain statutes, regulations and treaties 79.0312
UCC 9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money 79.0313
UCC 9-313. When possession by or delivery to secured party perfects security interest without filing 79.0314
UCC 9-314. Perfection by control 79.0315
UCC 9-315. Secured party’s rights on disposition of collateral and in proceeds 79.0316
UCC 9-316. Effect of change in governing law 79.0317
UCC 9-317. Interests that take priority over or take free of security interest or agricultural lien 79.0318
UCC 9-318. No interest retained in right to payment that is sold 79.0319
UCC 9-319. Rights and title of consignee with respect to creditors and purchasers 79.0320
UCC 9-320. Buyer of goods 79.0321
UCC 9-321. Licensee of general intangible and lessee of goods in ordinary course of business 79.0322
UCC 9-322. Priorities among conflicting security interests in and agricultural liens on same collateral 79.0323
UCC 9-323. Future advances 79.0324
UCC 9-324. Priority of purchase-money security interests 79.0325
UCC 9-325. Priority of security interests in transferred collateral 79.0326
UCC 9-326. Priority of security interests created by new debtor 79.0327
UCC 9-327. Priority of security interests in deposit account 79.0328
UCC 9-328. Priority of security interests in investment property 79.0329
UCC 9-329. Priority of security interests in letter-of-credit right 79.0330
UCC 9-330. Priority of purchaser of chattel paper or instrument 79.0331
UCC 9-331. Priority of rights of purchasers of instruments, documents and securities under ORS chapters 73, 77 and 78 79.0332
UCC 9-332. Transfer of money 79.0333
UCC 9-333. Priority of certain liens arising by operation of law 79.0334
UCC 9-334. Priority of security interests in fixtures and crops 79.0335
UCC 9-335. Accessions 79.0336
UCC 9-336. Commingled goods 79.0337
UCC 9-337. Priority of security interests in goods covered by certificate of title 79.0338
UCC 9-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information 79.0339
UCC 9-339. Priority subject to subordination 79.0340
UCC 9-340. Effectiveness of right of recoupment or setoff against deposit account 79.0341
UCC 9-341. Bank’s rights and duties with respect to deposit account 79.0342
UCC 9-342. Bank’s right to refuse to enter into or disclose existence of control agreement 79.0401
UCC 9-401. Alienability of debtor’s rights 79.0402
UCC 9-402. Secured party not obligated on contract of debtor or in tort 79.0403
UCC 9-403. Agreement not to assert defenses against assignee 79.0404
UCC 9-404. Rights acquired by assignee 79.0405
UCC 9-405. Modification of assigned contract 79.0406
UCC 9-406. Discharge of account debtor 79.0407
UCC 9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest 79.0408
UCC 9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective 79.0409
UCC 9-409. Restrictions on assignment of letter-of-credit rights ineffective 79.0501
UCC 9-501. Filing office 79.0502
UCC 9-502. Contents of financing statement 79.0503
UCC 9-503. Name of debtor and secured party 79.0504
UCC 9-504. Indication of collateral 79.0505
UCC 9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments and other transactions 79.0506
UCC 9-506. Effect of errors or omissions 79.0507
UCC 9-507. Effect of certain events on effectiveness of financing statement 79.0508
UCC 9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement 79.0509
UCC 9-509. Persons entitled to file a record 79.0510
UCC 9-510. Effectiveness of filed record 79.0511
UCC 9-511. Secured party of record 79.0512
UCC 9-512. Amendment of financing statement 79.0513
UCC 9-513. Termination statement 79.0514
UCC 9-514. Assignment of powers of secured party of record 79.0515
UCC 9-515. Duration and effectiveness of financing statement 79.0516
UCC 9-516. What constitutes filing 79.0517
UCC 9-517. Effect of indexing errors 79.0518
UCC 9-518. Claim concerning inaccurate or wrongfully filed record 79.0519
UCC 9-519. Numbering, maintaining and indexing records 79.0520
UCC 9-520. Acceptance and refusal to accept record 79.0521
UCC 9-521. Uniform form of written financing statement and amendment 79.0522
UCC 9-522. Maintenance and destruction of records 79.0523
UCC 9-523. Information from filing office 79.0524
UCC 9-524. Delay by filing office 79.0525
UCC 9-525. Fees 79.0526
UCC 9-526. Filing-office rules 79.0527
UCC 9-527. Duty to report 79.0528
Liability of Secretary of State 79.0601
UCC 9-601. Rights after default 79.0602
UCC 9-602. Waiver and variance of rights and duties 79.0603
UCC 9-603. Agreement on standards concerning rights and duties 79.0604
UCC 9-604. Procedure if security agreement covers real property or fixtures 79.0605
UCC 9-605. Unknown debtor or secondary obligor 79.0606
UCC 9-606. Time of default for agricultural lien 79.0607
UCC 9-607. Collection and enforcement by secured party 79.0608
UCC 9-608. Application of proceeds of collection or enforcement 79.0609
UCC 9-609. Secured party’s right to take possession after default 79.0610
UCC 9-610. Disposition of collateral after default 79.0611
UCC 9-611. Notification before disposition of collateral 79.0612
UCC 9-612. Timeliness of notification before disposition of collateral 79.0613
UCC 9-613. Contents and form of notification before disposition of collateral: general 79.0614
UCC 9-614. Contents and form of notification before disposition of collateral: consumer-goods transaction 79.0615
UCC 9-615. Application of proceeds of disposition 79.0616
UCC 9-616. Explanation of calculation of surplus or deficiency 79.0617
UCC 9-617. Rights of transferee of collateral 79.0618
UCC 9-618. Rights and duties of certain secondary obligors 79.0619
UCC 9-619. Transfer of record or legal title 79.0620
UCC 9-620. Acceptance of collateral in full or partial satisfaction of obligation 79.0621
UCC 9-621. Notification of proposal to accept collateral 79.0622
UCC 9-622. Effect of acceptance of collateral 79.0623
UCC 9-623. Right to redeem collateral 79.0624
UCC 9-624. Waiver 79.0625
UCC 9-625. Remedies for secured party’s failure to comply with article 79.0626
UCC 9-626. Action in which deficiency or surplus is in issue 79.0627
UCC 9-627. Determination of whether conduct was commercially reasonable 79.0628
UCC 9-628. Nonliability and limitation on liability of secured party
Green check means up to date. Up to date

Current through early 2024

§ 79.0621’s source at oregon​.gov