Secured Transactions

ORS 79.0625
UCC 9-625

(1)

If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions.

(2)

Subject to subsections (3), (4) and (6) of this section, a person is liable for damages in the amount of any loss caused by a failure to comply with this chapter. Loss caused by a failure to comply may include loss resulting from the debtor’s inability to obtain, or increased costs of, alternative financing.

(3)

Except as otherwise provided in ORS 79.0628 (UCC 9-628):

(a)

A person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may, in an individual action only, recover damages under subsection (2) of this section for its loss;

(b)

If the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with ORS 79.0601 (UCC 9-601) to 79.0628 (UCC 9-628) may, in an individual action only, recover an amount not less than $1,000; and

(c)

The court may award reasonable attorney fees to the prevailing party in an action under this subsection.

(4)

A debtor whose deficiency is eliminated under ORS 79.0626 (UCC 9-626) may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under ORS 79.0626 (UCC 9-626) may not otherwise recover under subsection (2) of this section for noncompliance with the provisions of ORS 79.0601 (UCC 9-601) to 79.0628 (UCC 9-628) relating to collection, enforcement, disposition or acceptance.

(5)

Regarding a transaction that is a consumer transaction or in which the collateral is consumer goods, in addition to any damages recoverable under subsection (2) of this section, the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may, in an individual action only, recover $500 for each instance from a person that:

(a)

Fails to comply with ORS 79.0208 (UCC 9-208);

(b)

Fails to comply with ORS 79.0209 (UCC 9-209);

(c)

After July 1, 2001, files a record that the person is not entitled to file under ORS 79.0509 (UCC 9-509) (1) if the record is not released or terminated within 10 days after receipt by the secured party of an authenticated request from the debtor that explains the basis for the request;

(d)

Fails to cause the secured party of record to file or send a termination statement as required by ORS 79.0513 (UCC 9-513) (1) or (3); or

(e)

Fails to comply with ORS 79.0616 (UCC 9-616) (2) and whose failure is part of a pattern, or consistent with a practice, of noncompliance.

(6)

A debtor or consumer obligor may recover damages under subsection (2) of this section and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under ORS 79.0210 (UCC 9-210). A recipient of a request under ORS 79.0210 (UCC 9-210) which never claimed an interest in the collateral or obligations that are the subject of a request under ORS 79.0210 (UCC 9-210) has a reasonable excuse for failure to comply with the request within the meaning of this subsection.

(7)

If a secured party fails to comply with a request regarding a list of collateral or a statement of account under ORS 79.0210 (UCC 9-210), the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. [2001 c.445 §123]
Source

Last accessed
May 30, 2023

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