ORS 79.0628 - UCC 9-628

ORS 79.0628
UCC 9-628

(1)

Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person and knows how to communicate with the person:

(a)

The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and

(b)

The secured party’s failure to comply with this chapter does not affect the liability of the person for a deficiency.

(2)

A secured party is not liable because of its status as secured party:

(a)

To a person that is a debtor or obligor, unless the secured party knows:

(A)

That the person is a debtor or obligor;

(B)

The identity of the person; and

(C)

How to communicate with the person; or

(b)

To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:

(A)

That the person is a debtor; and

(B)

The identity of the person.

(3)

A secured party is not liable to any person, and a person’s liability for a deficiency is not affected, because of any act or omission arising out of the secured party’s reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party’s belief is based on its reasonable reliance on:

(a)

A debtor’s representation concerning the purpose for which collateral was to be used, acquired or held; or

(b)

An obligor’s representation concerning the purpose for which a secured obligation was incurred.

(4)

A secured party is not liable to any person under ORS 79.0625 (UCC 9-625) (3)(b) for its failure to comply with ORS 79.0616 (UCC 9-616).

(5)

A secured party is not liable under ORS 79.0625 (UCC 9-625) (3)(b) more than once with respect to any one secured obligation. [2001 c.445 §126]

79.6010 [1983 c.246 §3; renumbered 79.8010 in 1987]

79.8010 [Formerly 79.6010; 2001 c.445 §157; renumbered 79.0528 (Liability of Secretary of State) in 2001]

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Secured Transactions

ORS 79.0628
UCC 9-628

(1)

(a)

(b)

(2)

(a)

(A)

(B)

(C)

(b)

(A)

(B)

(3)

(a)

(b)

(4)

(5)

Source

Secured Transactions

ORS 79.0628 UCC 9-628

(1)

(a)

(b)

(2)

(a)

(A)

(B)

(C)

(b)

(A)

(B)

(3)

(a)

(b)

(4)

(5)

Source

ORS 79.0628
UCC 9-628