71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to A-Eng. HB 2756 (A to RC)
 
LC 2302/HB 2756-A5
 
                      SENATE AMENDMENTS TO
                   A-ENGROSSED HOUSE BILL 2756
           (INCLUDING AMENDMENTS TO RESOLVE CONFLICTS)
 
             By COMMITTEE ON RULES AND REDISTRICTING
 
                             June 7
 
  On page 1 of the printed A-engrossed bill, line 18, delete '
under ORS 820.510 (9)'.
  In line 19, delete 'as described in ORS 822.045 (1)(L)'.
  On page 2, line 43, delete 'lost' and insert 'not available'.
  On page 8, after line 38, insert:
  '  { +  SECTION 11a. + }  { + If Senate Bill 171 becomes law,
section 11 of this 2001 Act (amending ORS 803.097) is repealed
and ORS 803.097, as amended by section 184, chapter ___, Oregon
Laws 2001 (Enrolled Senate Bill 171), is amended to read: + }
  ' 803.097. (1) Except as provided in subsection (5) of this
section, the exclusive means for perfecting a security interest
in a vehicle is by application for notation of the security
interest on the title in accordance with this section { +  or
section 2 (5) of this 2001 Act + }. The application may accompany
the application for a title or may be made separately at any time
prior to issuance of title and must be accompanied by evidence of
ownership as defined by the Department of Transportation by rule
 { + or information required under section 2 (5) of this 2001
Act + } unless the department is in possession of evidence of
ownership when it receives the application. If title to the
vehicle has been issued in a form other than a certificate, and
the title reflects a security interest, the application for
perfection shall include authorization from the previous security
interest holder for the new security interest to be recorded on
the title. Authorization under this subsection is not required
if:
  ' (a) A release of interest is submitted by the prior security
interest holder or the department is otherwise satisfied that the
prior holder no longer holds an interest or is otherwise not
entitled to title to the vehicle;
  ' (b) The security interest is being added to the title in
conjunction with the cancellation of previous title or other
action the department takes to correct ownership information
reflected on a title; or
  ' (c) Title is being transferred by operation of law.
  ' (2) When the department processes an application for a
security interest the department shall mark on the application or
otherwise indicate on the record the date the application was
first received by the department. The department shall determine
by rule what constitutes receipt of an application for purposes
of this subsection.
  ' (3) If the department has the evidence required by subsection
(1) of this section and if the application contains the name of
each owner of the vehicle, the name and address of the secured
party and the vehicle identification number of the collateral,
the security interest is perfected as of the date marked on the
application or indicated in the record by the department. If the
application does not contain the information required by this
subsection, or if the department does not have the required
evidence, the department shall indicate on the application or on
the record that the date placed on the application or the record
pursuant to subsection (2) of this section is not the date of
perfection of the security interest.
  ' (4)  { + Except as provided in section 4 (2) of this 2001
Act, + } the security interest remains effective until released
or terminated by the secured party.
  ' (5) A security interest in a vehicle may not be perfected as
described under this section but is subject to the perfection
provisions under ORS chapter 79 if the debtor who granted the
security interest is in the business of selling vehicles and the
vehicle constitutes inventory held for sale or lease.'.
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