Chapter 191 Oregon Laws 2005

AN ACT

HB 2979

Relating to effective financing statements for farm products; amending ORS 80.115.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 80.115 is amended to read:

80.115. (1) An effective financing statement for farm products as defined in ORS 80.100 is sufficient to register a security interest in a farm product if [it] the statement:

(a) Contains the name and address of the secured party;

(b) Contains the name and address of the person indebted to the secured party;

(c) Contains the Social Security number of the debtor or, in the case of a debtor doing business other than as an individual, the Internal Revenue Service taxpayer identification number of [such] the debtor;

(d) Describes the farm products subject to the security interest created by the debtor, including the amount of [such products where applicable, and describes the real property concerned, including the name of the county in this state in which the property is located] the farm products when applicable, and identifies the county in this state in which the farm products are produced or located;

(e) Is signed, authorized or otherwise authenticated by the secured party;

[(f) Is signed by the debtor;]

[(g)] (f) Is an original or reproduced copy [thereof] of the original; and

[(h)] (g) Is accompanied by the required filing fee.

(2) An effective financing statement must be amended in writing within three months, similarly signed, authorized or otherwise authenticated, and filed, to reflect material changes.

(3) An effective financing statement for farm products remains effective for a period of five years from the date of filing, subject to extensions for additional periods of five years each by refiling or filing a continuation statement within six months before the expiration of the five-year period.

(4) An effective financing statement for farm products lapses on either the expiration of the effective period of the statement or the filing of a notice signed, authorized or otherwise authenticated by the secured party that the statement has lapsed, whichever occurs first. Unless otherwise provided in writing between the secured party and the debtor, a statement that the effective financing statement has lapsed shall be filed within 15 days after there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value under the security interest.

(5) The Secretary of State shall, by rule, prescribe the filing fee for each effective financing statement for farm products or change [thereto] to and continuation [thereof] of the effective financing statement, and the filing fee for the notice that the effective financing statement has lapsed. Each effective financing statement may reflect more than one type of farm product. The filing fee shall be per debtor name.

(6) An effective financing statement is sufficient if it complies with this section even though it contains minor errors that are not seriously misleading.

Approved by the Governor June 8, 2005

Filed in the office of Secretary of State June 9, 2005

Effective date January 1, 2006

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