Chapter 715 Oregon Laws 1999
Session Law
AN ACT
HB 2924
Relating to secured
transactions; creating new provisions; and amending ORS 79.1100, 79.4025 and
79.4070.
Be It Enacted by the People of the State of Oregon:
SECTION 1. Section 2 of this 1999 Act is added to and
made a part of ORS 79.1010 to 79.5070.
SECTION 2. (1) A financing statement filed as a
fixture filing under ORS 79.3130 shall be recorded and indexed as a mortgage on
the real estate.
(2) ORS 79.4070 does not
apply to a financing statement recorded and indexed as a mortgage under this
section.
SECTION 3.
ORS 79.1100 is amended to read:
79.1100. (1) For the
purposes of ORS 79.1010 to 79.5070 and 79.8010 any description of personal
property [or real estate] is
sufficient whether or not it is specific if it reasonably identifies what is
described.
(2) A fixture filing
described in section 2 of this 1999 Act shall conform to the requirements of
ORS 79.4020 (5) and shall describe the fixtures in the manner prescribed in ORS
chapter 93 for a mortgage.
SECTION 4.
ORS 79.4025 is amended to read:
79.4025. (1) The Secretary of State is the Chief Uniform
Commercial Code Filing Officer of this state, and it is the responsibility of
the Secretary of State to obtain and maintain uniformity and standardization in
the filing of secured transactions in this state as required by provisions of
ORS chapter 79. The Secretary of State shall prescribe rules for filing secured
transactions[, and shall cause to be
prepared and distributed to each county clerk or county recorder detailed and
comprehensive written directions and instructions relating to and based upon
the Uniform Commercial Code laws as they apply to the filing of secured transactions
which by law are under the direction and control of the county clerk or county
recorder].
(2) Notwithstanding ORS 79.4020 (3), for the purpose of
standardization, the Secretary of State shall approve for general use such
forms of financing statements, continuation statements, statements of
assignment, statements of partial release, statements of release and
termination statements for filing with any filing officer pursuant to the
Uniform Commercial Code, as shall conform to the provisions thereof.
(3)(a) The Secretary of State shall adopt rules that prescribe
the amount of the following fees payable, prior to filing or issuance, under
ORS 79.3020 and 79.4025 to 79.4070:
(A) The uniform fee for filing and indexing and for stamping a
copy furnished by the secured party to show the date and place of filing for an
original financing statement or for a continuation statement as required under
ORS 79.4030.
(B) The uniform fee for filing and indexing the termination
statement required under ORS 79.4040.
(C) The uniform fee for filing, indexing and furnishing filing
data for a financial statement indicating an assignment as described under ORS
79.4050.
(D) The uniform fee for filing, indexing and furnishing filing
data about a separate statement of assignment as described in ORS 79.4040 (1),
79.4050 (2) and 79.4060.
(E) The uniform fee for filing and noting a statement of
release as described under ORS 79.4060.
(F) A uniform fee for issuance of certificates pursuant to
written request on standard or nonstandard form, telephone request or in person
unwritten request, under ORS 79.4070 (2).
(G) The uniform fee for filing, indexing and furnishing filing
data relating to a security interest in collateral, including fixtures, of a
transmitting utility as described under ORS 79.3020 (5).
(H) A uniform fee for filing, indexing and furnishing filing
data relating to an amendment to a financing statement, a continuation
statement, a statement of assignment, a statement of partial release, a
termination statement or other statement pursuant to ORS 79.4025 to 79.4070.
(b) If the Secretary of State has approved for general use any
form described under subsection (2) of this section and such standard form is
not used, a fee or fees in addition to the fees described under paragraph (a)
of this subsection are payable for the purpose of defraying the additional
costs of filing and indexing a nonstandard form serving only the same purpose.
The amount of the fee or fees shall be prescribed by rules adopted by the
Secretary of State.
(c) If pursuant to any filing under ORS 79.3020 and 79.4025 to
79.4070, more than one name is required to be indexed, or if the secured party
shows a trade name for any person, which the secured party is permitted to do,
an extra uniform indexing fee or fees are payable prior to filing. The amount
of the extra fee or fees shall be prescribed by rule adopted by the Secretary
of State.
(d) The Secretary of State may adopt rules prescribing a fee
per page for furnishing a copy of any instrument on file with the Secretary of
State pursuant to ORS 79.3020 and 79.4025 to 79.4070. The fee is in addition to
any other fee prescribed for purposes of ORS 79.4025 to 79.4070.
(e) The Secretary of State shall adopt rules prescribing the
fees for furnishing the summaries, compilations and computer remote access to
database as described under ORS 79.4080.
(f) Any fee prescribed under this subsection is in addition to
any other fee prescribed under this subsection. No fee prescribed under this
subsection shall exceed $10, except that a fee prescribed under paragraph (e)
of this subsection may exceed $10.
(4) Upon payment of the fees payable pursuant to ORS 79.4025 to
79.4070, financing statements, continuation statements, statements of
assignment, statements of partial release, statements of release, termination
statements and amendments thereto may be filed and filing officers shall
accept, file and index the same and make certificates with respect thereto.
SECTION 5.
ORS 79.4070 is amended to read:
79.4070. (1) If the person filing any financing statement,
termination statement, statement of assignment, or statement of release,
furnishes the [filing officer] Secretary of State a copy thereof, the
[filing officer] Secretary of State shall upon request note upon the copy the file
number and date and hour of the filing of the original and deliver or send the
copy to such person.
(2) Upon request of any person, the [filing officer] Secretary of
State shall issue a certificate showing whether there is on file on the
date and hour stated therein, any presently effective financing statement
naming a particular debtor and any statement of assignment thereof and if there
is, giving the date and hour of filing of each such statement and the names and
addresses of each secured party therein. All notices of federal lien or
certificates or notices affecting any lien, if any, filed pursuant to ORS
87.806 to 87.831 for a particular person whose name is identical to the
particular debtor named in the financing statement shall be shown on this
certificate. All other notices filed with the Secretary of State may be shown
on the certificate as prescribed by the Secretary of State by rule. If the
Secretary of State determines that it is feasible to accept telephone requests
for certificates, the secretary may adopt by rule a format for such requests.
SECTION 6. Section 7 of this 1999 Act is added to and
made a part of ORS chapter 72A.
SECTION 7. (1) A financing statement filed as a
fixture filing under ORS 72A.3090 shall be recorded and indexed as a mortgage
on the real estate.
(2) ORS 79.4070 does not
apply to a financing statement recorded and indexed as a mortgage under this
section.
SECTION 8. Section 9 of this 1999 Act is added to and
made a part of ORS 79.1010 to 79.5070.
SECTION 9. (1) A financing statement, continuation
statement, statement of assignment, statement of partial release, termination
statement or other statement filed with the Secretary of State under ORS
79.1010 to 79.5070 may be filed in an electronic format.
(2) Statements filed
electronically under this section shall conform to the technical specifications
for electronic filing as prescribed by the Secretary of State by rule.
(3) Signatures required on
any statement filed in an electronic format shall be supplied as electronic
signatures as described in ORS 192.825 to 192.855.
SECTION 10. Section 11 of this 1999 Act is added to and
made a part of ORS 79.6020 to 79.7010.
SECTION 11. (1) An effective financing statement,
amendment to an effective financing statement, continuation statement,
statement that an effective financing statement has lapsed or other statement
filed with the Secretary of State under ORS 79.6020 to 79.7010 may be filed in
an electronic format.
(2) Statements filed
electronically under this section shall conform to the technical specifications
for electronic filing as prescribed by the Secretary of State by rule.
(3) Signatures required on
any statement filed in an electronic format shall be supplied as electronic
signatures as described in ORS 192.825 to 192.855.
SECTION 12. (1) Sections 2 and 7 of this 1999 Act and
the amendments to ORS 79.1100, 79.4025 and 79.4070 by sections 3 to 5 of this
1999 Act apply to financing statements filed as fixture filings before, on or
after the effective date of this 1999 Act.
(2) Sections 9 and 11 of
this 1999 Act become operative January 1, 2001.
(3) The Secretary of State
may take any action before the operative date specified in subsection (2) of
this section that is necessary to enable the secretary to exercise and perform,
on and after the operative date specified in subsection (2) of this section,
all the duties, functions and powers conferred on or required of the secretary
by sections 9 and 11 of this 1999 Act.
Approved by the Governor
July 14, 1999
Filed in the office of
Secretary of State July 15, 1999
Effective date October 23,
1999
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