General Provisions
Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement
Perfection and Priority
Rights of Third Parties
Filing
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Terms Used In Oregon Statutes > Chapter 79 - Secured Transactions

  • Acceptor: means a drawee who has accepted a draft. See Oregon Statutes 73.0103
  • Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Oregon Statutes 79.0102
  • Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. See Oregon Statutes 74.1040
  • Account debtor: means a person obligated on an account, chattel paper or general intangible. See Oregon Statutes 79.0102
  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Adviser: means a person who, at the request of the issuer, a confirmer or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed or amended. See Oregon Statutes 75.1020
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Afternoon: means the period of a day between noon and midnight. See Oregon Statutes 74.1040
  • Agricultural lien: means an interest, other than a security interest or a lien created under ORS § 87. See Oregon Statutes 79.0102
  • Allegation: something that someone says happened.
  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
  • Applicant: includes a person who requests that an issuer issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer. See Oregon Statutes 75.1020
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bailee: means a person that by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. See Oregon Statutes 77.1020
  • Bank: means an organization that is engaged in the business of banking. See Oregon Statutes 79.0102
  • Banking day: has the meaning given that term in ORS § 708A. See Oregon Statutes 74.1040
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: includes a person to whom drawing rights have been transferred under a transferable letter of credit. See Oregon Statutes 75.1020
  • Buyer: means a person who buys or contracts to buy goods. See Oregon Statutes 72.1030
  • Capital offense: A crime punishable by death.
  • Carrier: means a person that issues a bill of lading. See Oregon Statutes 77.1020
  • Cash proceeds: means proceeds that are money, checks, deposit accounts or the like. See Oregon Statutes 79.0102
  • Certificate of title: includes another record maintained as an alternative to the certificate of title by the governmental unit that issues certificates of title if a statute permits the security interest in question to be indicated on the record as a condition or result of the security interest's obtaining priority over the rights of the lien creditor with respect to the collateral. See Oregon Statutes 79.0102
  • Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Oregon Statutes 79.0102
  • Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
  • City: includes any incorporated village or town. See Oregon Statutes 174.100
  • Clearing house: means an association of banks or other payors regularly clearing items. See Oregon Statutes 74.1040
  • Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
  • Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
  • Commercial tort claim: means a claim arising in tort with respect to which:

    (A) The claimant is an organization; or

    (B) The claimant is an individual and the claim:

    (i) Arose in the course of the claimant's business or profession; and

    (ii) Does not include damages arising out of personal injury to or the death of an individual. See Oregon Statutes 79.0102

  • Commission: means the State Parks and Recreation Commission. See Oregon Statutes 390.005
  • Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Oregon Statutes 79.0102
  • Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option or another contract if the contract or option is:

    (A) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or

    (B) Traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer. See Oregon Statutes 79.0102

  • Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Oregon Statutes 79.0102
  • Commodity intermediary: means a person that:

    (A) Is registered as a futures commission merchant under federal commodities law; or

    (B) In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. See Oregon Statutes 79.0102

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Condemner: means the state, any city, county, school district, municipal or public corporation, political subdivision or any instrumentality or any agency thereof or a private corporation that has the power to exercise the right of eminent domain. See Oregon Statutes 35.215
  • Confirmer: means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another. See Oregon Statutes 75.1020
  • Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Oregon Statutes 77.1020
  • Consignee: means a merchant to which goods are delivered in a consignment. See Oregon Statutes 79.0102
  • Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

    (A) The merchant:

    (i) Deals in goods of that kind under a name other than the name of the person making delivery;

    (ii) Is not an auctioneer; and

    (iii) Is not generally known by its creditors to be substantially engaged in selling the goods of others;

    (B) With respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery;

    (C) The goods are not consumer goods immediately before delivery; and

    (D) The transaction does not create a security interest that secures an obligation. See Oregon Statutes 79.0102

  • Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Oregon Statutes 77.1020
  • Consignor: means a person that delivers goods to a consignee in a consignment. See Oregon Statutes 79.0102
  • Consumer goods: means goods that are used or bought for use primarily for personal, family or household purposes. See Oregon Statutes 79.0102
  • Consumer obligor: means an obligor who is an individual and who incurred the obligation as part of a transaction entered into primarily for personal, family or household purposes. See Oregon Statutes 79.0102
  • Consumer transaction: means a transaction in which:

    (i) An individual incurs an obligation primarily for personal, family or household purposes;

    (ii) A security interest secures the obligation; and

    (iii) The collateral is held or acquired primarily for personal, family or household purposes. See Oregon Statutes 79.0102

  • Consumer-goods transaction: means a consumer transaction in which:

    (A) An individual incurs an obligation primarily for personal, family or household purposes; and

    (B) A security interest in consumer goods secures the obligation. See Oregon Statutes 79.0102

  • Continuation statement: means an amendment of a financing statement which:

    (A) Identifies, by its file number, the initial financing statement to which it relates; and

    (B) Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. See Oregon Statutes 79.0102

  • Contract: A legal written agreement that becomes binding when signed.
  • Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Oregon Statutes 72.1060
  • Conviction: A judgement of guilt against a criminal defendant.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • County clerk: means the county clerk or the county official in charge of elections. See Oregon Statutes 260.005
  • County court: includes board of county commissioners. See Oregon Statutes 174.100
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Oregon Statutes 74.1040
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Oregon Statutes 77.1020
  • Department: means the Department of Revenue. See Oregon Statutes 316.022
  • Department: means the Department of Revenue. See Oregon Statutes 317.010
  • Dependent: A person dependent for support upon another.
  • Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Oregon Statutes 79.0102
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Docket: A log containing brief entries of court proceedings.
  • Document: means a draft or other demand, document of title, investment security, certificate, invoice or other record, statement or representation of fact, law, right or opinion:

    (A) That is presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in ORS § 75. See Oregon Statutes 75.1020

  • Document: means a document of title or a receipt of the type described in ORS § 77. See Oregon Statutes 79.0102
  • Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities defined in ORS § 78. See Oregon Statutes 74.1040
  • Donee: The recipient of a gift.
  • Draft: means a draft as defined in ORS § 73. See Oregon Statutes 74.1040
  • Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 73.0103
  • Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 74.1040
  • Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Oregon Statutes 73.0103
  • Elector: means an individual qualified to vote under Article II, section 2, of the Oregon Constitution. See Oregon Statutes 260.005
  • Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Oregon Statutes 79.0102
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Encumbrance: means a right, other than an ownership interest, in real property. See Oregon Statutes 79.0102
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equipment: means goods other than inventory, farm products or consumer goods. See Oregon Statutes 79.0102
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Ex officio: Literally, by virtue of one's office.
  • Excise tax: means a tax measured by or according to net income imposed upon national banking associations, all other banks, and financial, centrally assessed, mercantile, manufacturing and business corporations for the privilege of carrying on or doing business in this state. See Oregon Statutes 317.010
  • executive department: means all statewide elected officers other than judges, and all boards, commissions, departments, divisions and other entities, without regard to the designation given to those entities, that are within the executive branch of government as described in Article III, section 1, of the Oregon Constitution, and that are not:

    (a) In the judicial department or the legislative department;

    (b) Local governments; or

    (c) Special government bodies. See Oregon Statutes 174.112

  • Executive session: A portion of the Senate's daily session in which it considers executive business.
  • Executor: A male person named in a will to carry out the decedent
  • expenditure: includes the payment or furnishing of money or anything of value or the incurring or repayment of indebtedness or obligation by or on behalf of a candidate, political committee or person in consideration for any services, supplies, equipment or other thing of value performed or furnished for any reason, including support of or opposition to a candidate, political committee or measure, or for reducing the debt of a candidate for nomination or election to public office. See Oregon Statutes 260.005
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Farm products: means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are:

    (A) Crops grown, growing, or to be grown, including:

    (i) Crops produced on trees, vines and bushes; and

    (ii) Aquatic goods produced in aquacultural operations;

    (B) Livestock, born or unborn, including aquatic goods produced in aquacultural operations;

    (C) Supplies used or produced in a farming operation; or

    (D) Products of crops or livestock in their unmanufactured states. See Oregon Statutes 79.0102

  • Farming operation: means raising, cultivating, propagating, fattening, grazing or any other farming, livestock or aquacultural operation. See Oregon Statutes 79.0102
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • File number: means the number assigned to an initial financing statement pursuant to ORS § 79. See Oregon Statutes 79.0102
  • Filing office: means an office designated in ORS § 79. See Oregon Statutes 79.0102
  • Filing-office rule: means a rule adopted pursuant to ORS § 79. See Oregon Statutes 79.0102
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Financial institution: has the meaning given that term in ORS § 314. See Oregon Statutes 317.010
  • Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Oregon Statutes 79.0102
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying ORS § 79. See Oregon Statutes 79.0102
  • Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Oregon Statutes 79.0102
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • General intangible: means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money and oil, gas or other minerals before extraction. See Oregon Statutes 79.0102
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Good faith: means honesty in fact in the conduct of the transaction concerned. See Oregon Statutes 75.1020
  • Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Oregon Statutes 77.1020
  • Goods: means all things that are movable when a security interest attaches. See Oregon Statutes 79.0102
  • Governmental unit: means a subdivision, agency, department, county, parish, municipality or other unit of the government of the United States, a state or a foreign country. See Oregon Statutes 79.0102
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.
  • Health-care-insurance receivable: means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided. See Oregon Statutes 79.0102
  • Individual: means a natural person, including aliens and minors. See Oregon Statutes 316.022
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Oregon Statutes 79.0102
  • insurer: means any domestic, foreign or alien insurer as defined in ORS § 731. See Oregon Statutes 317.010
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Intestate: Dying without leaving a will.
  • Inventory: means goods, other than farm products, which:

    (A) Are leased by a person as lessor;

    (B) Are held by a person for sale or lease or to be furnished under a contract of service;

    (C) Are furnished by a person under a contract of service; or

    (D) Consist of raw materials, work in process, or materials used or consumed in a business. See Oregon Statutes 79.0102

  • Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. See Oregon Statutes 79.0102
  • Invitation to bid: means all documents, whether attached or incorporated by reference, used for soliciting bids. See Oregon Statutes 279B.005
  • Issuer: means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family or household purposes. See Oregon Statutes 75.1020
  • Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Oregon Statutes 77.1020
  • Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Oregon Statutes 74.1040
  • Joint resolution: A legislative measure which requires the approval of both chambers.
  • Judgment: means the concluding decision of a court on one or more requests for relief in one or more actions, as reflected in a judgment document. See Oregon Statutes 18.005
  • Juror: A person who is on the jury.
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Letter of credit: means a definite undertaking that satisfies the requirements of ORS § 75. See Oregon Statutes 75.1020
  • Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Oregon Statutes 79.0102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Lineal descendant: Direct descendant of the same ancestors.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Livestock: means equines, cattle, sheep, goats, llamas, alpacas and swine. See Oregon Statutes 72.1030
  • local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
  • Maker: means a person who signs or is identified in a note as a person undertaking to pay. See Oregon Statutes 73.0103
  • Manufactured structure: has the meaning given that term in ORS § 446. See Oregon Statutes 79.0102
  • Manufactured-structure transaction: means a secured transaction:

    (A) That creates a purchase-money security interest in a manufactured structure, other than a manufactured structure held as inventory; or

    (B) In which a manufactured structure, other than a manufactured structure held as inventory, is the primary collateral. See Oregon Statutes 79.0102

  • Measure: includes any of the following submitted to the people for their approval or rejection at an election:

    (a) A proposed law. See Oregon Statutes 260.005

  • monetary obligation: means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods. See Oregon Statutes 79.0102
  • Mortgage: means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation. See Oregon Statutes 79.0102
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • New debtor: means a person that becomes bound as debtor under ORS § 79. See Oregon Statutes 79.0102
  • Nominated person: means a person whom the issuer:

    (A) Designates or authorizes to pay, accept, negotiate or otherwise give value under a letter of credit; and

    (B) Undertakes by agreement or custom and practice to reimburse. See Oregon Statutes 75.1020

  • Noncash proceeds: means proceeds other than cash proceeds. See Oregon Statutes 79.0102
  • nonresident: means an individual who is not a resident of this state. See Oregon Statutes 316.022
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral:

    (i) Owes payment or other performance of the obligation;

    (ii) Has provided property other than the collateral to secure payment or other performance of the obligation; or

    (iii) Is otherwise accountable in whole or in part for payment or other performance of the obligation. See Oregon Statutes 79.0102

  • Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
  • Order: means a written instruction to pay money signed by the person giving the instruction. See Oregon Statutes 73.0103
  • Oregon net loss: means taxable loss, except as otherwise provided with respect to insurers in subsection (11) of this section and ORS § 317. See Oregon Statutes 317.010
  • Oregon taxable income: means taxable income, less the deduction allowed under ORS § 317. See Oregon Statutes 317.010
  • Oversight: Committee review of the activities of a Federal agency or program.
  • owner of the property: means the owner of property. See Oregon Statutes 35.215
  • Part-year resident: means an individual taxpayer who changes status during a tax year from resident to nonresident or from nonresident to resident. See Oregon Statutes 316.022
  • Party: means a party to an instrument. See Oregon Statutes 73.0103
  • Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Oregon Statutes 79.0102
  • Person: means person as defined by ORS § 174. See Oregon Statutes 35.215
  • Person: means an individual, corporation, limited liability company, labor organization, association, firm, partnership, joint stock company, club, organization or other combination of individuals having collective capacity. See Oregon Statutes 260.005
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • person with a disability: means any person who:

    (a) Has a physical or mental impairment which substantially limits one or more major life activities;

    (b) Has a record of such an impairment; or

    (c) Is regarded as having such an impairment. See Oregon Statutes 174.107

  • Personal property: All property that is not real property.
  • Petition committee: means an initiative, referendum or recall petition committee organized under ORS § 260. See Oregon Statutes 260.005
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Political committee: means a combination of two or more individuals, or a person other than an individual, that has:

    (a) Received a contribution for the purpose of supporting or opposing a candidate, measure or political party; or

    (b) Made an expenditure for the purpose of supporting or opposing a candidate, measure or political party. See Oregon Statutes 260.005

  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • present sale: means a sale which is accomplished by the making of the contract. See Oregon Statutes 72.1060
  • Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Oregon Statutes 75.1020
  • Presenter: means a person making a presentation as or on behalf of a beneficiary or nominated person. See Oregon Statutes 75.1020
  • Private condemner: means a private corporation that has the power to exercise the right of eminent domain. See Oregon Statutes 35.215
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Procurement description: includes specifications attached to or made a part of the solicitation. See Oregon Statutes 279B.005
  • Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Oregon Statutes 73.0103
  • Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Oregon Statutes 79.0102
  • Property: means real or personal property or any interest therein of any kind or nature that is subject to condemnation. See Oregon Statutes 35.215
  • Proposal: means a record authenticated by a secured party which includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to ORS § 79. See Oregon Statutes 79.0102
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
  • Public condemner: means condemner other than private condemner. See Oregon Statutes 35.215
  • Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • public notice: means any legal publication which requires an affidavit of publication as required in ORS § 193. See Oregon Statutes 174.104
  • Public office: means any national, state, county, district, city office or position, except a political party office, that is filled by the electors. See Oregon Statutes 260.005
  • Public organic record: means a record that is available to the public for inspection and is:

    (A) A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States that amends or restates the initial record;

    (B) An organic record of a business trust consisting of the record initially filed with a state and any record filed with the state that amends or restates the initial record, if a statute of the state governing business trusts requires that the record be filed with the state; or

    (C) A record consisting of legislation enacted by the legislature of a state or the Congress of the United States that forms or organizes an organization, any record amending the legislation and any record filed with or issued by the state or the United States that amends or restates the name of the organization. See Oregon Statutes 79.0102

  • Public-finance transaction: means a secured transaction in connection with which:

    (A) Debt securities are issued;

    (B) All or a portion of the securities issued have an initial stated maturity of at least 20 years; and

    (C) The debtor, obligor, secured party, account debtor or other person obligated on collateral, assignor or assignee of a secured obligation, or assignor or assignee of a security interest is a state or a governmental unit of a state. See Oregon Statutes 79.0102

  • Qualified funeral trust: has the meaning given that term in section 685 of the Internal Revenue Code. See Oregon Statutes 316.282
  • Quorum: The number of legislators that must be present to do business.
  • Real Estate Settlement Procedures Act: Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance. Source: OCC
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recall petition: means a petition to recall a public officer for which a prospective petition has been filed but that is not yet a measure. See Oregon Statutes 260.005
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Oregon Statutes 75.1020
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Oregon Statutes 77.1020
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Referendum petition: means a petition to refer a measure for which a prospective petition has been filed but that is not yet a measure. See Oregon Statutes 260.005
  • Registered organization: includes a business trust that is formed or organized under the law of a single state if a statute of the state governing business trusts requires that the business trust's organic record be filed with the state. See Oregon Statutes 79.0102
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Remitter: means a person who purchases an instrument from the issuer if the instrument is payable to an identified person other than the purchaser. See Oregon Statutes 73.0103
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • Request for proposals: means all documents, whether attached or incorporated by reference, used for soliciting proposals. See Oregon Statutes 279B.005
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Resident estate: means an estate of which the fiduciary is appointed by an Oregon court or the administration of which is carried on in Oregon. See Oregon Statutes 316.282
  • Resident funeral trust: means a qualified funeral trust that, at the time of the initial funding of the trust:

    (A) Is required to be established under the laws of this state; or

    (B) Is established by a contract, the terms of which state that a service or merchandise is to be provided by a funeral home or cemetery located in this state. See Oregon Statutes 316.282

  • Resident trust: means a trust, other than a qualified funeral trust, of which the fiduciary is a resident of Oregon or the administration of which is carried on in Oregon. See Oregon Statutes 316.282
  • responsible proposer: means a person who meets the standards of responsibility described in ORS § 279B. See Oregon Statutes 279B.005
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Secondary obligor: means an obligor to the extent that:

    (A) The obligor's obligation is secondary; or

    (B) The obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either. See Oregon Statutes 79.0102

  • Security agreement: means an agreement that creates or provides for a security interest. See Oregon Statutes 79.0102
  • Seller: means a person who sells or contracts to sell goods. See Oregon Statutes 72.1030
  • Sentencing guidelines: A set of rules and principles established by the United States Sentencing Commission that trial judges use to determine the sentence for a convicted defendant. Source: U.S. Courts
  • Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Shipper: means a person that enters into a contract of transportation with a carrier. See Oregon Statutes 77.1020
  • Software: means a computer program and any supporting information provided in connection with a transaction relating to the program. See Oregon Statutes 79.0102
  • special government body: means any of the following:

    (a) A public corporation created under a statute of this state and specifically designated as a public corporation. See Oregon Statutes 174.117

  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Oregon Statutes 79.0102
  • state government: means the executive department, the judicial department and the legislative department. See Oregon Statutes 174.111
  • State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • Successor of a beneficiary: means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator and receiver. See Oregon Statutes 75.1020
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument or investment property. See Oregon Statutes 79.0102
  • Tangible chattel paper: means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. See Oregon Statutes 79.0102
  • Taxable income: means the taxable income as defined in subsection (a) or (b), section 63 of the Internal Revenue Code, with such additions, subtractions and adjustments as are prescribed by this chapter. See Oregon Statutes 316.022
  • Taxable income or loss: means the taxable income or loss determined, or in the case of a corporation for which no federal taxable income or loss is determined, as would be determined, under chapter 1, Subtitle A of the Internal Revenue Code and any other laws of the United States relating to the determination of taxable income or loss of corporate taxpayers, with the additions, subtractions, adjustments and other modifications as are specifically prescribed by this chapter except that in determining taxable income or loss for any year, no deduction under ORS § 317. See Oregon Statutes 317.010
  • Taxpayer: means any natural person, estate, trust, or beneficiary whose income is in whole or in part subject to the taxes imposed by this chapter, or any employer required by this chapter to withhold personal income taxes from the compensation of employees for remittance to the state. See Oregon Statutes 316.022
  • Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
  • Termination statement: means an amendment of a financing statement which:

    (A) Identifies, by its file number, the initial financing statement to which it relates; and

    (B) Indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Oregon Statutes 79.0102

  • Testator: A male person who leaves a will at death.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Transmitting utility: means an organization primarily engaged in the business of:

    (A) Operating a railroad, subway, street railway or trolley bus;

    (B) Transmitting communications electrically, electromagnetically or by light;

    (C) Transmitting goods by pipeline or sewer; or

    (D) Transmitting or producing and transmitting electricity, steam, gas or water. See Oregon Statutes 79.0102

  • Trial jury: A group of citizens who hear the evidence presented by both sides at trial and determine the facts in dispute. Federal criminal juries consist of 12 persons. Federal civil juries consist of six persons.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.
  • Violate: includes failure to comply. See Oregon Statutes 174.100
  • Warehouse: means a person engaged in the business of storing goods for hire. See Oregon Statutes 77.1020
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.