Terms Used In Oregon Statutes > Chapter 79 > General Provisions

• Account debtor: means a person obligated on an account, chattel paper or general intangible. See Oregon Statutes 79.0102
• 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.
• Agricultural lien: means an interest, other than a security interest or a lien created under ORS § 87. See Oregon Statutes 79.0102
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bank: means an organization that is engaged in the business of banking. See Oregon Statutes 79.0102
• 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}
• Buyer: means a person who buys or contracts to buy goods. See Oregon Statutes 72.1030
• 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
• 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

• 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

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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 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 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 for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Oregon Statutes 72.1060
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Oregon Statutes 79.0102
• Document: means a document of title or a receipt of the type described in ORS § 77. 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
• Executor: A male person named in a will to carry out the decedent
• 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
• 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
• 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.
• 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
• 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}
• 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.
• 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
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• 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
• 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
• 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}
• 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
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lineal descendant: Direct descendant of the same ancestors.
• Manufactured structure: has the meaning given that term in ORS § 446. See Oregon Statutes 79.0102
• 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: The written agreement pledging property to a creditor as collateral for a loan.
• New debtor: means a person that becomes bound as debtor under ORS § 79. See Oregon Statutes 79.0102
• Noncash proceeds: means proceeds other than cash proceeds. See Oregon Statutes 79.0102
• Oath: A promise to tell the truth.
• 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

• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Oregon Statutes 79.0102
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• present sale: means a sale which is accomplished by the making of the contract. See Oregon Statutes 72.1060
• 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
• 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
• 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

• 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}
• 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
• 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
• 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.
• 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
• Subpoena: A command to a witness to appear and give testimony.
• 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
• 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

• 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.
• 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

• 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}