Oregon Statutes 80.115 – Requirements for effective financing statement; amendment; duration; lapse; fee; rules
(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 the statement:
Terms Used In Oregon Statutes 80.115
- 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.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(a) Contains the name and address of the secured party;
(b) Contains the name and address of each person, whether or not a debtor, subjecting the farm products to the security interest;
(c) Contains the approved unique identifier of each person described in paragraph (b) of this subsection;
(d) Describes the farm products subject to the security interest created by the debtor, including the amount of 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 debtor;
(f) Is an original or reproduced copy of the original; and
(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 to and continuation 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.
(7) The requirement under this section that a document be signed, authorized or otherwise authenticated by the debtor or the secured party is satisfied if the debtor has executed a security agreement granting a security interest in the farm products to the secured party. [Formerly 79.6060; 2005 c.191 § 1; 2007 c.186 § 15]