Oregon Statutes 79.0604 – UCC 9-604. Procedure if security agreement covers real property or fixtures
(1) If a security agreement covers both personal and real property, a secured party may proceed:
Terms Used In Oregon Statutes 79.0604
- Collateral: means the property subject to a security interest or agricultural lien. 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
- Goods: means all things that are movable when a security interest attaches. See Oregon Statutes 79.0102
- 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
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Security agreement: means an agreement that creates or provides for a security interest. See Oregon Statutes 79.0102
(a) Under ORS § 79.0601 to 79.0628 as to the personal property without prejudicing any rights with respect to the real property; or
(b) As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of ORS § 79.0601 to 79.0628 do not apply.
(2) Subject to subsection (3) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(a) Under ORS § 79.0601 to 79.0628; or
(b) In accordance with the rights with respect to real property, in which case the other provisions of ORS § 79.0601 to 79.0628 do not apply.
(3) Subject to the other provisions of ORS § 79.0601 to 79.0628, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(4) A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse. [2001 c.445 § 102]