Oregon Statutes 79.0625 – UCC 9-625. Remedies for secured partys failure to comply with article
(1) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions.
Terms Used In Oregon Statutes 79.0625
- Collateral: means the property subject to a security interest or agricultural lien. 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
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Goods: means all things that are movable when a security interest attaches. See Oregon Statutes 79.0102
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- 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
- 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
(2) Subject to subsections (3), (4) and (6) of this section, a person is liable for damages in the amount of any loss caused by a failure to comply with this chapter. Loss caused by a failure to comply may include loss resulting from the debtor’s inability to obtain, or increased costs of, alternative financing.
(3) Except as otherwise provided in ORS § 79.0628:
(a) A person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may, in an individual action only, recover damages under subsection (2) of this section for its loss;
(b) If the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with ORS § 79.0601 to 79.0628 may, in an individual action only, recover an amount not less than $1,000; and
(c) The court may award reasonable attorney fees to the prevailing party in an action under this subsection.
(4) A debtor whose deficiency is eliminated under ORS § 79.0626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under ORS § 79.0626 may not otherwise recover under subsection (2) of this section for noncompliance with the provisions of ORS § 79.0601 to 79.0628 relating to collection, enforcement, disposition or acceptance.
(5) Regarding a transaction that is a consumer transaction or in which the collateral is consumer goods, in addition to any damages recoverable under subsection (2) of this section, the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may, in an individual action only, recover $500 for each instance from a person that:
(a) Fails to comply with ORS § 79.0208;
(b) Fails to comply with ORS § 79.0209;
(c) After July 1, 2001, files a record that the person is not entitled to file under ORS § 79.0509 (1) if the record is not released or terminated within 10 days after receipt by the secured party of an authenticated request from the debtor that explains the basis for the request;
(d) Fails to cause the secured party of record to file or send a termination statement as required by ORS § 79.0513 (1) or (3); or
(e) Fails to comply with ORS § 79.0616 (2) and whose failure is part of a pattern, or consistent with a practice, of noncompliance.
(6) A debtor or consumer obligor may recover damages under subsection (2) of this section and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under ORS § 79.0210. A recipient of a request under ORS § 79.0210 which never claimed an interest in the collateral or obligations that are the subject of a request under ORS § 79.0210 has a reasonable excuse for failure to comply with the request within the meaning of this subsection.
(7) If a secured party fails to comply with a request regarding a list of collateral or a statement of account under ORS § 79.0210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. [2001 c.445 § 123]