Oregon Statutes 646A.100 – Definitions for ORS 646A.100 to 646A.110
As used in ORS § 646A.100 to 646A.110:
Terms Used In Oregon Statutes 646A.100
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- public notice: means any legal publication which requires an affidavit of publication as required in ORS § 193. See Oregon Statutes 174.104
- Trustee: A person or institution holding and administering property in trust.
(1) ‘Affiliated business’ means a business or business location that is directly or indirectly controlled by, or under common control with, the business location listed in a notice of intent or that has a common ownership interest in the merchandise to be sold at the business location listed in the notice of intent.
(2)(a) ‘Going out of business sale’ means a sale or auction advertised or held out to the public as the disposal of merchandise in anticipation of cessation of business, including but not limited to a sale or auction advertised or held out to the public as a ‘going out of business sale,’ a ‘closing out sale,’ a ‘quitting business sale,’ a ‘loss of lease sale,’ a ‘must vacate sale,’ a ‘liquidation sale,’ a ‘bankruptcy sale,’ a ‘sale to prevent bankruptcy‘ or another description that suggests a price reduction in anticipation of the imminent closure of the business.
(b) ‘Going out of business sale’ does not include a sale conducted by a bankruptcy trustee or a court-appointed receiver.
(3) ‘Merchandise’ means goods, wares or other property or services.
(4) ‘Notice of intent’ means a public notice with the information specified in ORS § 646A.104 from a person that intends to conduct a going out of business sale.
(5) ‘Person’ has the meaning given that term in ORS § 646.605. [2007 c.820 § 1; 2015 c.277 § 1]