Oregon Statutes 286A.100 – Definitions for ORS 286A.100 and 286A.102
As used in this section and ORS § 286A.102:
Terms Used In Oregon Statutes 286A.100
- Agreement for exchange of interest rates: means a contract, or an option or forward commitment to enter into a contract, for the exchange of interest rates that provides for:
(a) Payments based on levels of or changes in interest rates; or
(b) Provisions to hedge payment, rate, spread or similar exposure including, but not limited to, an interest rate floor or cap or an option, put or call. See Oregon Statutes 286A.001
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- Operative document: means a bond declaration, trust agreement, indenture, security agreement or other document in which the State of Oregon pledges property as security for an obligation, as defined in ORS § 286A. See Oregon Statutes 286A.001
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
(1) ‘Obligation’ means:
(a) A bond;
(b) An agreement for exchange of interest rates with the State of Oregon; or
(c) A credit enhancement device given as additional security for a bond.
(2) ‘Pledge’ means:
(a) To create a security interest in or a lien on property to secure payment or performance of an obligation, by mortgaging, assigning or encumbering property or by creating a security interest in property by any other manner.
(b) A security interest in or lien on property created under paragraph (a) of this subsection.
(3) ‘Pledgee’ means:
(a) A trustee for the holder of an obligation; or
(b) The holder of an obligation if a trustee was not appointed in the operative document or if the operative document authorizes the holder of an obligation to foreclose the lien of a pledge and enforce the remedies consequent to the pledge in lieu of the trustee.
(4) ‘Property’ means:
(a) Real or personal property, tangible or intangible, whether owned when the pledge is made or acquired subsequently to the time the pledge is made; and
(b) Revenues, contract rights, receivables or securities. [2007 c.783 § 17; 2009 c.537 § 8]