Oregon Statutes 79.0106 – UCC 9-106. Control of investment property
(1) A person has control of a certificated security, uncertificated security or security entitlement as provided in ORS § 78.1060.
Terms Used In Oregon Statutes 79.0106
- Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Oregon Statutes 79.0102
- Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option or another contract if the contract or option is:
(A) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or
(B) Traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer. See Oregon Statutes 79.0102
- Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Oregon Statutes 79.0102
- Commodity intermediary: means a person that:
(A) Is registered as a futures commission merchant under federal commodities law; or
(B) In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. See Oregon Statutes 79.0102
- Contract: A legal written agreement that becomes binding when signed.
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) A secured party has control of a commodity contract if:
(a) The secured party is the commodity intermediary with which the commodity contract is carried; or
(b) The commodity customer, secured party and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
(3) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. [2001 c.445 § 6]