Oregon Statutes 79.0108 – UCC 9-108. Sufficiency of description
(1) Except as otherwise provided in subsections (3), (4) and (5) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
Terms Used In Oregon Statutes 79.0108
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
- 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
- Consumer goods: means goods that are used or bought for use 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
- 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.
- Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. See Oregon Statutes 79.0102
- 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.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(2) Except as otherwise provided in subsection (4) of this section, a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(a) Specific listing;
(b) Category;
(c) Except as otherwise provided in subsection (5) of this section, a type of collateral defined in the Uniform Commercial Code;
(d) Quantity;
(e) Computational or allocational formula or procedure; or
(f) Except as otherwise provided in subsection (3) of this section, any other method, if the identity of the collateral is objectively determinable.
(3) A description of collateral as ‘all the debtor’s assets‘ or ‘all the debtor’s personal property‘ or using words of similar import does not reasonably identify the collateral.
(4) Except as otherwise provided in subsection (5) of this section, a description of a security entitlement, securities account or commodity account is sufficient if it describes:
(a) The collateral by those terms or as investment property; or
(b) The underlying financial asset or commodity contract.
(5) A description only by type of collateral defined in the Uniform Commercial Code is an insufficient description of:
(a) A commercial tort claim; or
(b) In a consumer transaction, consumer goods, a security entitlement, a securities account or a commodity account. [2001 c.445 § 8]
(Applicability of Chapter)