Terms Used In Oregon Statutes 79.0109

• Account debtor: means a person obligated on an account, chattel paper or general intangible. See Oregon Statutes 79.0102
• Agricultural lien: means an interest, other than a security interest or a lien created under ORS § 87. See Oregon Statutes 79.0102
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Oregon Statutes 79.0102
• Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
• Commercial tort claim: means a claim arising in tort with respect to which:

  (A) The claimant is an organization; or

  (B) The claimant is an individual and the claim:

  (i) Arose in the course of the claimant's business or profession; and

  (ii) Does not include damages arising out of personal injury to or the death of an individual. See Oregon Statutes 79.0102

• Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

  (A) The merchant:

  (i) Deals in goods of that kind under a name other than the name of the person making delivery;

  (ii) Is not an auctioneer; and

  (iii) Is not generally known by its creditors to be substantially engaged in selling the goods of others;

  (B) With respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery;

  (C) The goods are not consumer goods immediately before delivery; and

  (D) The transaction does not create a security interest that secures an obligation. 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.
• Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Oregon Statutes 79.0102
• Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Oregon Statutes 79.0102
• Governmental unit: means a subdivision, agency, department, county, parish, municipality or other unit of the government of the United States, a state or a foreign country. See Oregon Statutes 79.0102
• Health-care-insurance receivable: means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided. See Oregon Statutes 79.0102
• 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}
• 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.
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary 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
• Personal property: All property that is not real property.
• Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Oregon Statutes 79.0102
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Oregon Statutes 79.0102
• Statute: A law passed by a legislature.
• 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.
• United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100