Oregon Statutes 803.100 – Application of Uniform Commercial Code
(1) Except as provided in subsection (2) of this section, the rights and remedies of all persons in vehicles subject to security interests established under ORS § 803.097 are determined by the provisions of the Uniform Commercial Code.
Terms Used In Oregon Statutes 803.100
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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)(a) If perfection of a security interest in a vehicle occurs on or before 30 days after attachment of the security interest, the secured party takes priority over the rights of a transferee in bulk or a lien creditor that arise between the time the secured party’s interest attaches and the time of perfection of the security interest.
(b) This subsection applies to any security interest in a vehicle that is not a purchase money security interest. [1983 c.338 § 190; 1985 c.16 § 66; 1989 c.148 § 14; 1999 c.818 § 3; 2001 c.675 § 12; 2003 c.655 § 105; 2005 c.261 § 1]