Oregon Statutes 95.200 – Definitions for ORS 95.200 to 95.310
As used in ORS § 95.200 to 95.310:
Terms Used In Oregon Statutes 95.200
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) ‘Affiliate’ means:
(a) A person that directly or indirectly owns, controls or holds with power to vote 20 or more percent of the outstanding voting securities of the debtor, other than a person that holds the securities:
(A) As a fiduciary or agent without sole discretionary power to vote the securities; or
(B) Solely to secure a debt, if the person has not in fact exercised the power to vote.
(b) An organization, 20 or more percent of whose outstanding voting securities or other voting interests are directly or indirectly owned, controlled or held with power to vote by the debtor or by a person that directly or indirectly owns, controls or holds with power to vote 20 or more percent of the outstanding voting securities or other voting interests of the debtor, other than a person that holds the securities:
(A) As a fiduciary or agent without sole discretionary power to vote the securities or other voting interests; or
(B) Solely to secure a debt, if the person has not in fact exercised the power to vote.
(c) A person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor.
(d) A person that operates the debtor’s business under a lease or other agreement or controls substantially all of the debtor’s assets.
(2) ‘Asset’ means property of a debtor but does not include:
(a) Property to the extent encumbered by a valid lien;
(b) Property to the extent that it is generally exempt under nonbankruptcy law; or
(c) An interest in property held in tenancy by the entireties to the extent not subject to process by a creditor holding a claim against only one tenant.
(3)(a) ‘Claim’ means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured.
(b) ‘Claim for relief’ does not have the same meaning as the term ‘claim.’
(4) ‘Creditor’ means a person that has a claim.
(5) ‘Debt’ means liability on a claim.
(6) ‘Debtor’ means a person that is liable on a claim.
(7) ‘Electronic’ means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capacities.
(8) ‘Insider’ includes:
(a) If the debtor is an individual:
(A) A relative of the debtor or of a general partner of the debtor;
(B) A partnership in which the debtor is a general partner;
(C) A general partner in a partnership described in subparagraph (B) of this paragraph; or
(D) A corporation of which the debtor is a director, officer, manager or person in control.
(b) If the debtor is a corporation:
(A) A director of the debtor;
(B) An officer of the debtor;
(C) A person in control of the debtor;
(D) A partnership in which the debtor is a general partner;
(E) A general partner in a partnership described in subparagraph (D) of this paragraph; or
(F) A relative of a general partner, director, officer or person in control of the debtor.
(c) If the debtor is a partnership:
(A) A general partner in the debtor;
(B) A relative of a general partner in, a general partner of, or a person in control of the debtor;
(C) Another partnership in which the debtor is a general partner;
(D) A general partner in a partnership described in subparagraph (C) of this paragraph; or
(E) A person in control of the debtor.
(d) If the debtor is a limited liability company or other business organization:
(A) A member of the debtor; or
(B) A manager, or other person in control, of the debtor.
(e) An affiliate or an insider of an affiliate as if the affiliate were the debtor.
(f) A managing agent of the debtor.
(9) ‘Lien’ means a charge against or an interest in property to secure payment of a debt or performance of an obligation, including a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien or a statutory lien.
(10) ‘Organization’ means a person other than an individual.
(11) ‘Person’ means an individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust or any other legal or commercial entity.
(12) ‘Property’ means anything that may be the subject of ownership.
(13) ‘Record’ means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in any perceivable form.
(14) ‘Relative’ means an individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree.
(15) ‘Sign’ means, with present intent to authenticate or adopt a record:
(a) To execute or adopt a tangible symbol; or
(b) To attach to or logically associate with the record an electronic symbol, sound or process.
(16) ‘Transfer’ means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes a payment of money, a release, a lease and the creation of a lien or other encumbrance.
(17) ‘Valid lien’ means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings. [1985 c.664 § 1; 2009 c.294 § 13; 2023 c.83 § 5]
Section 14, chapter 83, Oregon Laws 2023, provides:
(1) Sections 2 to 4 of this 2023 Act [95.283, 95.286 and 95.305] and the amendments to ORS § 95.200, 95.210, 95.220, 95.230, 95.240, 95.250, 95.270, 95.280 and 95.310 by sections 5 to 13 of this 2023 Act:
(a) Apply to a transfer made or obligation incurred on or after the effective date of this 2023 Act [January 1, 2024];
(b) Do not apply to a transfer made or obligation incurred before the effective date of this 2023 Act; and
(c) Do not apply to a right of action that has accrued before the effective date of this 2023 Act.
(2) For the purposes of this section, a transfer is made and an obligation is incurred at the time described in ORS § 95.250, as amended by section 10 of this 2023 Act. [2023 c.83 § 14]