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| Home > Statutes > Usa Oregon |
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USA Statutes : oregon
Title : TITLE 08 COMMERCIAL TRANSACTIONS
Chapter : Chapter 80 Assignment; Central Filing System for Farm Products
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Any bona fide assignment of a chose in action by way of sale or
pledge made in writing for a good, valuable and adequate consideration is
deemed completed at the time the writing is executed by the assignor and
takes effect at the time of execution according to the terms of the
writing without the giving of notice to the debtor therein mentioned
unless such notice is required by statute; but if notice is not given to
a debtor, and such debtor, without knowledge of the assignment pays or
discharges in whole or in part the obligation of the debtor to the
assignor or to any subsequent assignee of the chose in action who has
given notice, such payment constitutes a discharge of the debtor to the
extent thereof without prejudice to any right or remedy between the
several assignees. In the case of an
assignment of a thing in action, an action or suit by the assignee is
without prejudice to any setoff or other defense existing at the time of,
or before notice of the assignment; but this section does not apply to a
negotiable instrument transferred in good faith and upon good
consideration before due.CENTRAL FILING SYSTEM FOR FARM PRODUCTS
(1) “Buyer” means a person who, in the ordinary course of business,
buys farm products from a person engaged in farming operations who is in
the business of selling farm products.
(2) “Central filing system” means a system for filing effective
financing statements on a statewide basis that is operated by the
Secretary of State and has been certified by the Secretary of the United
States Department of Agriculture.
(3) “Commission merchant” means any person engaged in the business
of receiving any farm product for sale, on commission, or for or on
behalf of another person.
(4) “Effective financing statement” means a document filed with the
Secretary of State to register and describe farm products subject to a
security interest created by a debtor or seller of farm products that is
an effective financing statement under the provisions of section 1324 of
the Food Security Act of 1985, 7 U.S.C. 1631 now existing or hereafter
amended. An effective financing statement does not create or perfect a
security interest.
(5) “Farm product” means an agricultural commodity including but
not limited to wheat, corn, soybeans, or a species of fish or livestock
such as cattle, hogs, sheep, horses or poultry used or produced in
farming operations, or a product of such crop, fish or livestock in its
unmanufactured state, including but not limited to wool clip, milk and
eggs, that is in the possession of a person engaged in farming operations.
(6) “Knows” or “knowledge” means actual knowledge.
(7) “Security interest” means an interest in farm products that
secures payment or performance of an obligation.
(8) “Selling agent” means any person, other than a commission
merchant, who is engaged in the business of negotiating the sale and
purchase of any farm product on behalf of a person engaged in farming
operations. [Formerly 79.6020] (1) An
effective financing statement, amendment to an effective financing
statement, continuation statement, statement that an effective financing
statement has lapsed or other statement filed with the Secretary of State
under ORS 80.100 to 80.130 may be filed in an electronic format.
(2) Statements filed electronically under this section shall
conform to the technical specifications for electronic filing as
prescribed by the Secretary of State by rule.
(3) Signatures required on any statement filed in an electronic
format shall be supplied as electronic signatures as defined in ORS
84.004. [Formerly 79.6025](1) The Secretary of State shall establish, implement and
operate the central filing system for farm products.
(2) The Secretary of State shall ensure that the central filing
system for farm products described in ORS 80.100 to 80.130 complies with
the requirements for a central filing system as defined by 7 U.S.C. 1631
as that statute read on December 24, 1986.
(3) The Secretary of State shall prescribe the rules, fees and
forms to implement and operate the central filing system.
(4) The fees prescribed by the Secretary of State under this
section shall be nonrefundable and shall not exceed the cost of
administering the central filing system. [Formerly 79.6030]Except as provided in ORS 80.112, a buyer
who in the ordinary course of business buys farm products from a seller
engaged in farming operations shall take free of a security interest
created by the seller, and a commission merchant or selling agent who
sells in the ordinary course of business farm products for others shall
not be subject to a security interest created by the seller in such
products, even though the security interest is perfected and the buyer or
commission merchant or selling agent knows of the existence of such
interest. [Formerly 79.6040]Under the central filing system for farm products, a buyer of farm
products or commission merchant or selling agent who sells farm products
for others shall be subject to a security interest in such farm products
created by the seller if:
(1) The buyer or commission merchant or selling agent has failed to
register with the Secretary of State prior to the purchase of farm
products and the secured party has filed an effective financing statement
that covers the farm products being sold;
(2) The buyer or commission merchant or selling agent has received
from the Secretary of State a copy of the master list of farm products or
written notice, pursuant to ORS 80.118 or 80.121, that names the seller
and specifies the farm products being sold by such seller as being
subject to an effective financing statement and the buyer or commission
merchant or selling agent does not secure a waiver or release of the
security interest specified in such effective financing statement from
the secured party by performing any payment obligation or otherwise; or
(3) The buyer or commission merchant or selling agent participates
in the Secretary of State’s computer access program that names the seller
and specifies the farm products being sold by such seller as being
subject to an effective financing statement and the buyer or commission
merchant or selling agent does not secure a waiver or release of the
security interest specified in such effective financing statement from
the secured party by performing any payment obligation or otherwise.
[Formerly 79.6050](1) An
effective financing statement for farm products as defined in ORS 80.100
is sufficient to register a security interest in a farm product if the
statement:
(a) Contains the name and address of the secured party;
(b) Contains the name and address of the person indebted to the
secured party;
(c) Contains the Social Security number of the debtor or, in the
case of a debtor doing business other than as an individual, the Internal
Revenue Service taxpayer identification number of the debtor;
(d) Describes the farm products subject to the security interest
created by the debtor, including the amount of the farm products when
applicable, and identifies the county in this state in which the farm
products are produced or located;
(e) Is signed, authorized or otherwise authenticated by the secured
party;
(f) Is an original or reproduced copy of the original; and
(g) Is accompanied by the required filing fee.
(2) An effective financing statement must be amended in writing
within three months, similarly signed, authorized or otherwise
authenticated, and filed, to reflect material changes.
(3) An effective financing statement for farm products remains
effective for a period of five years from the date of filing, subject to
extensions for additional periods of five years each by refiling or
filing a continuation statement within six months before the expiration
of the five-year period.
(4) An effective financing statement for farm products lapses on
either the expiration of the effective period of the statement or the
filing of a notice signed, authorized or otherwise authenticated by the
secured party that the statement has lapsed, whichever occurs first.
Unless otherwise provided in writing between the secured party and the
debtor, a statement that the effective financing statement has lapsed
shall be filed within 15 days after there is no outstanding secured
obligation and no commitment to make advances, incur obligations or
otherwise give value under the security interest.
(5) The Secretary of State shall, by rule, prescribe the filing fee
for each effective financing statement for farm products or change to and
continuation of the effective financing statement, and the filing fee for
the notice that the effective financing statement has lapsed. Each
effective financing statement may reflect more than one type of farm
product. The filing fee shall be per debtor name.
(6) An effective financing statement is sufficient if it complies
with this section even though it contains minor errors that are not
seriously misleading. [Formerly 79.6060; 2005 c.191 §1](1) Under the central filing system for farm products, the Secretary of
State shall record the date and time of filing of effective financing
statements or changes thereto, and compile this information into a master
list organized according to farm products. The Secretary of State shall
by rule determine the categories of farm products.
(2) Within each category of farm products, the Secretary of State
shall arrange the master list:
(a) In alphabetical order by last name of the debtor or in the case
of a debtor doing business other than as an individual, by the first word
in the name of such debtor;
(b) In numerical order according to Social Security number of the
individual debtor or Internal Revenue Service taxpayer identification
number of debtors doing business other than as individuals;
(c) Geographically by county; and
(d) By crop year.
(3) The master list shall contain all the information on all the
effective financing statements filed in the system that have not lapsed.
The master list shall be arranged to provide delivery to any registrant
of any information relating to any product, produced in any county for
any crop year covered by the system and shall be in a form that is
readable by humans without special equipment.
(4) The Secretary of State shall maintain a list of all buyers of
farm products, commission merchants and selling agents who register with
the Secretary of State on a form indicating:
(a) The name and address of each buyer, commission merchant and
selling agent;
(b) The interest of each buyer, commission merchant or selling
agent in receiving the master list on farm products; and
(c) The farm products in which each buyer, commission merchant and
selling agent has an interest.
(5) The Secretary of State shall distribute monthly to each buyer,
commission merchant and selling agent registered under this section a
printed or micrographic copy of those portions of the master list that
the buyer, commission merchant or selling agent has registered an
interest in receiving. The Secretary of State shall by rule prescribe the
yearly subscription fee for each type of the monthly master list.
[Formerly 79.6070](1) On request, the Secretary of State shall
furnish to persons not registered under ORS 80.118 oral confirmation
within 24 hours of the existence of any effective financing statement
followed by written confirmation to any buyer of farm products buying
from a debtor or commission merchant or selling agent selling for a
seller covered by such statement.
(2) The request for oral confirmation shall be in writing and shall
be presented to the office of the Secretary of State during normal
business hours.
(3) Information on an effective financing statement may be
furnished by telephone to the requestor of an oral confirmation.
(4) Oral confirmation shall be followed by written confirmation
from the Secretary of State within 48 hours after the oral confirmation.
(5) The Secretary of State shall by rule prescribe the service fees
for processing oral and written confirmation requests on effective
financing statements. [Formerly 79.6080]Nothing in ORS 80.100 to 80.130 shall
prevent a secured party from providing a courtesy notice to any person
regarding the secured party’s security interests in farm products. The
rights or obligations of the secured party or any other person shall not
be affected by the failure of a secured party to give a courtesy notice
or by the accuracy or completeness of the information given in such a
notice. [Formerly 79.6090] The proper
place to file an effective financing statement on farm products as
defined in ORS 80.100 is in the office of the Secretary of State.
[Formerly 79.7000]The
proper place to register under ORS 80.118 as a buyer of farm products or
a commission merchant or selling agent of farm products as defined in ORS
80.100 is in the office of the Secretary of State. The registration is
effective for one year following the date of registration. Registration
may be amended by filing a new registration. The Secretary of State
shall, by rule, prescribe the registration fee. [Formerly 79.7010]
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