ORS 78.1050
Notice of adverse claim


(1)

A person has notice of an adverse claim if:

(a)

The person knows of the adverse claim;

(b)

The person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or

(c)

The person has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists, and the investigation so required would establish the existence of the adverse claim.

(2)

Having knowledge that a financial asset or interest therein is or has been transferred by a representative imposes no duty of inquiry into the rightfulness of a transaction and is not notice of an adverse claim. However, a person who knows that a representative has transferred a financial asset or interest therein in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or otherwise in breach of duty has notice of an adverse claim.

(3)

An act or event that creates a right to immediate performance of the principal obligation represented by a security certificate or sets a date on or after which the certificate is to be presented or surrendered for redemption or exchange does not itself constitute notice of an adverse claim except in the case of a transfer more than:

(a)

One year after a date set for presentment or surrender for redemption or exchange; or

(b)

Six months after a date set for payment of moneys against presentation or surrender of the certificate, if moneys were available for payment on that date.

(4)

A purchaser of a certificated security has notice of an adverse claim if the security certificate:

(a)

Whether in bearer or registered form, has been indorsed “for collection” or “for surrender” or for some other purpose not involving transfer; or

(b)

Is in bearer form and has on it an unambiguous statement that it is the property of a person other than the transferor. The mere writing of a name on the certificate is not such a statement.

(5)

Filing of a financing statement under ORS chapter 79 is not notice of an adverse claim to a financial asset. [1961 c.726 §78.1050 (Notice of adverse claim); 1985 c.676 §78.1050 (Notice of adverse claim); 1995 c.328 §5]

Source: Section 78.1050 — Notice of adverse claim, https://www.­oregonlegislature.­gov/bills_laws/ors/ors078.­html.

78.1010
Short title
78.1020
Definitions and index of definitions
78.1030
Rules for determining whether certain obligations and interests are securities or financial assets
78.1040
Acquisition of security or financial asset or interest therein
78.1050
Notice of adverse claim
78.1060
Control
78.1070
Whether indorsement, instruction or entitlement order is effective
78.1080
Warranties in direct holding
78.1090
Warranties in indirect holding
78.1100
Applicability
78.1110
Clearing corporation rules
78.1120
Creditor’s legal process
78.1130
Statute of frauds inapplicable
78.1140
Evidentiary rules concerning certificated securities
78.1150
Securities intermediary and others not liable to adverse claimant
78.1160
Securities intermediary as purchaser for value
78.2010
“Issuer.”
78.2020
Terms of security
78.2030
Staleness as notice of defects or defenses
78.2040
Effect of issuer’s restriction on transfer
78.2050
Effect of unauthorized signature on security certificate
78.2060
Completion or alteration of security certificate
78.2070
Rights of issuer with respect to registered owners
78.2080
Effect of signature of authenticating trustee, registrar or transfer agent
78.2090
Issuer’s lien
78.2100
Overissue
78.3010
Delivery
78.3020
Rights of purchaser
78.3030
“Protected purchaser.”
78.3040
Indorsement
78.3050
Instruction
78.3060
Effect of guaranteeing signature, indorsement or instruction
78.3070
Purchaser’s rights to requisites for registration of transfer
78.4010
Duty of issuer to register transfer
78.4020
Assurance that indorsement or instruction is effective
78.4030
Demand that issuer not register transfer
78.4040
Wrongful registration
78.4050
Replacement of lost, destroyed or wrongfully taken security certificate
78.4060
Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate
78.4070
Authenticating trustee, transfer agent and registrar
78.5010
Securities account
78.5020
Assertion of adverse claim against entitlement holder
78.5030
Property interest of entitlement holder in financial asset held by securities intermediary
78.5040
Duty of securities intermediary to maintain financial asset
78.5050
Duty of securities intermediary with respect to payments and distributions
78.5060
Duty of securities intermediary to exercise rights as directed by entitlement holder
78.5070
Duty of securities intermediary to comply with entitlement order
78.5080
Duty of securities intermediary to change entitlement holder’s position to other form of security holding
78.5090
Specification of duties of securities intermediary by other statute or regulation
78.5100
Rights of purchaser of security entitlement from entitlement holder
78.5110
Priority among security interests and entitlement holders
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