ORS 79.0515¹
UCC 9-515. Duration and effectiveness of financing statement
  • effect of lapsed financing statement
  • renewal notice

(1) Except as otherwise provided in subsections (2), (5), (6) and (7) of this section, a filed financing statement is effective for a period of five years after the date of filing.

(2) Except as otherwise provided in subsections (5), (6) and (7) of this section, an initial financing statement filed in connection with a public-finance transaction is effective for a period of 30 years after the date of filing if it indicates that it is filed in connection with a public-finance transaction.

(3) The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (4) of this section. Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.

(4) A continuation statement may be filed only within six months before the expiration of the five-year period specified in subsection (1) of this section or the 30-year period specified in subsection (2) of this section, whichever is applicable.

(5) Except as otherwise provided in ORS 79.0510 (UCC 9-510. Effectiveness of filed record), upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five-year period, the financing statement lapses in the same manner as provided in subsection (3) of this section, unless, before the lapse, another continuation statement is filed pursuant to subsection (4) of this section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.

(6) If a debtor is a transmitting utility and a filed financing statement so indicates, the financing statement is effective until a termination statement is filed.

(7) A record of a mortgage that is effective as a financing statement filed as a fixture filing under ORS 79.0502 (UCC 9-502. Contents of financing statement) (3) remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.

(8) Not less than three months or more than six months before the expiration of any financing statement, effective financing statement as defined in ORS 80.100 (Definitions for ORS 80.100 to 80.130) or continuation thereof, the Secretary of State shall mail a renewal notice to the secured party or assignee of record, if any, at the address indicated on the financing statement, effective financing statement, assignment thereof or amendment thereto. The renewal notice shall include:

(a) The file number and expiration date of the financing statement or effective financing statement;

(b) The name of the debtor; and

(c) A statement that the financing statement or effective financing statement may be continued by filing a continuation statement or initial financing statement under section 191 or 192, chapter 445, Oregon Laws 2001. [2001 c.445 §§86,86a; 2003 c.655 §56]

Chapter 79

Note

Subject sec­tions all sub­se­quently renumbered or repealed

Notes of Decisions

The require­ments of this chapter necessary to grant the peti­tioner a security interest in the first net proceeds were satisfied. Great W. Nat. Bank v. Hill, 27 Or App 893, 557 P2d 1367 (1976), Sup Ct review denied

This chapter applies to the assign­ment of proceeds of a pending lawsuit. Great W. Nat. Bank v. Hill, 27 Or App 893, 557 P2d 1367 (1976), Sup Ct review denied

Where lease instru­ment covering farm tractor re­quired lessee to be responsible for taxes and insurance, to bear risk of loss and excluded warranties of fitness and merchantability; at end of lease period fair market wholesale value of tractor would be substantially less than actual estimated value; and common practice was for lessees to purchase tractors for anticipated fair market wholesale value, instru­ment was security agree­ment governed by this chapter. Appleway Leasing Inc., v. Wilken, 39 Or App 43, 591 P2d 382 (1979)

Clear and unequivocal ac­tions manifesting party's intent to waive may be proved by parol and circumstantial evidence as well as by direct testimony. Bank of Eastern Oregon v. Griffith, 101 Or App 528, 792 P2d 1210 (1990)

Law Review Cita­tions

12 WLJ 207-264 (1976); 16 WLR 755 (1980); 75 OLR 493 (1996)

1 Legislative Counsel Committee, CHAPTER 79—Secured Transactions, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors79.­pdf (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 79, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­079ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information