ORS 79.0623¹
UCC 9-623. Right to redeem collateral

(1) A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral.

(2) To redeem collateral, a person shall tender:

(a) Fulfillment of all obligations secured by the collateral; and

(b) The reasonable expenses and attorney fees described in ORS 79.0615 (UCC 9-615. Application of proceeds of disposition) (1)(a).

(3) A redemption may occur at any time before a secured party:

(a) Has collected collateral under ORS 79.0607 (UCC 9-607. Collection and enforcement by secured party);

(b) Has disposed of collateral or entered into a contract for its disposition under ORS 79.0610 (UCC 9-610. Disposition of collateral after default); or

(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under ORS 79.0622 (UCC 9-622. Effect of acceptance of collateral). [2001 c.445 §121]

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Subject sec­tions all sub­se­quently renumbered or repealed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