Bill Text: OR HB2600 | 2013 | Regular Session | Introduced

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Bill Title: Relating to secured transactions in personal property; declaring an emergency.

Spectrum: Committee Bill

Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2600 Detail]

Download: Oregon-2013-HB2600-Introduced.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 1452

                         House Bill 2600

Introduced and printed pursuant to House Rule 12.00. Presession
  filed (at the request of House Interim Committee on Judiciary)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Provides that record of financing statement sufficiently
provides name of debtor who is individual when record provides
individual name, or surname and first personal name, of debtor.
  Provides that financing statement sufficiently provides name of
debtor who is individual when financing statement provides name
of debtor as indicated on debtor's valid Oregon driver license or
identification card or provides individual name, or surname and
first personal name, of debtor if debtor does not hold valid
Oregon driver license or identification card.
  Becomes operative on July 1, 2013.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to secured transactions in personal property; creating
  new provisions; amending ORS 79.0502 and 79.0503; and declaring
  an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 79.0502 is amended to read:
  79.0502. (1) Subject to subsection (2) of this section, a
financing statement is sufficient only if it:
  (a) Provides the name of the debtor;
  (b) Provides the name of the secured party or a representative
of the secured party; and
  (c) Indicates the collateral covered by the financing
statement.
  (2) Except as otherwise provided in ORS 79.0501 (2), to be
sufficient, a financing statement that covers as-extracted
collateral or timber to be cut, or which is filed as a fixture
filing and covers goods that are or are to become fixtures, must
satisfy subsection (1) of this section and also:
  (a) Indicate that it covers this type of collateral;
  (b) Indicate that it is to be filed for record in the real
property records;
  (c) Provide a description of the real property to which the
collateral is related sufficient to give constructive notice of a
mortgage under the law of this state if the description were
contained in a record of the mortgage of the real property; and
  (d) If the debtor does not have an interest of record in the
real property, provide the name of a record owner.

  (3) A record of a mortgage is effective, from the date of
recording, as a financing statement filed as a fixture filing or
as a financing statement covering as-extracted collateral or
timber to be cut only if:
  (a) The record indicates the goods or accounts that it covers;
  (b) The goods are or are to become fixtures related to the real
property described in the record or the collateral is related to
the real property described in the record and is as-extracted
collateral or timber to be cut;
  (c) The record satisfies the requirements for a financing
statement in this section   { - other than an indication that
it - }  { +  except that:
  (A) The record does not need to indicate that the record + } is
to be filed in the real property records; and
   { +  (B) If the record provides the name of the debtor or the
surname and first personal name of the debtor, even if the debtor
is an individual to whom ORS 79.0503 (1)(d) applies, the record
sufficiently provides the name of the debtor; and + }
  (d) The record is   { - duly - }  recorded.
  (4) A financing statement may be filed before a security
agreement is made or a security interest otherwise attaches.
  SECTION 2. ORS 79.0503, as amended by section 12, chapter 12,
Oregon Laws 2012, is amended to read:
  79.0503. (1) A financing statement sufficiently provides the
name of the debtor:
  (a) Except as otherwise provided in paragraph (c) of this
subsection, if the debtor is a registered organization or the
collateral is held in a trust that is a registered organization,
only if the financing statement provides the name that is stated
to be the registered organization's name on the public organic
record most recently filed with or issued or enacted by the
registered organization's jurisdiction of organization that
purports to state, amend or restate the registered organization's
name;
  (b) Subject to subsection (6) of this section, if the
collateral is being administered by the personal representative
of a decedent, only if the financing statement provides, as the
name of the debtor, the name of the decedent and, in a separate
part of the financing statement, indicates that the collateral is
being administered by a personal representative;
  (c) If the collateral is held in a trust that is not a
registered organization, only if the financing statement:
  (A) Provides, as the name of the debtor:
  (i) If the organic record of the trust specifies a name for the
trust, the name specified; or
  (ii) If the organic record of the trust does not specify a name
for the trust, the name of the settlor or testator; and
  (B) In a separate part of the financing statement:
  (i) If the name is provided in accordance with subparagraph
(A)(i) of this paragraph, indicates that the collateral is held
in trust; or
  (ii) If the name is provided in accordance with subparagraph
(A)(ii) of this paragraph, provides additional information
sufficient to distinguish the trust from other trusts having one
or more of the same settlors or the same testator and indicates
that the collateral is held in a trust, unless the additional
information so indicates;
  (d) If the debtor is an individual { +  to whom this state has
issued a driver license or identification card that has not
expired and, subject to subsection (7) of this section + }, only
if the financing statement  { - : - }  { +  provides the name of
the individual that is indicated on the driver license or
identification card; + }
    { - (A) Provides the individual name of the debtor; - }
    { - (B) Provides the surname and first personal name of the
debtor; or - }
    { - (C) Subject to subsection (7) of this section, provides
the name of the individual that is indicated on a driver license
or identification card that this state has issued to the
individual and that has not expired; and - }
   { +  (e) If the debtor is an individual to whom paragraph (d)
of this subsection does not apply, only if the financing
statement provides the individual name of the debtor and the
surname and first personal name of the debtor; and + }
    { - (e) - }  { +  (f) + } In other cases:
  (A) If the debtor has a name, only if the financing statement
provides the organizational name of the debtor; and
  (B) If the debtor does not have a name, only if the financing
statement provides the names of the partners, members, associates
or other persons comprising the debtor in a manner that each name
provided would be sufficient if the person named were the debtor.
  (2) A financing statement that provides the name of the debtor
in accordance with subsection (1) of this section is not rendered
ineffective by the absence of:
  (a) A trade name or other name of the debtor; or
  (b) Unless required under subsection   { - (1)(e)(B) - }  { +
(1)(f)(B) + } of this section, names of partners, members,
associates or other persons comprising the debtor.
  (3) A financing statement that provides only the debtor's trade
name does not sufficiently provide the name of the debtor.
  (4) Failure to indicate the representative capacity of a
secured party or representative of a secured party does not
affect the sufficiency of a financing statement.
  (5) A financing statement may provide the name of more than one
debtor and the name of more than one secured party.
  (6) The name of the decedent indicated on the order appointing
the personal representative of the decedent issued by the court
having jurisdiction over the collateral is sufficient as the name
of the decedent under subsection (1)(b) of this section.
  (7) If this state has issued to an individual more than one
driver license or identification card of a kind described in
subsection   { - (1)(d)(C) - }  { +  (1)(d) + } of this section,
the one that was issued most recently is the one to which
subsection   { - (1)(d)(C) - }  { +  (1)(d) + } of this section
refers.
  (8) As used in this section, 'name of the settlor or testator'
means:
  (a) If the settlor is a registered organization, the name that
is stated to be the settlor's name on the public organic record
most recently filed with or issued or enacted by the settlor's
jurisdiction of organization that purports to state, amend or
restate the settlor's name; or
  (b) In other cases, the name of the settlor or testator
indicated in the trust's organic record.
  SECTION 3.  { + The amendments to ORS 79.0502 and 79.0503 by
sections 1 and 2 of this 2013 Act become operative on July 1,
2013. + }
  SECTION 4.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
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