ORS 79A.6050: UCC 9-605. Unknown debtor or secondary obligor.
Where this section sits in the code
- 02 - Business Organizations, Commercial Code
- 8. Commercial Transactions
- Chapter 79A — Secured Transactions
(1) Except as provided in subsection (2) of this section, a secured party does not owe a duty based on its status as secured party:
(a) To a person that is a debtor or obligor, unless the secured party knows:
(A) That the person is a debtor or obligor;
(B) The identity of the person; and
(C) How to communicate with the person; or
(b) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A) That the person is a debtor; and
(B) The identity of the person.
(2) A secured party owes a duty based on its status as a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:
(a) The person is a debtor or obligor; and
(b) The secured party knows that the information in subsection (1)(a) of this section relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral or the system in which the collateral is recorded.
Collected 2026-09-03T23:50:11Z. Source file · JSON