{"data":{"id":"us-or/ors-79a.6200","jurisdiction":"us-or","citation":"ORS 79A.6200","heading":"UCC 9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.","body":"(1) Except as otherwise provided in subsection (7) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if:\n      (a) The debtor consents to the acceptance under subsection (3) of this section;\n      (b) The secured party does not receive, within the time set forth in subsection (4) of this section, a notification of objection to the proposal signed by:\n      (A) A person to which the secured party was required to send a proposal under ORS 79A.6210; or\n      (B) Any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal;\n      (c) If the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and\n      (d) Subsection (5) of this section does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to ORS 79A.6240.\n      (2) A purported or apparent acceptance of collateral under this section is ineffective unless:\n      (a) The secured party consents to the acceptance in a signed record or sends a proposal to the debtor; and\n      (b) The conditions of subsection (1) of this section are met.\n      (3) For purposes of this section:\n      (a) A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default; and\n      (b) A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default or the secured party:\n      (A) Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;\n      (B) In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and\n      (C) Does not receive a notification of objection signed by the debtor within 20 days after the proposal is sent.\n      (4) To be effective under subsection (1)(b) of this section, a notification of objection must be received by the secured party:\n      (a) In the case of a person to which the proposal was sent pursuant to ORS 79A.6210, within 20 days after notification was sent to that person; and\n      (b) In other cases:\n      (A) Within 20 days after the last notification was sent pursuant to ORS 79A.6210; or\n      (B) If a notification was not sent, before the debtor consents to the acceptance under subsection (3) of this section.\n      (5) A secured party that has taken possession of collateral shall dispose of the collateral pursuant to ORS 79A.6100 within the time specified in subsection (6) of this section if:\n      (a) Sixty percent of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or\n      (b) Sixty percent of the principal amount of the obligation secured has been paid in the case of a non-purchase-money security interest in consumer goods.\n      (6) To comply with subsection (5) of this section, the secured party shall dispose of the collateral:\n      (a) Within 180 days after taking possession; or\n      (b) Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and signed after default.\n      (7) In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures.","path":["02 - Business Organizations, Commercial Code","8. Commercial Transactions","Chapter 79A — Secured Transactions"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors079A.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:11Z","sha256":"cdc8b4dd1041215261843d97f1380e8cebeb1cecd0f15a8411bac7682b6efda7","source_id":"us-or","stale":false,"prev":"us-or/ors-79a.6190","next":"us-or/ors-79a.6210"},"notice":"GroundRules: Original legal text. Not legal advice."}