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The Oregon Administrative Rules contain OARs filed through August 15, 2014
 
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SECRETARY OF STATE, CORPORATION DIVISION

 

DIVISION 40

UNIFORM COMMERCIAL CODE — ARTICLE 9

General Provisions

160-040-0100

Definitions

Terms used in these filing-office rules but not defined in this section that are defined in the UCC must have the respective meanings accorded such terms in the UCC.

(1) "Active record" means an initial filing that has not yet lapsed on its lapse date, or a continuation that has not lapsed, and any lapsed filing up to the first anniversary of its lapse date.

(2) “Address” means either:

(a) A street address, route number (may include box) or PO Box number plus the city, state and zip code; or

(b) An address that purports to be a mailing address outside the United States of America.

(3) "Amendment" means a UCC record that amends the information contained in a financing statement. Amendments include assignments, continuations and terminations.

(4) "Assignment" is an amendment that assigns all or a part of a secured party's power to authorize an amendment to a financing statement.

(5) "Information Statement" means a UCC record that indicates that a financing statement is inaccurate or wrongfully filed.

(6) "Filing office" and "filing officer" mean the Secretary of State, Corporation Division; the Division Director and deputies of the Director, respectively.

(7) "Filing officer statement" means a statement entered into the filing office's information system to correct an error made by the filing office.

(8) "Initial financing statement" means a UCC record that causes the filing office to establish the initial record of filing of a financing statement.

(9) "Remitter" means a person who tenders a UCC record to the filing officer for filing, whether the person is a filer or an agent of a filer responsible for tendering the record for filing. "Remitter" does not include a person responsible merely for the delivery of the record to the filing office, such as the postal service or a courier service but does include a service provider who acts as a filer's representative in the filing process.

(10) “Searchable indexes” means the searchable index of individual debtor names and the searchable index of organization debtor names maintained in the UCC information management system.

(11) "Secured party of record" includes a secured party of record as defined in the UCC, as well as a person who has been a secured party of record with respect to whom an amendment has been filed purporting to delete them as a secured party of record. The term includes the assignor listed on an amendment that purports to be an assignment.

(12) "UCC" means the Uniform Commercial Code as adopted in this state.

(13) “UCC information management system” means the information management system used by the filing office to store, index, and retrieve information relating to financing statements as described in Section 3 of these filing-office rules.

(14) "UCC record" means an initial financing statement, an amendment, an assignment, a continuation statement, a termination statement, a filing officer statement, or an information statement, and includes a record thereof maintained by the filing office. The term shall not be deemed to refer exclusively to paper or paper-based writings.

(15) “Unlapsed record” means a UCC record that has been stored and indexed in the UCC information management system, which has not yet lapsed under ORS Ch. 79.0515 with respect to all secured parties of record.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0526
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 3-2001 f. 12-14-01 cert. ef. 1-1-02; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0101

UCC Document Delivery

For the purposes of this section, "delivery" means receipt by the filing office. UCC records may be tendered for filing at the filing office as follows.

(1) Personal delivery by Remitter, at the filing office's street address. The file time for a UCC record delivered by this method is when delivery of the UCC record is taken by the filing office (even though the UCC record may not yet have been accepted for filing and subsequently may be rejected). This rule applies only to a Remitter who tenders a UCC record to the filing office and waits an immediate determination of whether or not the UCC record will be taken or not.

(2) Courier delivery, at the filing office's street address. The file time for a UCC record delivered by this method is the time the UCC record is first examined by a filing officer for processing within the next close of business following the time of delivery, (even though the UCC record may not yet have been accepted for filing and may be subsequently rejected). This rule does not apply to a courier who is acting as an agent of the Remitter and who tenders a UCC record to the filing office and awaits an immediate determination of whether or not the UC record will be taken or not under rule 101.1.

(3) Postal service delivery, to the filing office's mailing address. The file time for a UCC record delivered by this method is when delivery of the UCC record is taken by the filing office (even though the UCC record may not yet have been accepted for filing and may be subsequently rejected).

(4) Fax delivery, to the filing office's fax filing telephone number. The file time for a UCC record delivered by this method is when delivery of the UCC record is taken by the filing office (even though the UCC record may not yet have been accepted for filing and may be subsequently rejected).

(5) Direct web page data entry. UCC records may be delivered by on-line data entry using the filing office’s website on the internet. Website data entry and payment procedures are available as provided at www.filinginoregon.com. The file time for a UCC record delivered by the method is the time the entry of all required elements of the UCC record in the proper format is acknowledged by the on-line entry system.

(6) Means of communication. Regardless of the method of delivery, information for recording in the UCC information management system should be communicated to the filing only in the form of the English alphabet A–Z, numbers 0–9, and symbols and characters found on a standard QWERTY keyboard. A financing statement or amendment form that does not designate separate fields for organization and individual names, and separate fields for the surname, first personal name, additional name(s)/initial(s) and suffixes for individual names is not an acceptable means of communication to the filing office.

(7) Transmitting utility and public-finance transactions. The only means to indicate to the filing office than an initial financing statement is being filed in connection with a public finance transaction, or that a financing statement is being or has been filed against a debtor that is a transmitting utility, in order to affect the filing office’s determination of the lapse date under rule 306.3 or rule 307, is to so indicate by checking the appropriate box on a UCC1 Financing Statement filed with respect to the financing statement.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0526
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0102

Search Request Delivery

UCC search requests may be delivered to the filing office by any of the means by which UCC records may be delivered to the filing office. A search request may not be delivered by checking a box or otherwise including a search request in or on an initial financing statement, but may be delivered in or on a separate search request after the initial financing statement is filed.

Stat. Auth.: ORS 79. 0526
Stats. Implemented: ORS 79.0523
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0103

Forms

Acceptable forms. In addition to the forms outlined in ORS 79.0521(1), the Secretary of State shall accept for filing only the standard forms approved for use by the International Association of Commercial Administrators up to July 1, 2013, and the current forms available from the Secretary of State’s website.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0515 & 79.0521
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 1-2002, f. 11-15-02, cert. ef. 12-1-02; CORP 1-2005, f. & cert. ef. 2-1-05; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 4-2009, f. 12-22-09 cert. ef. 1-1-10; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0104

Fees

(1) Filing fee. The fee for filing and indexing a UCC record is prescribed in ORS Ch. 79.525(1). However, if the UCC record is rejected, the submission of the record shall be deemed a filing in accordance with 79.0516, and the accompanying fee shall therefore be nonrefundable.

(2) UCC search fee. The fee for a UCC debtor name search request is $10 as prescribed in ORS Ch. 79.525(3).

(3) UCC search — copies. The fee for a UCC debtor name search request with copies is $15 as prescribed in ORS Ch. 79.525(3).

(4) UCC search — certified copies. The fee for certified copies is $15 per document number.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0525
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 5-2009, f. 12-22-09 cert. ef. 1-1-10; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0105

Methods of Payment

Filing fees and fees for public records services may be paid by the following methods.

(1) Cash. Payment in cash shall be accepted if paid in person at the filing office.

(2) Checks. Personal checks, cashier's checks and money orders made payable to the filing office shall be accepted for payment provided that the drawer (or the issuer in the case of a cashier’s check or money order) is deemed creditworthy by the filing office in its discretion.

(3) Electronic funds transfer. The filing office may accept payment via electronic funds transfer under National Automated Clearing House Association ("NACHA") rules from remitters who have entered into appropriate NACHA-approved arrangements for such transfers and who authorize the relevant transfer pursuant to such arrangements and rules.

(4) Debit and/or credit cards. The filing office shall accept payment by debit cards and credit cards issued by approved issuers. Remitters shall provide the filing officer with the card number and the expiration date of the card. Payment will not be deemed tendered until the issuer or its agent has confirmed payment.

(5) Prepaid account. A remitter may open an account for prepayment of fees associated with summaries of records by submitting an application prescribed by the filing officer and prepaying the appropriate weekly or monthly fee per file, according to the schedule found in OAR 160-040-0107. The remitter will be sent a monthly statement of the deductions from their account.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0525
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0106

Summaries of Records

Public records services are provided on a non-discriminatory basis to any member of the public on the terms described in these rules. The following methods are available for obtaining copies of UCC records and copies of data from the UCC information management system.

(1) Individually identified records. Copies of individually identified UCC records are available in paper format.

(2) Bulk copies of records. Bulk copies of UCC records are available by weekly subscription.

(3) Data from the UCC information management system. A list of available data elements from the UCC information management system, and the file layout of the data elements, is available from the filing officer upon request. Data from the UCC information management system is available as follows.

(a) Full extract. A bulk data extract of information from the UCC information management system is available. The UCC Active Filing List contains all active UCC filings, and is provided weekly or monthly by subscription.

(b) New Filing lists. The UCC New Filings List is provided weekly or monthly by subscription.

(c) Custom Extracts. Specialized searches on data stored in the UCC database. Custom searches are limited to one secured party name per search fee. Requests for information based on cities or zip codes is limited to 5 cities or 5 zip codes per search fee. Information on custom searches will be provided in tab delimited text format or MS Excel by FTP or by e-mail.

(d) Format. Extracts from the UCC information management system are available in the following formats.

(A) FTP — Bulk UCC image extracts (.tif) and UCC Data extracts (tab-delimited text — .txt).

(B) E-Mail — UCC New Filings List & UCC Custom Search (tab delimited text —.txt).

(C) Internet Download — Bulk UCC image extracts (.tif) and UCC Data extracts (tab-delimited text — .txt).

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0523
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0107

Fees for Summaries of Records

(1) Bulk copies of records. In accordance with ORS Ch. 79.0523(6), copies of UCC filings may be provided at $20 per week.

(2) Data from the UCC information management system.

(a) Full extract. The UCC Active Filing List fee for this subscription is $200 per extract

(b) New Filing Lists. The UCC New Filing List fees are $15 each.

(c) Custom extracts. The UCC Custom Search fee shall be $50 per search paid in advance.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0523 & 79.0525
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

Acceptance and Refusal of Records

160-040-0200

Role of Filing Officer

The duties and responsibilities of the filing officer with respect to the administration of the UCC are ministerial. In accepting for filing or refusing to file a UCC record pursuant to these rules, the filing officer does not:

(1) Determine the legal sufficiency or insufficiency of a record.

(2) Determine that a security interest in collateral exists or does not exist.

(3) Determine that information in the record is correct or incorrect, in whole or in part.

(4) Create a presumption that information in the UCC record is correct or incorrect, in whole or in part.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.516, 79.519, 79.520
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0201

Time for Filing a Continuation Statement

(1) First day permitted. The first day on which a continuation statement may be filed is the date six months before the lapse date of the current financing statement.

(2) Last day permitted. The last day on which a continuation statement may be filed is the date upon which the related financing statement lapses.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0515
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0202

Rejection Reasons

(1) The reasons for rejecting a filing submitted to the filing officer shall be those listed in Oregon Revised Statute Ch. 79.0516 and as delineated in the Jurisdictions Guidelines for Accepting a UCC Record for Filing Chart, published by the International Association of Commercial Administrators.

(2) For the purposes of ORS 79.0516(2)(h), collateral "within the scope of this chapter" shall include:

(a) Interest accounts (79.0310);

(b) Tangible chattel paper (79.0312);

(c) Electronic chattel paper (79.0312);

(d) Commercial tort claim (79.0310);

(e) Certain consumer goods interests (79.0310);

(f) Negotiable documents (79.0312);

(g) Equipment (79.0310);

(h) Farm products (79.0310);

(i) Certain general intangible transactions (79.0310);

(j) Instruments (79.0312);

(k) Inventory (79.0310);

(l) Interests in investment property created by debtor other than broker or intermediary (79.0312).

(3) For the purposes of ORS 79.0516(2)(h), factors that indicate "the record is being filed for a purpose not within the scope of this chapter" shall include, but are not limited to:

(a) Collateral description/attachments that contain:

(A) Birth Certificate, Certificate of Live Birth, etc.

(B) Driver's License.

(C) Treasury Account number.

(D) Employer ID number.

(E) Private Setoff Account number.

(F) Marriage Certificate number.

(G) Bill of Exchange.

(H) Dollar amount(s) that are disproportionately large.

(b) References to:

(A) Public Policy HJR-192, Public Law 73-10.

(B) House Joint Resolution 192 of June 1933.

(C) UCC 1-103, UCC 1-104, UCC 10-104, UCC 1-201(39), UCC 3-419, UCC-401.

(c) Words and phrases:

(A) "Exempt from Levy."

(B) "Exempt from all taxes, burden, charges and duty" or parts thereof.

(C) "Accepted for value."

(D) "Actual and Constructive Notice."

(E) "Strawman."

(F) "Non negotiable Notice of Transfer."

(G) "Notice of Dishonor."

(4) In determining under ORS 79.0516 whether or not there is one or more grounds to refuse a UCC record, the filing office will refuse a record that does not provide an address that meets the minimum requirements for an address as set forth in these administrative rules.

(5) In addition to rejection reasons under ORS 79.516, the filing office will refuse a record that contains a Social Security Number, a state identification number, a driver license number, a credit or debit card number or an account number that is not redacted so that not more than the last four digits of a number are accessible.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 56.037 & 79.0516
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 1-2002, f. 11-15-02, cert. ef. 12-1-02; CORP 2-2004, f. & cert. ef. 9-1-04; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0203

Procedure Upon Refusal

If the filing officer finds grounds to refuse a UCC record, communication of the refusal, the reason(s) for the refusal and other related information will be made to the Remitter as soon as practicable and in any event within two business days after the refused UCC record was received by the filing office, by the same means as the means by which such UCC record was delivered to the filing office, or by mail or such more expeditious means as the filing office shall determine.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0520
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0204

Refusal Errors

If a secured party or a remitter demonstrates to the satisfaction of the filing officer that a UCC record that was refused for filing should not have been refused, the filing officer will file the UCC record with the filing date and time the UCC record was originally tendered for filing. The filing officer shall also file a filing officer statement noting when and why the record was changed.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0520
Hist.: CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0205

Notification of Defects

Nothing in these rules prevents a filing officer from communicating to a filer or a remitter that the filing officer noticed apparent potential defects in a UCC record, whether or not it was filed or refused for filing. However, the filing office is under no obligation to do so and may not, in fact, have the resources to do so or to identify such defects. The responsibility for the legal effectiveness of filing rests with filers and remitters and the filing office bears no responsibility for such effectiveness.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0520
Hist.: CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

UCC Information Management System

160-040-0300

Policy Statement

The filing officer uses a UCC information management system to store, index, and retrieve information relating to financing statements. The UCC information management system includes an index of the names of debtors included on financing statements that are active records. The rules in this section describe the UCC information management system.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0519
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0301

Primary Data Elements

The primary data elements used in the UCC information management system are the following.

(1) Identification numbers.

(a) Initial financing statements. Each initial financing statement is identified by its file number. Identification of the initial financing statement is stamped on written UCC records or otherwise permanently associated with the record maintained for UCC records in the UCC information management system. A record is created in the UCC information management system for each initial financing statement and all information comprising such record is maintained in such system. Such record is identified by the same information assigned to the initial financing statement.

(b) Other UCC records. A UCC record other than an initial financing statement is identified by a unique file number assigned by the filing officer. In the UCC information management system, records of all UCC records other than initial financing statements are linked to the record of their related initial financing statement.

(2) Type of record. The type of UCC record from which data is transferred is identified in the UCC information management system from information supplied by the remitter.

(3) Filing date and filing time. The filing date and filing time of UCC records are stored in the UCC information management system. Calculation of the lapse date of an initial financing statement is based upon the filing date.

(4) Identification of parties. The names and addresses of debtors and secured parties are transferred from UCC records to the UCC information management.

(5) Status of financing statement. In the UCC information management system, each financing statement has a status of active or inactive.

(6) Page count. The total number of pages in a UCC record is maintained in the UCC information management system.

(7) Lapse indicator. An indicator is maintained by which the UCC information management system identifies whether or not a financing statement will lapse and, if it does, when it will lapse. The lapse date is determined as provided in rules 160-040-0306(3); 160-040-0307; and 160-040-0308(1).

(8) Indexes of names. The filing office maintains in the UCC information management system a searchable index of organization debtor names, and a searchable index of individual debtor names. The filing office may also maintain a searchable index of names of secured parties of record. Such an index need not be a separate database but may by comprised of records in the UCC information management system indentified to be included in such searchable index.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0519
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0302

Individual Debtor Names

For purposes of these rules, an “individual debtor name” is any name provided as a debtor name in a UCC record in a format that identifies the name as that of a debtor who is an individual, without regard to the nature or character of the name or to the nature or character of the actual debtor.

(1) Individual name fields. Individual debtor names are stored in files that include only the individual debtor names, and not organization debtor names. Separate data entry fields are established for surnames (last or family names), first personal names (given), and additional names(s)/initial(s) of individuals. The name of a debtor with a single name (e.g., “Cher”) is treated as a surname and shall be entered in the individual surname field. The filing officer assumes no responsibility for the accurate designation of the components of a name but shall accurately enter the data in accordance with the filer’s designations.

(2) Titles, prefixes and suffixes. Titles, prefixes (e.g. “Ms.”) and suffixes or indications of status (e.g. “M.D.”) are not typically part of a debtor’s name. Suffixes used to distinguish between family members with identical names (e.g., “JR.”) should be provided in the Suffix field. However, when entering a “name” into the UCC information management system, the data will be entered exactly as they appear.

(3) Extended debtor name field. The Financing Statement form has limited space for individual debtor names. If any portion of the individual debtor name is too long for the corresponding field, the filer is instructed to check the box that indicates the name was too long and enter the name in item 10 of the Addendum Form UCC1AD. A filing officer shall not refuse to accept a Financing Statement that lacks debtor information in item 1 and/or item 2 in the record includes an Addendum that provides a debtor name in item 10.

(4) Truncation — individual names. Personal name fields in the UCC database are fixed in length. Although filers should continue to provide full names on their UCC records, a name that exceeds the fixed length is entered as presented to the filing officer, up to the maximum length of the data entry field. The length of data entry name fields are as follows.

(a) Surname: 40 characters.

(b) First Personal Name: 20 characters.

(c) Additional name(s)/initial(s): 40 characters.

(d) Suffix: 10 characters.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0519
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0303

Organization Debtor Names

For purposes of these rules, an “organization debtor name” is any name provided as a debtor name in a UCC record in a format that identifies the name as that of a debtor who is an organization, without regard to the nature or character of the name or to the nature or character of the actual debtor.

(1) Single field. Organization debtor names are stored in files that include only organization debtor names and not individual debtor names. A single field is used to store an organization debtor name.

(2) Truncation organization names. The organization debtor name field in the UCC database is fixed in length. The maximum length is 250 characters. Although filers should continue to provide full names on their UCC records, a name that exceeds the fixed length is entered as presented to the filing officer, up to the maximum length of the organization debtor name field.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0519
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0304

Estates

Collateral being administered by a Decedent’s Personal Representative. The debtor name to be provided on a financing statement when the collateral is being administered by a decedent’s personal representative in the name of the relevant decedent. In order for the UCC information management system to function in accordance with the usual expectations of filers and searchers, the filer should provide the debtor name as an individual debtor name. However, the filing office will enter data submitted by a filer in the fields designated by the filer exactly as it appears in such fields.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.519
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0305

Trusts

Collateral held in a Trust. The debtor name to be provided when the collateral is held in a trust that is not a registered organization is the name of the trust as set forth in its organic record(s), if the trust has such a name or, if the trust is not so named, the name of the trust’s settlor. In order for the UCC information management system to function in accordance with the usual expectations of filers and searchers, the name of a trust or of a settlor that is an organization should be provided as an organization debtor name, and the name of a settlor who is an individual should be provided as an individual debtor name, in each case without regard to the nature or character of the debtor. Notwithstanding the foregoing, the filing office will enter data submitted by a filer in the fields designated by the filer exactly as it appears in such fields.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.519
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0306

Initial Financing Statement

Upon the filing of an initial financing statement the status of the parties and the status of the financing statement shall be as follows.

(1) Status of secured party. Each secured party named on an initial financing statement shall be a secured party of record, except that if the UCC record names an assignee, the secured party/assignor shall not be a secured party of record and the secured party/assignee shall be a secured party of record.

(2) Status of debtor. Each debtor name provided by the initial financing statement shall be indexed in the UCC information management system so long as the financing statement is an Active Record.

(3) Status of financing statement. The financing statement shall be an Active Record. A lapse date shall be calculated, five years from the file date, unless (i) the initial financing statement indicates as provided in rule 0306(4) that it is filed with respect to a public-financing transaction in which case the lapse date shall be thirty years from the file date, or (ii) the initial financing statement indicates as provided in rule 0306(4) that it is filed against a transmitting utility, in which case there shall be no lapse date.

(4) Transmitting utility and public-finance transactions. The only means to indicate to the filing office that an initial financing statement is being filed in connection with a public-finance transaction, or that a financing statement is being or has been filed against a debtor that is a transmitting utility, to affect the filing office’s determination of the lapse date under rule 0306(3) or 0307, is to so indicate by checking the appropriate box on a UCC1 initial financing statement.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0519
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 3-2001 f. 12-14-01 cert. ef. 1-1-02; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0307

Amendment

Amendments generally. Upon the filing of an amendment the status of the parties shall be unchanged, except that in the case of an amendment that adds a debtor or a secured party, the new debtor or secured party shall be added to appropriate index and associated with the record of the financing statement in the UCC information management system. Notwithstanding the filing of an amendment that deletes a debtor or a secured party from a financing statement, no debtor or secured party of record is deleted from the UCC information management system. A deleted secured party will still be treated by the filing office as a secured party of record as the filing office cannot verify the effectiveness of an amendment. In general, the filing of an amendment does not affect the status of the financing statement.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0512
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0308

Assignment of Powers of Secured Party of Record

(1) Status of the parties. An assignment shall have no effect on the status of the parties to the financing statement, except that each assignee named in the assignment shall become a secured party of record.

(2) Status of financing statement. An assignment shall have no effect upon the status of the financing statement.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0514
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0309

Continuation

(1) Continuation of lapse date. Upon the timely filing of one or more continuations by any secured party(ies) of record, the lapse date of the financing statement shall be extended for five years.

(2) Status of parties. The filing of a continuation shall have no effect upon the status of any party to the financing statement.

(3) Status of financing statement. Upon the filing of a continuation statement, the status of the financing statement remains active.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0510 & 79.0526
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0310

Termination

(1) Status of parties. The filing of a termination shall have no effect upon the status of any party to the financing statement.

(2) Status of financing statement. A termination shall have no effect upon the status of the financing statement and the financing statement shall remain active in the UCC information management system until the lapse date, and accessible until one year after it lapses.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0510 & 79.0526
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 3-2001 f. 12-14-01 cert. ef. 1-1-02; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0311

Information Statement

The filing of an information statement shall have no effect upon the status of any party to the financing statement, the status of the financing statement or to the information maintained in the UCC information management system.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0518
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 4-2009, f. 12-22-09 cert. ef. 1-1-10; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0312

Filing Officer Statement

A filing officer statement affects the status of parties and of the relevant financing statement as provided in the corrective action described as having been taken in the filing officer statement.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.515 & 79.526
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 3-2001 f. 12-14-01 cert. ef. 1-1-02; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

Filing and Data Entry Procedures

160-040-0400

Lapse Date and Time

(1) Procedure Upon Lapse. If there is no timely filing of a continuation with respect to a financing statement, the financing statement lapses on its lapse date and the UCC information management system renders or is caused to render the financing statement inactive. On the first anniversary of such lapse date, the financing statement will no longer be made available to a searcher unless inactive statements are requested by the searcher and the financing statement is still retrievable by the UCC information management system.

(2) Lapse Date and Time. A lapse date is calculated for each initial financing statement (unless the debtor is indicated to be a transmitting utility). The lapse date is the same date of the same month as the filing date in the fifth year after the filing date or relevant subsequent fifth anniversary thereof if timely continuation statement is filed, but if the initial financing statement indicates that it is filed with respect to a public finance transaction, the lapse date is the same date of the same month as the filing date in the thirtieth year after the filing date. The lapse takes effect at the end of the business day of the lapse date. The relevant anniversary for a February 29 filing date shall be the March 1 in the fifth year following the year of the filing date.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.515 & 79.526
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0401

Errors of the Filing Officer

The filing office may correct the data entry and indexing errors of filing officer personnel in the UCC information management system at any time. If the correction occurs after the filing officer has issued a certification date that includes the filing date of the corrected document, the filing officer shall enter a filing officer statement in the UCC information management system identifying the record to which it relates, stating the date of the correction, and explaining the nature of the corrective action taken. The record shall be preserved as long as the record of the initial financing statement is preserved in the UCC information management system.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0515
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0402

Data Entry of Names

A filing should designate whether a name is a name of an individual or an organization. Filers should be aware that the inclusion of names in an incorrect field or failures to transmit names accurately to the filing office may cause filings to be ineffective.

(1) Organization names. Organization names are entered into the UCC information management system exactly as set forth in the UCC record, even if it appears that multiple names are set forth in the record or if it appears that the name of an individual has been included in the field designated for an organization name.

(2) Individual names. On a form that designates separate fields for surname, first personal name, additional name(s)/initial(s) and any suffix, the filing officer enters the names into the surname, first personal name, additional name(s)/initial(s) and suffix fields in the UCC information management system exactly as set forth on the form.

(3) If a UCC record is tendered that provides characters not permitted under rule 0101(6), and the filing office nevertheless accepts the form for filing, the filing office will substitute in its UCC information management system, for each such character, the character of the English alphabet A–Z, and symbols found on a standard QWERTY keyboard, that is its closest visual counterpart.

Example: an "ê" will be entered as an "e". A "¿" will be entered as a "?". "©" would not be entered at all and the filing will be rejected.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0519
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0403

Notice of Bankruptcy

The filing officer shall take no action upon receipt of a notification, formal or informal, of a bankruptcy proceeding involving a debtor named in the UCC information management system. Accordingly, financing statements will lapse as scheduled unless properly continued.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0522
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0404

Redaction of Certain Information

The filing officer is obliged to redact certain information from the information it provides to searchers and bulk data purchasers in accordance with ORS 56.037. Such information should not be included in UCC records and will be redacted in accordance with such laws.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 56.037
Hist.: CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

Search Requests and Reports

160-040-0500

General Requirements

The filing officer maintains for public inspection a searchable index for all Active Records in the UCC information management system. Active Records will be retrievable by the name of the debtor or by the file number of the related initial financing statement, and each Active Record related to an initial financing statement is retrieved with the initial financing statement using either retrieval method.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0523
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0501

Search Requests

Search requests — required information. Search requests shall include the following:

(1) Name searched. A search request must set forth the name of the debtor to be searched using designated fields for organization and individual surname, first personal name and additional name(s)/initial(s). A search request will be processed using the data and designated fields exactly as submitted, including the submission of no data in a given field, without regard to the nature or character of the debtor that is the subject of the search.

(2) Requesting party. The name and address of the person to whom the search results is to be sent.

(3) Fee. The appropriate fee shall be tendered by a method described in rule 160-040-0104.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0523
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0502

Search Requests — Optional Information

A UCC search request may contain any of the following information.

(1) Copy request. The request may ask for copies of UCC records identified on the primary search response.

(2) Mode of delivery. A search request may specify a mode of delivery for search results and that request will be honored if the requested mode is made available by the filing office, and all requisite fees are tendered.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0523
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0503

Rules Applied to Search Requests

Search results are produced by the application of standardized search logic to the name presented to the filing officer. Human judgment does not play a role in determining the results of the search. The following rules apply to searches:

(1) Number of matches. There is no limit to the number of matches that may be returned in response to the search criteria.

(2) Case. No distinction is made between upper and lower case letters.

(3) “&” (and). The character “&” (the ampersand) is deleted and replaced with the characters “and” each place it appears in the name.

(4) Punctuation. Punctuation marks and accents are disregarded. For the purposes of this rule, punctuation and accents include all characters other than the numerals 0 through 9 and the letters A through Z (in any case) of the English alphabet.

(5) Organization names. The following words and abbreviations at the end of an organization name that indicate the existence or nature of the organization are “disregarded” to the extent practicable as determined by the filing office’s programming of its UCC information management system: Oregon “Ending Noise Words” List: [List not included. See ED. NOTE.]

(6) "The." The word “the” at the beginning of an organization debtor name is disregarded.

(7) Spaces. All spaces are disregarded.

(8) First personal name and additional name(s)/initial(s). For first personal name and additional name(s)/initial(s) of individual debtor names, initials are treated as the logical equivalent of all names that begin with such initials, and first personal name and no additional name(s)/initial(s) is equated with all additional name(s)/initial(s). For example, a search request for “John A. Smith” would cause the search to retrieve all filings against all individual debtors with “John” or the initial “J” as the first personal name, “Smith” as the surname, and with the initial “A” or any name beginning with “A” in the additional name(s)/initial(s)field. If the search request were for “John Smith” (first personal name and surnames with no designation in the additional name(s)/initial(s) field, the search would retrieve all filings against individual debtors with “John” or the initial J as the first personal name, “Smith” as the surname and with any name or initial or no name or initial in the additional name(s)/initial(s) field.

(9) Surname only. If the name being searched is the surname of an individual debtor name without any first personal name or addition al name(s)/initial(s)provided, the search will retrieve from the UCC information management system all Unlapsed Records or, if requested by the searcher, all Active Records that pertain to financing statements with individual debtor names that consist of such surname, any or no addition al name(s)/initial(s) and no first personal name.

(10) Suffixes. Suffixes of individual names, such as "Jr." and "III" will be disregarded as search criteria.

(11) After using the preceding rules to modify the name being searched, the search will retrieve from the UCC information management system all Active Records that pertain to financing statements with debtor names that, after being modified as provided in this rule, exactly match the modified name being searched.

[ED. NOTE: Lists referenced are available from the agency.]

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0506 & 79.0523
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0504

Notice of Changes

Changes in standard search logic. If the filing office changes its standard search logic or the implementation of its standard search logic in a manner that could alter search results, the filing office will provide public notice of such change.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0506, 79.0523
Hist.: CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 3-2001 f. 12-14-01 cert. ef. 1-1-02; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08

160-040-0505

Search Responses

Reports created in response to a search request shall include the following.

(1) Filing officer. Identification of the filing officer responsible for search report.

(2) Report date. The date and time the report was generated.

(3) Name searched. Identification of the name searched.

(4) Search string. Normalized name as provided in 160-240-0503.

(5) Unique search report identification number. Unique number which identifies the search report.

(6) Through date. The date at or prior to which a UCC record must have been filed with the filing office in order for it to be reflected on the search.

(7) Copies. Copies of all UCC records revealed by the search and requested by the searcher. Copies of all UCC records retrieved by the search will reflect any redaction of personal identifying information required by law.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0523
Hist.: CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0506

Search Report

The search report shall contain the following.

(1) Identification of financing statement. Identification of each initial financing statement, including a listing of all related amendments, information statements, or filing officer notices, filed on or prior to the through date corresponding to the search criteria (including whether the searcher has requested Active Records or only Unlapsed Records). Financing statement information shall include, but is not limited to the following:

(a) Initial financing statement file number. The initial financing statement file number.

(b) Initial financing statement filing date. The date it was filed.

(c) Lapse date. Provide lapse date as calculated as of the through date established under rule 505(5).

(2) Debtor name. The debtor name(s) that appear(s) of record.

(3) Debtor address. The debtor address(s) that appear(s) of record.

(4) Secured party name. The secured party name(s) that appear(s) of record.

(5) Secured party address. The secured party address(es) that appear(s) of record.

(6) Amendment type. An indication of type of each amendment, if any.

(7) Amendment filing date and time. The date and time each amendment, if any, was filed.

(8) Amendment file number. The amendment file number of each amendment, if any.

(9) Information statement filing date and time. The date and time a correction statement, if any, was filed.

(10) Filing officer statement filing date and time. The date and time a filing officer statement, if any, was filed.

(11) Filing Type. The type of filing, including UCC financing statement, type of statutory lien or warrant, or EFS filing.

Stat. Auth.: ORS 79.0526
Stats. Implemented: ORS 79.0523
Hist.: CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

160-040-0507

Renewal Report

In accordance with ORS 79.0515, a renewal notice report will be posted on the Corporation Division website twice a year: January 1 and July 1.

(1) The renewal notice report shall contain the following:

(a) Secured party name and address;

(b) Filing/lien number;

(c) Lien type:

(A) UCC;

(B) EFS; or

(C) Revenue warrants;

(d) Lapse date; and

(e) Debtor name.

(2) The Renewal Report will be posted in the following formats:

(a) Microsoft Excel, and

(b) Tab-delimited text.

(3) A statement will be posted on the Corporation Division website that the secured party must file a continuation statement or an initial financing statement to continue a financing statement or effective financing statement.

Stat Auth: 79.0526
Stats. Implemented 79.0515
Hist.: CORP 4-2009, f. 12-22-09 cert. ef. 1-1-10

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