(1) In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;
(2) As security for, or in total or partial satisfaction of, a preexisting claim;
(3) By accepting delivery under a preexisting contract for purchase; or
(4) In return for any consideration sufficient to support a simple contract. [1961 c.726 §71.2040; 2009 c.181 §11]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 071 - General Provisions for Uniform Commercial Code
Section 71.1010 - Short titles.
Section 71.1060 - Use of singular and plural; gender.
Section 71.2010 - General definitions.
Section 71.2020 - Notice; knowledge.
Section 71.2030 - Lease distinguished from security interest.
Section 71.2050 - Reasonable time; seasonableness.
Section 71.3010 - Territorial applicability; parties’ power to choose applicable law.
Section 71.3020 - Variation by agreement.
Section 71.3030 - Course of performance, course of dealing and usage of trade.
Section 71.3040 - Obligation of good faith.
Section 71.3050 - Remedies to be liberally administered.
Section 71.3060 - Waiver or renunciation of claim or right after breach.
Section 71.3070 - Prima facie evidence by third-party documents.
Section 71.3080 - Performance or acceptance under reservation of rights.