2021 Oregon Revised Statutes
Chapter 079 - Secured Transactions
Section 79.0323 - UCC 9-323. Future advances.

(a) Is made while the security interest is perfected only:
(A) Under ORS 79.0309 when it attaches; or
(B) Temporarily under ORS 79.0312 (5), (6) or (7); and
(b) Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under ORS 79.0309 or 79.0312 (5), (6) or (7).
(2) Except as otherwise provided in subsection (3) of this section, a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made:
(a) Without knowledge of the lien; or
(b) Pursuant to a commitment entered into without knowledge of the lien.
(3) Subsections (1) and (2) of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor.
(4) Except as otherwise provided in subsection (5) of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
(a) The time the secured party acquires knowledge of the buyer’s purchase; or
(b) Forty-five days after the purchase.
(5) Subsection (4) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer’s purchase and before the expiration of the 45-day period.
(6) Except as otherwise provided in subsection (7) of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
(a) The time the secured party acquires knowledge of the lease; or
(b) Forty-five days after the lease contract becomes enforceable.
(7) Subsection (6) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period. [2001 c.445 §43]

Structure 2021 Oregon Revised Statutes