(2) This chapter does not prevent creation of an encumbrance upon fixtures under real property law.
(3) In cases not governed by subsections (4) to (8) of this section, a security interest in fixtures is subordinate to a conflicting interest of an encumbrancer or owner of the related real property other than the debtor.
(4) Except as otherwise provided in subsection (8) of this section, a perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property and:
(a) The security interest is a purchase-money security interest;
(b) The interest of the encumbrancer or owner arises before the goods become fixtures; and
(c) The security interest is perfected by a fixture filing before the goods become fixtures or within 20 days thereafter.
(5) A perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if:
(a) The debtor has an interest of record in the real property or is in possession of the real property and the security interest:
(A) Is perfected by a fixture filing before the interest of the encumbrancer or owner is of record; and
(B) Has priority over any conflicting interest of a predecessor in title of the encumbrancer or owner;
(b) Before the goods become fixtures, the security interest is perfected by any method permitted by this chapter and the fixtures are readily removable:
(A) Factory or office machines;
(B) Equipment that is not primarily used or leased for use in the operation of the real property; or
(C) Replacements of domestic appliances that are consumer goods;
(c) The conflicting interest is a lien on the real property obtained by legal or equitable proceedings after the security interest was perfected by any method permitted by this chapter; or
(d) The security interest is:
(A) Created in a manufactured structure in a manufactured-structure transaction; and
(B) Perfected pursuant to ORS 446.611 or by recording in a county deed record as provided in ORS 446.626.
(6) A security interest in fixtures, whether or not perfected, has priority over a conflicting interest of an encumbrancer or owner of the real property if:
(a) The encumbrancer or owner has, in an authenticated record, consented to the security interest or disclaimed an interest in the goods as fixtures; or
(b) The debtor has a right to remove the goods as against the encumbrancer or owner.
(7) The priority of the security interest under subsection (6)(b) of this section continues for a reasonable time if the debtor’s right to remove the goods as against the encumbrancer or owner terminates.
(8) A mortgage is a construction mortgage to the extent that it secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land, if a recorded record of the mortgage so indicates. Except as otherwise provided in subsections (5) and (6) of this section, a security interest in fixtures is subordinate to a construction mortgage if a record of the mortgage is recorded before the goods become fixtures and the goods become fixtures before the completion of the construction. A mortgage has this priority to the same extent as a construction mortgage to the extent that it is given to refinance a construction mortgage.
(9) A perfected security interest in crops growing on real property has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property. [2001 c.445 §54; 2003 c.655 §53]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 079 - Secured Transactions
Section 79.0102 - UCC 9-102. Definitions and index of definitions.
Section 79.0104 - UCC 9-104. Control of deposit account.
Section 79.0105 - UCC 9-105. Control of electronic chattel paper.
Section 79.0106 - UCC 9-106. Control of investment property.
Section 79.0108 - UCC 9-108. Sufficiency of description.
Section 79.0109 - UCC 9-109. Scope.
Section 79.0110 - UCC 9-110. Security interests arising under ORS chapter 72 or 72A.
Section 79.0201 - UCC 9-201. General effectiveness of security agreement.
Section 79.0204 - UCC 9-204. After-acquired property; future advances.
Section 79.0205 - UCC 9-205. Use or disposition of collateral permissible.
Section 79.0206 - UCC 9-206. Security interest arising in purchase or delivery of financial asset.
Section 79.0208 - UCC 9-208. Additional duties of secured party having control of collateral.
Section 79.0301 - UCC 9-301. Law governing perfection and priority of security interests.
Section 79.0307 - UCC 9-307. Location of debtor.
Section 79.0309 - UCC 9-309. Security interest perfected upon attachment.
Section 79.0314 - UCC 9-314. Perfection by control.
Section 79.0315 - UCC 9-315. Secured party’s rights on disposition of collateral and in proceeds.
Section 79.0316 - UCC 9-316. Effect of change in governing law.
Section 79.0319 - UCC 9-319. Rights and title of consignee with respect to creditors and purchasers.
Section 79.0320 - UCC 9-320. Buyer of goods.
Section 79.0323 - UCC 9-323. Future advances.
Section 79.0324 - UCC 9-324. Priority of purchase-money security interests.
Section 79.0325 - UCC 9-325. Priority of security interests in transferred collateral.
Section 79.0326 - UCC 9-326. Priority of security interests created by new debtor.
Section 79.0327 - UCC 9-327. Priority of security interests in deposit account.
Section 79.0328 - UCC 9-328. Priority of security interests in investment property.
Section 79.0329 - UCC 9-329. Priority of security interests in letter-of-credit right.
Section 79.0330 - UCC 9-330. Priority of purchaser of chattel paper or instrument.
Section 79.0332 - UCC 9-332. Transfer of money; transfer of funds from deposit account.
Section 79.0333 - UCC 9-333. Priority of certain liens arising by operation of law.
Section 79.0334 - UCC 9-334. Priority of security interests in fixtures and crops.
Section 79.0335 - UCC 9-335. Accessions.
Section 79.0336 - UCC 9-336. Commingled goods.
Section 79.0340 - UCC 9-340. Effectiveness of right of recoupment or setoff against deposit account.
Section 79.0341 - UCC 9-341. Bank’s rights and duties with respect to deposit account.
Section 79.0401 - UCC 9-401. Alienability of debtor’s rights.
Section 79.0403 - UCC 9-403. Agreement not to assert defenses against assignee.
Section 79.0404 - UCC 9-404. Rights acquired by assignee; claims and defenses against assignee.
Section 79.0405 - UCC 9-405. Modification of assigned contract.
Section 79.0409 - UCC 9-409. Restrictions on assignment of letter-of-credit rights ineffective.
Section 79.0501 - UCC 9-501. Filing office.
Section 79.0503 - UCC 9-503. Name of debtor and secured party.
Section 79.0504 - UCC 9-504. Indication of collateral.
Section 79.0506 - UCC 9-506. Effect of errors or omissions.
Section 79.0507 - UCC 9-507. Effect of certain events on effectiveness of financing statement.
Section 79.0509 - UCC 9-509. Persons entitled to file a record.
Section 79.0510 - UCC 9-510. Effectiveness of filed record.
Section 79.0511 - UCC 9-511. Secured party of record.
Section 79.0512 - UCC 9-512. Amendment of financing statement.
Section 79.0513 - UCC 9-513. Termination statement.
Section 79.0514 - UCC 9-514. Assignment of powers of secured party of record.
Section 79.0516 - UCC 9-516. What constitutes filing; effectiveness of filing.
Section 79.0518 - UCC 9-518. Claim concerning inaccurate or wrongfully filed record.
Section 79.0520 - UCC 9-520. Acceptance and refusal to accept record.
Section 79.0522 - UCC 9-522. Maintenance and destruction of records.
Section 79.0523 - UCC 9-523. Information from filing office; sale or license of records.
Section 79.0524 - UCC 9-524. Delay by filing office.
Section 79.0525 - UCC 9-525. Fees; rules.
Section 79.0526 - UCC 9-526. Filing-office rules.
Section 79.0602 - UCC 9-602. Waiver and variance of rights and duties.
Section 79.0603 - UCC 9-603. Agreement on standards concerning rights and duties.
Section 79.0604 - UCC 9-604. Procedure if security agreement covers real property or fixtures.
Section 79.0605 - UCC 9-605. Unknown debtor or secondary obligor.
Section 79.0607 - UCC 9-607. Collection and enforcement by secured party.
Section 79.0609 - UCC 9-609. Secured party’s right to take possession after default.
Section 79.0610 - UCC 9-610. Disposition of collateral after default.
Section 79.0611 - UCC 9-611. Notification before disposition of collateral.
Section 79.0612 - UCC 9-612. Timeliness of notification before disposition of collateral.
Section 79.0616 - UCC 9-616. Explanation of calculation of surplus or deficiency.
Section 79.0617 - UCC 9-617. Rights of transferee of collateral.
Section 79.0618 - UCC 9-618. Rights and duties of certain secondary obligors.
Section 79.0619 - UCC 9-619. Transfer of record or legal title.
Section 79.0621 - UCC 9-621. Notification of proposal to accept collateral.
Section 79.0622 - UCC 9-622. Effect of acceptance of collateral.
Section 79.0623 - UCC 9-623. Right to redeem collateral.
Section 79.0624 - UCC 9-624. Waiver.
Section 79.0625 - UCC 9-625. Remedies for secured party’s failure to comply with article.
Section 79.0626 - UCC 9-626. Action in which deficiency or surplus is in issue.
Section 79.0627 - UCC 9-627. Determination of whether conduct was commercially reasonable.