(2) If a lender who makes a loan in close connection with a sale of goods or motor vehicles negotiates or assigns any note or other instrument taken as evidence of the obligation of the borrower, the holder of the note or other instrument shall be subject to the claims or defenses of the borrowers set forth in subsection (1) of this section. However, the liability of the holder of the note or other instrument to the borrower shall not exceed the amount owing to the lender exclusive of unearned interest at the time the claim or defense is asserted.
(3) If a financing agency makes or funds a lease in close connection with a retail lease of a motor vehicle, the financing agency is subject to all claims and defenses that the retail lessee has against the retail lessor arising out of the retail lease, notwithstanding any agreement to the contrary. However, the financing agency’s liability to the retail lessee shall not exceed the amount owing to the financing agency, exclusive of unearned interest, at the time the claim or defense is asserted.
(4) If a financing agency that makes or funds a loan in close connection with a retail lease of a motor vehicle negotiates or assigns any note or other instrument taken as evidence of the obligation of the retail lessee, the holder of the note or other instrument shall be subject to the claims or defenses of a retail lessee set forth in subsection (3) of this section. However, the liability of the holder of the note or other instrument to a retail lessee shall not exceed the amount owing to the financing agency exclusive of unearned interest at the time the claim or defense is asserted. [1973 c.626 §2; 2001 c.117 §4]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 083 - Retail Installment Contracts
Section 83.010 - Definitions for ORS 83.010 to 83.190.
Section 83.020 - Retail installment contract requirements; exceptions.
Section 83.030 - Contents of contract.
Section 83.050 - Contracts completed by mail and based on catalog of seller.
Section 83.080 - Informing buyer of service charge and right to prepay; monthly statement.
Section 83.095 - Service charge computed by actuarial method.
Section 83.100 - Extra charges; miscellaneous provisions of contract.
Section 83.130 - Voluntary prepayment by buyer; refund.
Section 83.140 - Consolidation of purchases with prior contract.
Section 83.150 - Unenforceable contract provisions.
Section 83.510 - Definitions for ORS 83.510 to 83.680.
Section 83.520 - Form and contents of retail installment contract.
Section 83.530 - Filling blanks.
Section 83.565 - Finance charge computed by actuarial method; requirements; notice.
Section 83.620 - Voluntary prepayment by buyer; refund.
Section 83.650 - Effect of negotiation of notes on rights against motor vehicle dealer.
Section 83.670 - Unenforceable contract provisions.
Section 83.710 - Definitions for ORS 83.710 to 83.750; application of ORS 83.710 to 83.750.
Section 83.715 - Telephone solicitation sale; contract; contents.
Section 83.720 - Cancellation of home solicitation sale; notice; exception.
Section 83.740 - Duties of seller upon cancellation of sale or revocation of offer to purchase.
Section 83.820 - Consumer paper; negotiability; exception; rights and liabilities of assignees.
Section 83.850 - Definitions for ORS 83.850 and 83.860.
Section 83.875 - Definitions for ORS 83.875, 83.880, 83.890 and 83.895.
Section 83.880 - Sale of motor vehicles, goods or services as time sale rather than loan.
Section 83.890 - Notice required in contract when seller intends to transfer contract.