SB 167 (2025), Chapter 33 — UCC 2022 amendments incl. controllable electronic records, enrolled (Part 2 of 2)
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remains perfected until the
earliest of:
(a) The time perfection would have ceased under the law of that jurisdiction;
(b) The expiration of four months after a change of the debtor’s location to another jurisdiction;
or
(c) The expiration of one year after a transfer of collateral to a person that thereby becomes a
debtor and is located in another jurisdiction.
(2) If a security interest described in subsection (1) of this section becomes perfected under the
law of the other jurisdiction before the earliest time or event described in that subsection, it re-
mains perfected thereafter. If the security interest does not become perfected under the law of the
other jurisdiction before the earliest time or event, it becomes unperfected and is deemed never to
have been perfected as against a purchaser of the collateral for value.
(3) A possessory security interest in collateral, other than goods covered by a certificate of title,
a manufactured structure or as-extracted collateral consisting of goods, remains continuously per-
fected if:
(a) The collateral is located in one jurisdiction and subject to a security interest perfected under
the law of that jurisdiction;
(b) Thereafter the collateral is brought into another jurisdiction; and
(c) Upon entry into the other jurisdiction, the security interest is perfected under the law of the
other jurisdiction.
(4) Except as otherwise provided in subsection (5) of this section, a security interest in goods
covered by a certificate of title or in a manufactured structure that is perfected by any method
under the law of another jurisdiction when the goods become covered by a certificate of title or a
manufactured structure ownership document or deed record in this state remains perfected until the
security interest would have become unperfected under the law of the other jurisdiction had the
goods not become so covered.
(5) A security interest described in subsection (4) of this section becomes unperfected as against
a purchaser of the goods for value and is deemed never to have been perfected as against a pur-
Enrolled Senate Bill 167 (SB 167-INTRO) Page 47
chaser of the goods for value if the applicable requirements for perfection under ORS 79.0311 (2) or
79.0313 are not satisfied before the earlier of:
(a) The time the security interest would have become unperfected under the law of the other
jurisdiction had the goods not become covered by a certificate of title or a manufactured structure
ownership document or deed record in this state; or
(b) The expiration of four months after the goods had become so covered.
(6) A security interest in chattel paper, controllable accounts, controllable electronic re-
cords, controllable payment intangibles, deposit accounts, letter-of-credit rights or investment
property which is perfected under the law of the chattel paper’s jurisdiction, the controllable
electronic record’s jurisdiction, the bank’s jurisdiction, the issuer’s jurisdiction, a nominated
person’s jurisdiction, the securities intermediary’s jurisdiction or the commodity intermediary’s ju-
risdiction, as applicable, remains perfected until the earlier of:
(a) The time the security interest would have become unperfected under the law of that juris-
diction; or
(b) The expiration of four months after a change of the applicable jurisdiction to another juris-
diction.
(7) If a security interest described in subsection (6) of this section becomes perfected under the
law of the other jurisdiction before the earlier of the time or the end of the period described in
subsection (6) of this section, it remains perfected thereafter. If the security interest does not be-
come perfected under the law of the other jurisdiction before the earlier of that time or the end of
that period, it becomes unperfected and is deemed never to have been perfected as against a pur-
chaser of the collateral for value.
(8) The following rules apply to collateral to which a security interest attaches within four
months after the debtor changes the debtor’s location to another jurisdiction:
(a) A financing statement filed before the change pursuant to the law of the jurisdiction desig-
nated in ORS 79.0301 (1) or 79.0305 (3) is effective to perfect a security interest in the collateral if
the financing statement would have been effective to perfect a security interest in the collateral had
the debtor not changed the debtor’s location.
(b) If a security interest perfected by a financing statement that is effective under paragraph (a)
of this subsection becomes perfected under the law of the other jurisdiction before the earlier of the
time the financing statement would have become ineffective under the law of the jurisdiction des-
ignated in ORS 79.0301 (1) or 79.0305 (3), or the expiration of the four-month period, it remains
perfected thereafter. If the security interest does not become perfected under the law of the other
jurisdiction before the earlier time or event, it becomes unperfected and is deemed never to have
been perfected as against a purchaser of the collateral for value.
(9) If a financing statement naming an original debtor is filed pursuant to the law of the juris-
diction designated in ORS 79.0301 (1) or 79.0305 (3) and the new debtor in another jurisdiction, the
following rules apply:
(a) The financing statement is effective to perfect a security interest in collateral acquired by
the new debtor before, and within four months after, the new debtor becomes bound under ORS
79.0203 (4) if the financing statement would have been effective to perfect a security interest in the
collateral had the collateral been acquired by the original debtor.
(b) A security interest perfected by the financing statement and that becomes perfected under
the law of the other jurisdiction before the earlier of the time the financing statement would have
become ineffective under the law of the jurisdiction designated in ORS 79.0301 (1) or 79.0305 (3), or
the expiration of the four-month period, remains perfected thereafter. A security interest that is
perfected by the financing statement but that does not become perfected under the law of the other
jurisdiction before the earlier time or event becomes unperfected and is deemed never to have been
perfected as against a purchaser of the collateral for value.
SECTION 67. ORS 79.0317 is amended to read:
79.0317. (1) A security interest or agricultural lien is subordinate to the rights of:
(a) A person entitled to priority under ORS 79.0322; and
Enrolled Senate Bill 167 (SB 167-INTRO) Page 48
(b) Except as otherwise provided in subsection (5) of this section, a person that becomes a lien
creditor before the earlier of the time:
(A) The security interest or agricultural lien is perfected; or
(B) One of the conditions specified in ORS 79.0203 (2)(c) is met and a financing statement cov-
ering the collateral is filed.
(2) Except as otherwise provided in subsection (5) of this section, a buyer, other than a secured
party, of [tangible chattel paper, tangible documents,] goods, instruments, tangible documents or a
[certificated] security certificate takes free of a security interest or agricultural lien if the buyer
gives value and receives delivery of the collateral without knowledge of the security interest or
agricultural lien and before it is perfected.
(3) Except as otherwise provided in subsection (5) of this section, a lessee of goods takes free
of a security interest or agricultural lien if the lessee gives value and receives delivery of the
collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(4) Subject to subsections (6) through (9) of this section, a licensee of a general intangible
or a buyer, other than a secured party, of collateral other than [tangible chattel paper, tangible
documents,] electronic money, goods, instruments, tangible documents or a certificated security
takes free of a security interest if the licensee or buyer gives value without knowledge of the se-
curity interest and before it is perfected.
(5) Except as otherwise provided in ORS 79.0320 and 79.0321, if a person files a financing
statement with respect to a purchase-money security interest before or within 20 days after the
debtor receives delivery of the collateral, the security interest takes priority over the rights of a
buyer, lessee or lien creditor which arise between the time the security interest attaches and the
time of filing.
(6) A buyer, other than a secured party, of chattel paper takes free of a security interest
if, without knowledge of the security interest and before it is perfected, the buyer gives value
and:
(a) Receives delivery of each authoritative tangible copy of the record evidencing the
chattel paper; and
(b) If each authoritative electronic copy of the record evidencing the chattel paper can
be subjected to control under ORS 79.0105, obtains control of each authoritative electronic
copy.
(7) A buyer of an electronic document takes free of a security interest if, without
knowledge of the security interest and before it is perfected, the buyer gives value and, if
each authoritative electronic copy of the document can be subjected to control under ORS
77.1060, obtains control of each authoritative electronic copy.
(8) A buyer of a controllable electronic record takes free of a security interest if, without
knowledge of the security interest and before it is perfected, the buyer gives value and ob-
tains control of the controllable electronic record.
(9) A buyer, other than a secured party, of a controllable account or controllable pay-
ment intangible takes free of a security interest if, without knowledge of the security inter-
est and before it is perfected, the buyer gives value and obtains control of the controllable
account or controllable payment intangible.
SECTION 68. ORS 79.0323 is amended to read:
79.0323. (1) Except as otherwise provided in subsection (3) of this section, for purposes of de-
termining the priority of a perfected security interest under ORS 79.0322 (1)(a), perfection of the
security interest dates from the time an advance is made to the extent that the security interest
secures an advance that:
(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).
Enrolled Senate Bill 167 (SB 167-INTRO) Page 49
(2) Except as otherwise provided in subsection (3) of this section, a security interest is subor-
dinate 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 commit-
ment 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 commit-
ment entered into without knowledge of the lease and before the expiration of the 45-day period.
SECTION 69. ORS 79.0324 is amended to read:
79.0324. (1) Except as otherwise provided in subsection (7) of this section, a perfected
purchase-money security interest in goods other than inventory or livestock has priority over a
conflicting security interest in the same goods, and, except as otherwise provided in ORS 79.0327,
a perfected security interest in its identifiable proceeds also has priority, if the purchase-money se-
curity interest is perfected when the debtor receives possession of the collateral or within 20 days
thereafter.
(2) Subject to subsection (3) of this section and except as otherwise provided in subsection (7)
of this section, a perfected purchase-money security interest in inventory has priority over a con-
flicting security interest in the same inventory, has priority over a conflicting security interest in
chattel paper or an instrument constituting proceeds of the inventory and in proceeds of the chattel
paper, if so provided in ORS 79.0330, and, except as otherwise provided in ORS 79.0327, also has
priority in identifiable cash proceeds of the inventory to the extent the identifiable cash proceeds
are received on or before the delivery of the inventory to a buyer, if:
(a) The purchase-money security interest is perfected when the debtor receives possession of the
inventory;
(b) The purchase-money secured party sends [an authenticated] a signed notification to the
holder of the conflicting security interest;
(c) The holder of the conflicting security interest receives the notification within five years be-
fore the debtor receives possession of the inventory; and
(d) The notification states that the person sending the notification has or expects to acquire a
purchase-money security interest in inventory of the debtor and describes the inventory.
(3) Subsection (2)(b) to (d) of this section applies only if the holder of the conflicting security
interest had filed a financing statement covering the same types of inventory:
(a) If the purchase-money security interest is perfected by filing, before the date of the filing;
or
(b) If the purchase-money security interest is temporarily perfected without filing or possession
under ORS 79.0312 (6), before the beginning of the 20-day period thereunder.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 50
(4) Subject to subsection (5) of this section and except as otherwise provided in subsection (7)
of this section, a perfected purchase-money security interest in livestock that are farm products has
priority over a conflicting security interest in the same livestock, and, except as otherwise provided
in ORS 79.0327, a perfected security interest in their identifiable proceeds and identifiable products
in their unmanufactured states also has priority, if:
(a) The purchase-money security interest is perfected when the debtor receives possession of the
livestock;
(b) The purchase-money secured party sends [an authenticated] a signed notification to the
holder of the conflicting security interest;
(c) The holder of the conflicting security interest receives the notification within six months
before the debtor receives possession of the livestock; and
(d) The notification states that the person sending the notification has or expects to acquire a
purchase-money security interest in livestock of the debtor and describes the livestock.
(5) Subsection (4)(b) to (d) of this section applies only if the holder of the conflicting security
interest had filed a financing statement covering the same types of livestock:
(a) If the purchase-money security interest is perfected by filing, before the date of the filing;
or
(b) If the purchase-money security interest is temporarily perfected without filing or possession
under ORS 79.0312 (6), before the beginning of the 20-day period thereunder.
(6) Except as otherwise provided in subsection (7) of this section, a perfected purchase-money
security interest in software has priority over a conflicting security interest in the same collateral,
and, except as otherwise provided in ORS 79.0327, a perfected security interest in its identifiable
proceeds also has priority, to the extent that the purchase-money security interest in the goods in
which the software was acquired for use has priority in the goods and proceeds of the goods under
this section.
(7) If more than one security interest qualifies for priority in the same collateral under sub-
section (1), (2), (4) or (6) of this section:
(a) A security interest securing an obligation incurred as all or part of the price of the collat-
eral has priority over a security interest securing an obligation incurred for value given to enable
the debtor to acquire rights in or the use of collateral; and
(b) In all other cases, ORS 79.0322 (1) applies to the qualifying security interests.
SECTION 69a. Section 70 of this 2025 Act is added to and made a part of ORS chapter
79.
SECTION 70. A security interest in a controllable account, controllable electronic record
or controllable payment intangible held by a secured party having control of the account,
electronic record or payment intangible has priority over a conflicting security interest held
by a secured party that does not have control.
SECTION 71. ORS 79.0330 is amended to read:
79.0330. (1) A purchaser of chattel paper has priority over a security interest in the chattel
paper which is claimed merely as proceeds of inventory subject to a security interest if:
(a) In good faith and in the ordinary course of the purchaser’s business, the purchaser gives new
value, [and] takes possession of each authoritative tangible copy of the record evidencing the
chattel paper and obtains control under ORS 79.0105 of each authoritative electronic copy
of the record evidencing the chattel paper or obtains control of the chattel paper [under ORS
79.0105]; and
(b) [The chattel paper does] Authoritative copies of the record evidencing the chattel paper
do not indicate that [it] the chattel paper has been assigned to an identified assignee other than
the purchaser.
(2) A purchaser of chattel paper has priority over a security interest in the chattel paper which
is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser
gives new value, [and] takes possession of each authoritative tangible copy of the record evi-
dencing the chattel paper [or] and obtains control [of] under ORS 79.0105 of each authoritative
Enrolled Senate Bill 167 (SB 167-INTRO) Page 51
electronic copy of the record evidencing the chattel paper [under ORS 79.0105] in good faith, in
the ordinary course of the purchaser’s business, and without knowledge that the purchase violates
the rights of the secured party.
(3) Except as otherwise provided in ORS 79.0327, a purchaser having priority in chattel paper
under subsection (1) or (2) of this section also has priority in proceeds of the chattel paper to the
extent that:
(a) ORS 79.0322 provides for priority in the proceeds; or
(b) The proceeds consist of the specific goods covered by the chattel paper or cash proceeds of
the specific goods, even if the purchaser’s security interest in the proceeds is unperfected.
(4) Except as otherwise provided in ORS 79.0331 (1), a purchaser of an instrument has priority
over a security interest in the instrument perfected by a method other than possession if the pur-
chaser gives value and takes possession of the instrument in good faith and without knowledge that
the purchase violates the rights of the secured party.
(5) For purposes of subsections (1) and (2) of this section, the holder of a purchase-money secu-
rity interest in inventory gives new value for chattel paper constituting proceeds of the inventory.
(6) For purposes of subsections (2) and (4) of this section, if the authoritative copies of the
record evidencing chattel paper or an instrument [indicates] indicate that [it] the chattel paper
or instrument has been assigned to an identified secured party other than the purchaser, a pur-
chaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the
secured party.
SECTION 72. ORS 79.0331 is amended to read:
79.0331. (1) This chapter does not limit the rights of a holder in due course of a negotiable in-
strument, a holder to which a negotiable document of title has been duly negotiated, [or] a protected
purchaser of a security or a qualifying purchaser of a controllable account, controllable elec-
tronic record or controllable payment intangible. These holders or purchasers take priority over
an earlier security interest, even if perfected, to the extent provided in ORS chapters 73, 77 and 78
and sections 94 to 100 of this 2025 Act.
(2) This chapter does not limit the rights of or impose liability on a person to the extent that
the person is protected against the assertion of a claim under ORS chapter 78 or sections 94 to
100 of this 2025 Act.
(3) Filing under this chapter does not constitute notice of a claim or defense to the holders, or
purchasers, or persons described in subsections (1) and (2) of this section.
SECTION 73. ORS 79.0332 is amended to read:
79.0332. (1) A transferee of tangible money takes the money free of a security interest [unless
the transferee acts] if the transferee receives possession of the money without acting in
collusion with the debtor in violating the rights of the secured party.
(2) A transferee of funds from a deposit account takes the funds free of a security interest in
the deposit account [unless the transferee acts] if the transferee receives the funds without act-
ing in collusion with the debtor in violating the rights of the secured party.
(3) A transferee of electronic money takes the money free of a security interest if the
transferee obtains control of the money without acting in collusion with the debtor in vio-
lating the rights of the secured party.
SECTION 74. ORS 79.0334 is amended to read:
79.0334. (1) A security interest under this chapter may be created in goods that are fixtures or
may continue in goods that become fixtures. A security interest does not exist under this chapter
in ordinary building materials incorporated into an improvement on land.
(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.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 52
(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 pro-
ceedings 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 in-
terest of an encumbrancer or owner of the real property if:
(a) The encumbrancer or owner has, in [an authenticated] a signed record, consented to the se-
curity 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 re-
corded 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 con-
struction 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 conflict-
ing 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.
SECTION 75. ORS 79.0341 is amended to read:
79.0341. Except as otherwise provided in ORS 79.0340 (3), and unless the bank otherwise agrees
in [an authenticated] a signed record, a bank’s rights and duties with respect to a deposit account
maintained with the bank are not terminated, suspended, or modified by:
(1) The creation, attachment or perfection of a security interest in the deposit account;
(2) The bank’s knowledge of the security interest; or
(3) The bank’s receipt of instructions from the secured party.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 53
SECTION 76. ORS 79.0404 is amended to read:
79.0404. (1) Unless an account debtor has made an enforceable agreement not to assert defenses
or claims and subject to subsections (2) to (5) of this section, the rights of an assignee are subject
to:
(a) All terms of the agreement between the account debtor and assignor and any defense or
claim in recoupment arising from the transaction that gave rise to the contract; and
(b) Any other defense or claim of the account debtor against the assignor which accrues before
the account debtor receives a notification of the assignment [authenticated] signed by the assignor
or the assignee.
(2) Subject to subsection (3) of this section and except as otherwise provided in subsection (4)
of this section, the claim of an account debtor against an assignor may be asserted against an
assignee under subsection (1) of this section only to reduce the amount the account debtor owes.
(3) This section is subject to law other than this chapter which establishes a different rule for
an account debtor who is an individual and who incurred the obligation primarily for personal,
family or household purposes.
(4) In a consumer transaction, if a record evidences the account debtor’s obligation, law other
than this chapter requires that the record include a statement to the effect that the account debtor’s
recovery against an assignee with respect to claims and defenses against the assignor may not ex-
ceed amounts paid by the account debtor under the record, and the record does not include such a
statement, the extent to which a claim of an account debtor against the assignor may be asserted
against an assignee is determined as if the record included such a statement.
(5) This section does not apply to an assignment of a health-care-insurance receivable.
SECTION 77. ORS 79.0406 is amended to read:
79.0406. (1) Subject to subsections (2) to (9) and (11) of this section, an account debtor on an
account, chattel paper or a payment intangible may discharge its obligation by paying the assignor
until, but not after, the account debtor receives a notification, [authenticated] signed by the assignor
or the assignee, that the amount due or to become due has been assigned and that payment is to
be made to the assignee. After receipt of the notification, the account debtor may discharge its ob-
ligation by paying the assignee and may not discharge the obligation by paying the assignor.
(2) Subject to [subsection (8)] subsections (8) and (11) of this section, notification is ineffective
under subsection (1) of this section:
(a) If it does not reasonably identify the rights assigned;
(b) To the extent that an agreement between an account debtor and a seller of a payment in-
tangible limits the account debtor’s duty to pay a person other than the seller and the limitation is
effective under law other than this chapter; or
(c) At the option of an account debtor, if the notification notifies the account debtor to make
less than the full amount of any installment or other periodic payment to the assignee, even if:
(A) Only a portion of the account, chattel paper or payment intangible has been assigned to that
assignee;
(B) A portion has been assigned to another assignee; or
(C) The account debtor knows that the assignment to that assignee is limited.
(3) Subject to [subsection (8)] subsections (8) and (11) of this section, if requested by the ac-
count debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been
made. Unless the assignee complies, the account debtor may discharge its obligation by paying the
assignor, even if the account debtor has received a notification under subsection (1) of this section.
(4) In this subsection, “promissory note” includes a negotiable instrument that evidences
chattel paper. Except as otherwise provided in subsection (5) of this section and ORS 72A.3030 and
79.0407, and subject to subsection (8) of this section, a term in an agreement between an account
debtor and an assignor or in a promissory note is ineffective to the extent that it:
(a) Prohibits, restricts or requires the consent of the account debtor or person obligated on the
promissory note to the assignment or transfer of, or the creation, attachment, perfection or
Enrolled Senate Bill 167 (SB 167-INTRO) Page 54
enforcement of a security interest in, the account, chattel paper, payment intangible or promissory
note; or
(b) Provides that the assignment or transfer or the creation, attachment, perfection or enforce-
ment of the security interest may give rise to a default, breach, right of recoupment, claim, defense,
termination, right of termination or remedy under the account, chattel paper, payment intangible
or promissory note.
(5) Subsection (4) of this section does not apply to the sale of a payment intangible or
promissory note, other than a sale pursuant to a disposition under ORS 79.0610 or an acceptance
of collateral under ORS 79.0620.
(6) Except as otherwise provided in ORS 72A.3030 and 79.0407 and subject to subsections (8) and
(9) of this section, a rule of law, statute or regulation that prohibits, restricts or requires the con-
sent of a government, governmental body or official, or account debtor to the assignment or transfer
of, or creation of a security interest in, an account or chattel paper is ineffective to the extent that
the rule of law, statute or regulation:
(a) Prohibits, restricts or requires the consent of the government, governmental body or official,
or account debtor to the assignment or transfer of, or the creation, attachment, perfection or
enforcement of a security interest in the account or chattel paper; or
(b) Provides that the assignment or transfer or the creation, attachment, perfection or enforce-
ment of the security interest may give rise to a default, breach, right of recoupment, claim, defense,
termination, right of termination or remedy under the account or chattel paper.
(7) Subject to [subsection (8)] subsections (8) and (11) of this section, an account debtor may
not waive or vary its option under subsection (2)(c) of this section.
(8) This section is subject to law other than this chapter which establishes a different rule for
an account debtor who is an individual and who incurred the obligation primarily for personal,
family or household purposes.
(9)(a) This section does not apply to the assignment of a health-care-insurance receivable.
(b) Subsections (4) and (6) of this section do not apply to the assignment or transfer of, or the
creation of a security interest in, a claim or right to receive compensation for injuries or sickness
as described in 26 U.S.C. 104(a)(2), provided that such transaction constitutes a sale of such claim
or right. The limitation in this paragraph is intended to leave to the court the determination of the
proper rules in such cases. The court may not infer from that limitation the nature of the proper
rule in such cases and may continue to apply established approaches.
(c) Subsections (4) and (6) of this section do not apply to the following:
(A) The assignment or transfer of, or the creation of a security interest in, a claim or right to
receive compensation for injuries or sickness as described in 26 U.S.C. 104(a)(1);
(B) The assignment or transfer of, or the creation of a security interest in, a claim or right to
receive benefits under a special needs trust as described in 42 U.S.C. 1396p(d)(4); or
(C) The assignment or transfer of, or the creation, attachment, perfection or enforcement of a
security interest in, the benefits, rights, privileges or options accruing under an annuity policy, to
the extent that the annuity policy provides for such a restriction and the restriction is permitted
under ORS 743.049.
(d) Subsection (6) of this section does not apply to the assignment or transfer of, or the creation,
attachment, perfection or enforcement of a security interest in, a right when the transfer of the
right is prohibited or restricted by ORS 147.325, 461.250 (8) or 656.234, to the extent that ORS
147.325, 461.250 (8) or 656.234 is inconsistent with subsection (6) of this section.
(10) Except to the extent otherwise provided in subsection (9) of this section, this section pre-
vails over any inconsistent provision of an existing or future statute unless the provision refers ex-
pressly to this section and states that the provision prevails over this section.
(11) Subsections (1), (2), (3) and (7) of this section do not apply to a controllable account
or controllable payment intangible.
SECTION 78. ORS 79.0408 is amended to read:
Enrolled Senate Bill 167 (SB 167-INTRO) Page 55
79.0408. (1) Except as otherwise provided in subsection (2) of this section, a term in a promissory
note or in an agreement between an account debtor and a debtor which relates to a health-care-
insurance receivable or a general intangible, including a contract, permit, license or franchise, and
which term prohibits, restricts or requires the consent of the person obligated on the promissory
note or the account debtor to, the assignment or transfer of, or creation, attachment or perfection
of a security interest in, the promissory note, health-care-insurance receivable or general intangible,
is ineffective to the extent that the term:
(a) Would impair the creation, attachment or perfection of a security interest; or
(b) Provides that the assignment or transfer or the creation, attachment or perfection of the
security interest may give rise to a default, breach, right of recoupment, claim, defense, termination,
right of termination or remedy under the promissory note, health-care-insurance receivable or gen-
eral intangible.
(2) Subsection (1) of this section applies to a security interest in a payment intangible or
promissory note only if the security interest arises out of a sale of the payment intangible or
promissory note, other than a sale pursuant to a disposition under ORS 79.0610 or an acceptance
of collateral under ORS 79.0620.
(3) A rule of law, statute or regulation that prohibits, restricts or requires the consent of a
government, governmental body or official, person obligated on a promissory note or account debtor
to the assignment or transfer of, or creation of a security interest in, a promissory note, health-
care-insurance receivable or general intangible, including a contract, permit, license or franchise
between an account debtor and a debtor, is ineffective to the extent that the rule of law, statute
or regulation:
(a) Would impair the creation, attachment or perfection of a security interest; or
(b) Provides that the assignment or transfer or the creation, attachment or perfection of the
security interest may give rise to a default, breach, right of recoupment, claim, defense, termination,
right of termination or remedy under the promissory note, health-care-insurance receivable or gen-
eral intangible.
(4) To the extent that a term in a promissory note or in an agreement between an account
debtor and a debtor which relates to a health-care-insurance receivable or general intangible or a
rule of law, statute or regulation described in subsection (3) of this section would be effective under
law other than this chapter but is ineffective under subsection (1) or (3) of this section, the creation,
attachment or perfection of a security interest in the promissory note, health-care-insurance
receivable or general intangible:
(a) Is not enforceable against the person obligated on the promissory note or the account debtor;
(b) Does not impose a duty or obligation on the person obligated on the promissory note or the
account debtor;
(c) Does not require the person obligated on the promissory note or the account debtor to rec-
ognize the security interest, pay or render performance to the secured party, or accept payment or
performance from the secured party;
(d) Does not entitle the secured party to use or assign the debtor’s rights under the promissory
note, health-care-insurance receivable or general intangible, including any related information or
materials furnished to the debtor in the transaction giving rise to the promissory note, health-care-
insurance receivable or general intangible;
(e) Does not entitle the secured party to use, assign, possess or have access to any trade secrets
or confidential information of the person obligated on the promissory note or the account debtor;
and
(f) Does not entitle the secured party to enforce the security interest in the promissory note,
health-care-insurance receivable or general intangible.
(5)(a) Subsections (1) and (3) of this section do not apply to the assignment or transfer of, or the
creation of a security interest in, a claim or right to receive compensation for injuries or sickness
as described in 26 U.S.C. 104(a)(2), provided that such transaction constitutes a sale of such claim
or right. The limitation in this paragraph is intended to leave to the court the determination of the
Enrolled Senate Bill 167 (SB 167-INTRO) Page 56
proper rules in such cases. The court may not infer from that limitation the nature of the proper
rule in such cases and may continue to apply established approaches.
(b) Subsections (1) and (3) of this section do not apply to the following:
(A) The assignment or transfer of, or the creation of a security interest in, a claim or right to
receive compensation for injuries or sickness as described in 26 U.S.C. 104(a)(1);
(B) The assignment or transfer of, or the creation of a security interest in, a claim or right to
receive benefits under a special needs trust as described in 42 U.S.C. 1396p(d)(4); or
(C) The assignment or transfer of, or the creation, attachment, perfection or enforcement of a
security interest in, the benefits, rights, privileges or options accruing under an annuity policy, to
the extent that the annuity policy provides for such a restriction and the restriction is permitted
under ORS 743.049.
(c) Subsection (3) of this section does not apply to the assignment or transfer of, or the creation,
attachment, perfection or enforcement of a security interest in, a right when the transfer of the
right is prohibited or restricted by ORS 147.325, 461.250 (8) or 656.234, to the extent that ORS
147.325, 461.250 (8) or 656.234 is inconsistent with subsection (3) of this section.
(6) Except to the extent otherwise provided in subsection (5) of this section, this section prevails
over any inconsistent provision of an existing or future statute unless the provision refers expressly
to this section and states that the provision prevails over this section.
(7) In this section, “promissory note” includes a negotiable instrument that evidences
chattel paper.
SECTION 79. ORS 79.0509 is amended to read:
79.0509. (1) A person may file an initial financing statement, amendment that adds collateral
covered by a financing statement, or amendment that adds a debtor to a financing statement only
if:
(a) The debtor authorizes the filing in [an authenticated] a signed record or pursuant to sub-
section (2) or (3) of this section; or
(b) The person holds an agricultural lien that has become effective at the time of filing and the
financing statement covers only collateral in which the person holds an agricultural lien.
(2) By [authenticating] signing or becoming bound as debtor by a security agreement, a debtor
or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(a) The collateral described in the security agreement; and
(b) Property that becomes collateral under ORS 79.0315 (1)(b), whether or not the security
agreement expressly covers proceeds.
(3) By acquiring collateral in which a security interest or agricultural lien continues under ORS
79.0315 (1)(a), a debtor authorizes the filing of an initial financing statement, and an amendment,
covering the collateral and property that becomes collateral under ORS 79.0315 (1)(b).
(4) A person may file an amendment other than an amendment that adds collateral covered by
a financing statement or an amendment that adds a debtor to a financing statement only if:
(a) The secured party of record authorizes the filing; or
(b) The amendment is a termination statement for a financing statement as to which the secured
party of record has failed to file or send a termination statement as required by ORS 79.0513 (1) or
(3), the debtor authorizes the filing, and the termination statement indicates that the debtor au-
thorized it to be filed.
(5) If there is more than one secured party of record for a financing statement, each secured
party of record may authorize the filing of an amendment under subsection (4) of this section.
SECTION 80. ORS 79.0513 is amended to read:
79.0513. (1) A secured party shall cause the secured party of record for a financing statement
to file a termination statement for the financing statement if the financing statement covers con-
sumer goods and:
(a) There is no obligation secured by the collateral covered by the financing statement and no
commitment to make an advance, incur an obligation, or otherwise give value; or
(b) The debtor did not authorize the filing of the initial financing statement.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 57
(2) To comply with subsection (1) of this section, a secured party shall cause the secured party
of record to file the termination statement:
(a) Within one month after there is no obligation secured by the collateral covered by the fi-
nancing statement and no commitment to make an advance, incur an obligation or otherwise give
value; or
(b) If earlier, within 20 days after the secured party receives [an authenticated] a signed demand
from a debtor.
(3) In cases not governed by subsection (1) of this section, within 20 days after a secured party
receives [an authenticated] a signed demand from a debtor, the secured party shall cause the secured
party of record for a financing statement to send to the debtor a termination statement for the fi-
nancing statement or file the termination statement in the filing office if:
(a) Except in the case of a financing statement covering accounts or chattel paper that has been
sold or goods that are the subject of a consignment, there is no obligation secured by the collateral
covered by the financing statement and no commitment to make an advance, incur an obligation,
or otherwise give value;
(b) The financing statement covers accounts or chattel paper that has been sold but as to which
the account debtor or other person obligated has discharged its obligation;
(c) The financing statement covers goods that were the subject of a consignment to the debtor
but are not in the debtor’s possession; or
(d) The debtor did not authorize the filing of the initial financing statement.
(4) Except as otherwise provided in ORS 79.0510, upon the filing of a termination statement with
the filing office, the financing statement to which the termination statement relates ceases to be
effective. Except as otherwise provided in ORS 79.0510, for purposes of ORS 79.0519 (7), 79.0522 (1)
and 79.0523 (3), the filing with the filing office of a termination statement relating to a financing
statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the
financing statement to lapse.
SECTION 81. ORS 79.0601 is amended to read:
79.0601. (1) After default, a secured party has the rights provided in ORS 79.0601 to 79.0628 and,
except as otherwise provided in ORS 79.0602, those provided by agreement of the parties. A secured
party:
(a) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest
or agricultural lien by any available judicial procedure; and
(b) If the collateral is documents, may proceed either as to the documents or as to the goods
they cover.
(2) A secured party in possession of collateral or control of collateral under ORS 77.1060,
79.0104, 79.0105, 79.0106 or 79.0107 or section 47 or 48 of this 2025 Act has the rights and duties
provided in ORS 79.0207.
(3) The rights under subsections (1) and (2) of this section are cumulative and may be exercised
simultaneously.
(4) Except as otherwise provided in subsection (7) of this section and ORS 79.0605, after default,
a debtor and an obligor have the rights provided in ORS 79.0601 to 79.0628 and by agreement of the
parties.
(5) If a secured party has reduced its claim to judgment, the lien of any levy that may be made
upon the collateral by virtue of an execution based upon the judgment relates back to the earliest
of:
(a) The date of perfection of the security interest or agricultural lien in the collateral;
(b) The date of filing a financing statement covering the collateral; or
(c) Any date specified in a statute under which the agricultural lien was created.
(6) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien
by judicial procedure within the meaning of this section. A secured party may purchase at the sale
and thereafter hold the collateral free of any other requirements of this chapter.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 58
(7) Except as otherwise provided in ORS 79.0607 (3), ORS 79.0601 to 79.0628 impose no duties
upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangi-
bles or promissory notes.
SECTION 82. ORS 79.0605 is amended to read:
79.0605. (1) Except as provided in subsection (2) of this section, a secured party does not
owe a duty based on its status as secured party:
[(1)] (a) To a person that is a debtor or obligor, unless the secured party knows:
[(a)] (A) That the person is a debtor or obligor;
[(b)] (B) The identity of the person; and
[(c)] (C) How to communicate with the person; or
[(2)] (b) To a secured party or lienholder that has filed a financing statement against a person,
unless the secured party knows:
[(a)] (A) That the person is a debtor; and
[(b)] (B) The identity of the person.
(2) A secured party owes a duty based on its status as a secured party to a person if, at
the time the secured party obtains control of collateral that is a controllable account, con-
trollable electronic record or controllable payment intangible or at the time the security in-
terest attaches to the collateral, whichever is later:
(a) The person is a debtor or obligor; and
(b) The secured party knows that the information in subsection (1)(a) of this section re-
lating to the person is not provided by the collateral, a record attached to or logically asso-
ciated with the collateral or the system in which the collateral is recorded.
SECTION 83. ORS 79.0608 is amended to read:
79.0608. (1) If a security interest or agricultural lien secures payment or performance of an ob-
ligation, the following rules apply:
(a) A secured party shall apply or pay over for application the cash proceeds of collection or
enforcement under ORS 79.0607 in the following order to:
(A) The reasonable expenses of collection and enforcement and, to the extent provided for by
agreement and not prohibited by law, reasonable attorney fees and legal expenses incurred by the
secured party;
(B) The satisfaction of obligations secured by the security interest or agricultural lien under
which the collection or enforcement is made; and
(C) The satisfaction of obligations secured by any subordinate security interest in or other lien
on the collateral subject to the security interest or agricultural lien under which the collection or
enforcement is made if the secured party receives [an authenticated] a signed demand for proceeds
before distribution of the proceeds is completed.
(b) If requested by a secured party, a holder of a subordinate security interest or other lien shall
furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder com-
plies, the secured party need not comply with the holder’s demand under paragraph (a)(C) of this
subsection.
(c) A secured party need not apply or pay over for application noncash proceeds of collection
and enforcement under ORS 79.0607 unless the failure to do so would be commercially unreasonable.
A secured party that applies or pays over for application noncash proceeds shall do so in a com-
mercially reasonable manner.
(d) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable
for any deficiency.
(2) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles or
promissory notes, the debtor is not entitled to any surplus and the obligor is not liable for any de-
ficiency.
SECTION 84. ORS 79.0611 is amended to read:
79.0611. (1) As used in this section, “notification date” means the earlier of the date on which:
Enrolled Senate Bill 167 (SB 167-INTRO) Page 59
(a) A secured party sends to the debtor and any secondary obligor [an authenticated] a signed
notification of disposition; or
(b) The debtor and any secondary obligor waive the right to notification.
(2) Except as otherwise provided in subsection (4) of this section, a secured party that disposes
of collateral under ORS 79.0610 shall send to the persons specified in subsection (3) of this section
a reasonable [authenticated] signed notification of disposition.
(3) To comply with subsection (2) of this section, the secured party shall send [an
authenticated] a signed notification of disposition to:
(a) The debtor;
(b) Any secondary obligor; and
(c) If the collateral is other than consumer goods:
(A) Any other person from which the secured party has received, before the notification date,
[an authenticated] a signed notification of a claim of an interest in the collateral;
(B) Any other secured party or lienholder that, 10 days before the notification date, held a se-
curity interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i) Identified the collateral;
(ii) Was indexed under the debtor’s name as of that date; and
(iii) Was filed in the office in which to file a financing statement against the debtor covering the
collateral as of that date; and
(C) Any other secured party that, 10 days before the notification date, held a security interest
in the collateral perfected by compliance with a statute, regulation or treaty described in ORS
79.0311 (1).
(4) Subsection (2) of this section does not apply if the collateral is perishable or threatens to
decline speedily in value or is of a type customarily sold on a recognized market.
(5) A secured party complies with the requirement for notification prescribed by subsection
(3)(c)(B) of this section if:
(a) Not later than 20 days or earlier than 30 days before the notification date, the secured party
requests, in a commercially reasonable manner, information concerning financing statements indexed
under the debtor’s name in the office indicated in subsection (3)(c)(B) of this section; and
(b) Before the notification date, the secured party:
(A) Did not receive a response to the request for information; or
(B) Received a response to the request for information and sent [an authenticated] a signed no-
tification of disposition to each secured party or other lienholder named in that response whose fi-
nancing statement covered the collateral.
SECTION 85. ORS 79.0613 is amended to read:
79.0613. Except in a consumer-goods transaction, the following rules apply:
(1) The contents of a notification of disposition are sufficient if the notification:
(a) Indicates the name of the debtor and the name, address and telephone number of the secured
party;
(b) Describes the collateral that is the subject of the intended disposition;
(c) States the method of intended disposition;
(d) States that the debtor is entitled to an accounting of the unpaid indebtedness and states the
charge, if any, for an accounting; and
(e) States the time and place of a public disposition or the time after which any other disposition
is to be made.
(2) Whether the contents of a notification that lacks any of the information specified in sub-
section (1) of this section are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in subsection
(1) of this section are sufficient, even if the notification includes:
(a) Information not specified by subsection (1) of this section; or
(b) Minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 60
(5) The following form of notification and the form appearing in ORS 79.0614 (3), when completed
in accordance with the instructions in subsection (6) of this section, provide sufficient infor-
mation:
[ ___________________________________________________________________________________ ]
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: (Name of debtor, obligor or other person to which the notification is sent.)
From: (Name, address and telephone number of secured party.)
Name of Debtor(s): (Include only if debtor(s) are not an addressee.)
For a public disposition:
We will sell or lease or license, as applicable the (describe collateral) to the highest qualified bid-
der in public as follows:
Day and date:
Time:
Place:
For a private disposition:
We will sell or lease or license, as applicable the (describe collateral) privately sometime after (day
and date).
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend
to sell or lease or license, as applicable for a charge of $ . You may request an accounting by
calling us at (telephone number).
[ ___________________________________________________________________________________ ]
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: (Name of debtor, obligor or other person to which the notification is sent.)
From: (Name, address and telephone number of secured party.)
{1} Name of any debtor that is not an addressee: (Name of each debtor)
{2} We will sell (describe collateral) (to the highest qualified bidder) at public sale. A sale
could include a lease or license. The sale will be held as follows:
(Date)
(Time)
(Place)
{3} We will sell (describe collateral) at private sale sometime after (date)
. A sale could include a lease or license.
{4} You are entitled to an accounting of the unpaid indebtedness secured by the property
that we intend to sell or, as applicable, lease or license.
{5} If you request an accounting you must pay a charge of $ (amount).
{6} You may request an accounting by calling us at (telephone number) .
(6) The following instructions apply to the form of notification in subsection (5) of this
section:
(a) The instructions in this subsection refer to the numbers in braces before items in the
form of notification in subsection (5) of this section. Do not include the numbers or braces
in the notification. The numbers and braces are used only for the purpose of these in-
structions.
(b) Include and complete item {1} only if there is a debtor that is not an addressee of the
notification and list the name or names.
(c) Include and complete either item {2}, if the notification relates to a public disposition
of the collateral, or item {3}, if the notification relates to a private disposition of the collat-
Enrolled Senate Bill 167 (SB 167-INTRO) Page 61
eral. If item {2} is included, include the words “to the highest qualified bidder” only if appli-
cable.
(d) Include and complete items {4} and {6}.
(e) Include and complete item {5} only if the sender will charge the recipient for an ac-
counting.
SECTION 86. ORS 79.0614 is amended to read:
79.0614. In a consumer-goods transaction, the following rules apply:
(1) A notification of disposition must provide the following information:
(a) The information specified in ORS 79.0613 (1);
(b) A description of any liability for a deficiency of the person to which the notification is sent;
(c) A telephone number from which the amount that must be paid to the secured party to redeem
the collateral under ORS 79.0623 is available; and
(d) A telephone number or mailing address from which additional information concerning the
disposition and the obligation secured is available.
(2) A particular phrasing of the notification is not required.
(3) The following form of notification, when completed in accordance with the instructions
in subsection (4) of this section, provides sufficient information:
[ ___________________________________________________________________________________ ]
(Name and address of secured party)
(Date)
NOTICE OF OUR PLAN
TO SELL PROPERTY
(Name and address of any obligor who is also a debtor)
Subject: (Identification of Transaction)
We have your (describe collateral), because you broke promises in our agreement.
For a public disposition:
We will sell (describe collateral) at public sale. A sale could include a lease or license. The sale
will be held as follows:
Day and date:
Time:
Place:
You may attend the sale and bring bidders if you want.
For a private disposition:
We will sell (describe collateral) at private sale sometime after (date). A sale could include a lease
or license.
The money that we get from the sale, after paying our costs, will reduce the amount you owe. If
we get less money than you owe, you (will or will not, as applicable) still owe us the difference. If
we get more money than you owe, you will get the extra money, unless we must pay it to someone else.
You can get the property back at any time before we sell it by paying us the full amount you owe
(not just the past due payments), including our expenses. To learn the exact amount you must pay, call
us at (telephone number).
If you want us to explain to you in writing how we have figured the amount that you owe us, you
may call us at (telephone number) or write us at (secured party’s address) and request a written ex-
planation. We will charge you $ for the explanation if we sent you another written explanation
of the amount you owe us within the last six months.
If you need more information about the sale call us at (telephone number) or write us at (secured
party’s address).
We are sending this notice to the following other people who have an interest in (describe
collateral) or who owe money under your agreement:
(Names of all other debtors and obligors, if any.)
[ ___________________________________________________________________________________ ]
Enrolled Senate Bill 167 (SB 167-INTRO) Page 62
[(4) A notification in the form of subsection (3) of this section is sufficient, even if the form includes
additional information.]
[(5) A notification in the form of subsection (3) of this section is sufficient, even if it includes minor
errors in information not required by subsection (1) of this section, unless the error is seriously mis-
leading.]
[(6) If a notification under this section is not in the form of subsection (3) of this section, law other
than this chapter determines the effect of including information not required by subsection (1) of this
section.]
(Name and address of secured party)
(Date)
NOTICE OF OUR PLAN
TO SELL PROPERTY
(Name and address of any obligor who is also a debtor)
Subject: (Identify Transaction)
We have your (describe collateral), because you broke promises in our agreement.
{1} We will sell (describe collateral) at public sale. A sale could include a lease or license.
The sale will be held as follows:
Date:
Time:
Place:
You may attend the sale and bring bidders if you want.
{2} We will sell (describe collateral) at private sale sometime after (date). A sale could
include a lease or license.
{3} The money that we get from the sale, after paying our costs, will reduce the amount
you owe. If we get less money than you owe, you (will or will not, as applicable) still owe us
the difference. If we get more money than you owe, you will get the extra money, unless
we must pay it to someone else.
{4} You can get the property back at any time before we sell it by paying us the full
amount you owe, not just the past due payments, including our expenses. To learn the exact
amount you must pay, call us at (telephone number).
{5} If you want us to explain to you in (writing) (writing or in (description of electronic
record)) (description of electronic record)) how we have figured the amount that you owe
us, {6} (call us at (telephone number)) (or) (write us at (secured party’s address)) (or contact
us by (description of electronic communication method)) {7} and request (a written explana-
tion) (a written explanation or an explanation in (description of electronic record)) (an ex-
planation in (description of electronic record)).
{8} We will charge you $ (amount) for the explanation if we sent you another
written explanation of the amount you owe us within the last six months.
{9} If you need more information about the sale (call us at (telephone number)) (or)
(write us at (secured party’s address)) (or contact us by (description of electronic commu-
nication method)).
{10} We are sending this notice to the following other people who have an interest in
(describe collateral) or who owe money under your agreement:
(Names of all other debtors and obligors, if any.)
(4) The following instructions apply to the form of notification in subsection (3) of this
section:
Enrolled Senate Bill 167 (SB 167-INTRO) Page 63
(a) The instructions in this subsection refer to the numbers in braces before items in the
form of notification in subsection (3) of this section. Do not include the numbers or braces
in the notification. The numbers and braces are used only for the purpose of these in-
structions.
(b) Include and complete either item {1}, if the notification relates to a public disposition
of the collateral, or item {2}, if the notification relates to a private disposition of the collat-
eral.
(c) Include and complete items {3}, {4}, {5}, {6} and {7}.
(d) In item {5}, include and complete any one of three alternative methods for the ex-
planation: writing, writing or electronic record, or electronic record.
(e) In item {6}, include the telephone number. In addition, the sender may include and
complete either or both of the two additional alternative methods of communication, writing
or electronic communication, for the recipient of the notification to communicate with the
sender. Neither of the two additional methods of communication is required to be included.
(f) In item {7}, include and complete the method or methods for the explanation included
in item {5}: writing, writing or electronic record, or electronic record.
(g) Include and complete item {8} only if a written explanation is included in item {5} as
a method for communicating the explanation and the sender will charge the recipient for
another written explanation.
(h) In item {9}, include either the telephone number or the address or both the telephone
number and the address. In addition, the sender may include and complete the additional
method of communication, electronic communication, for the recipient of the notification to
communicate with the sender. The additional method of electronic communication is not
required to be included.
(i) If item {10} does not apply, insert “None” after “agreement:”.
SECTION 87. ORS 79.0615 is amended to read:
79.0615. (1) A secured party shall apply or pay over for application the cash proceeds of dispo-
sition under ORS 79.0610 in the following order to:
(a) The reasonable expenses of retaking, holding, preparing for disposition, processing and dis-
posing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney
fees and legal expenses incurred by the secured party;
(b) The satisfaction of obligations secured by the security interest or agricultural lien under
which the disposition is made;
(c) The satisfaction of obligations secured by any subordinate security interest in or other sub-
ordinate lien on the collateral if:
(A) The secured party receives from the holder of the subordinate security interest or other lien
[an authenticated] a signed demand for proceeds before distribution of the proceeds is completed;
and
(B) In a case in which a consignor has an interest in the collateral, the subordinate security
interest or other lien is senior to the interest of the consignor; and
(d) A secured party that is a consignor of the collateral if the secured party receives from the
consignor [an authenticated] a signed demand for proceeds before distribution of the proceeds is
completed.
(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall
furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder does
so, the secured party need not comply with the holder’s demand under subsection (1)(c) of this sec-
tion.
(3) A secured party need not apply or pay over for application noncash proceeds of disposition
under ORS 79.0610 unless the failure to do so would be commercially unreasonable. A secured party
that applies or pays over for application noncash proceeds shall do so in a commercially reasonable
manner.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 64
(4) If the security interest under which a disposition is made secures payment or performance
of an obligation, after making the payments and applications required by subsection (1) of this sec-
tion and permitted by subsection (3) of this section:
(a) Unless subsection (1)(d) of this section requires the secured party to apply or pay over cash
proceeds to a consignor, the secured party shall account to and pay a debtor for any surplus; and
(b) The obligor is liable for any deficiency.
(5) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles or
promissory notes:
(a) The debtor is not entitled to any surplus; and
(b) The obligor is not liable for any deficiency.
(6) The surplus or deficiency following a disposition is calculated based on the amount of pro-
ceeds that would have been realized in a disposition complying with ORS 79.0601 to 79.0628 to a
transferee other than the secured party, a person related to the secured party, or a secondary
obligor if:
(a) The transferee in the disposition is the secured party, a person related to the secured party,
or a secondary obligor; and
(b) The amount of proceeds of the disposition is significantly below the range of proceeds that
a complying disposition to a person other than the secured party, a person related to the secured
party, or a secondary obligor would have brought.
(7) A secured party that receives cash proceeds of a disposition in good faith and without
knowledge that the receipt violates the rights of the holder of a security interest or other lien that
is not subordinate to the security interest or agricultural lien under which the disposition is made:
(a) Takes the cash proceeds free of the security interest or other lien;
(b) Is not obligated to apply the proceeds of the disposition to the satisfaction of obligations
secured by the security interest or other lien; and
(c) Is not obligated to account to or pay the holder of the security interest or other lien for any
surplus.
SECTION 88. ORS 79.0616 is amended to read:
79.0616. (1) As used in this section:
(a) “Explanation” means a [writing] record that:
(A) States the amount of the surplus or deficiency;
(B) Provides an explanation in accordance with subsection (3) of this section of how the secured
party calculated the surplus or deficiency;
(C) States, if applicable, that future debits, credits, charges, including additional credit service
charges or interest, rebates and expenses may affect the amount of the surplus or deficiency; and
(D) Provides a telephone number or mailing address from which additional information con-
cerning the transaction is available.
(b) “Request” means a record:
(A) [Authenticated] Signed by a debtor or consumer obligor;
(B) Requesting that the recipient provide an explanation; and
(C) Sent after disposition of the collateral under ORS 79.0610.
(2) In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer
obligor is liable for a deficiency under ORS 79.0615, the secured party shall:
(a) Send an explanation to the debtor or consumer obligor, as applicable, after the disposition
and:
(A) Before or when the secured party accounts to the debtor and pays any surplus or first makes
[written] demand in a record on the consumer obligor after the disposition for payment of the defi-
ciency; and
(B) Within 14 days after receipt of a request; or
(b) In the case of a consumer obligor who is liable for a deficiency, within 14 days after receipt
of a request, send to the consumer obligor a record waiving the secured party’s right to a deficiency.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 65
(3) To comply with subsection (1)(a)(B) of this section, [a writing] an explanation must provide
the following information in the following order:
(a) The aggregate amount of obligations secured by the security interest under which the dis-
position was made, and, if the amount reflects a rebate of unearned interest or credit service charge,
an indication of that fact, calculated as of a specified date:
(A) If the secured party takes or receives possession of the collateral after default, not more
than 35 days before the secured party takes or receives possession; or
(B) If the secured party takes or receives possession of the collateral before default or does not
take possession of the collateral, not more than 35 days before the disposition;
(b) The amount of proceeds of the disposition;
(c) The aggregate amount of the obligations after deducting the amount of proceeds;
(d) The amount, in the aggregate or by type, and types of expenses, including expenses of re-
taking, holding, preparing for disposition, processing and disposing of the collateral, and attorney
fees secured by the collateral which are known to the secured party and relate to the current dis-
position;
(e) The amount, in the aggregate or by type, and types of credits, including rebates of interest
or credit service charges, to which the obligor is known to be entitled and which are not reflected
in the amount in paragraph (a) of this subsection; and
(f) The amount of the surplus or deficiency.
(4) A particular phrasing of the explanation is not required. An explanation complying sub-
stantially with the requirements of subsection (1) of this section is sufficient, even if it includes
minor errors that are not seriously misleading.
(5) A debtor or consumer obligor is entitled without charge to one response to a request under
this section during any six-month period in which the secured party did not send to the debtor or
consumer obligor an explanation pursuant to subsection (2)(a) of this section. The secured party may
require payment of a charge not exceeding $25 for each additional response.
SECTION 89. ORS 79.0619 is amended to read:
79.0619. (1) As used in this section, “transfer statement” means a record [authenticated] signed
by a secured party stating:
(a) That the debtor has defaulted in connection with an obligation secured by specified collat-
eral;
(b) That the secured party has exercised its post-default remedies with respect to the collateral;
(c) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the
collateral; and
(d) The name and mailing address of the secured party, debtor and transferee.
(2) A transfer statement entitles the transferee to the transfer of record of all rights of the
debtor in the collateral specified in the statement in any official system for filing, recording or
registration covering the collateral or in accordance with the provisions of ORS 79.0311 (2), 446.611
or 446.626. If a transfer statement is presented with the applicable fee and request form to the offi-
cial or office responsible for maintaining the system, the official or office shall:
(a) Accept the transfer statement;
(b) Promptly amend its records to reflect the transfer; and
(c) If applicable, issue a new appropriate certificate of title in the name of the transferee.
(3) A transfer of the record or legal title to collateral to a secured party under subsection (2)
of this section or otherwise is not of itself a disposition of collateral under this chapter and does
not of itself relieve the secured party of its duties under this chapter.
SECTION 90. ORS 79.0620 is amended to read:
79.0620. (1) Except as otherwise provided in subsection (7) of this section, a secured party may
accept collateral in full or partial satisfaction of the obligation it secures only if:
(a) The debtor consents to the acceptance under subsection (3) of this section;
(b) The secured party does not receive, within the time set forth in subsection (4) of this section,
a notification of objection to the proposal [authenticated] signed by:
Enrolled Senate Bill 167 (SB 167-INTRO) Page 66
(A) A person to which the secured party was required to send a proposal under ORS 79.0621;
or
(B) Any other person, other than the debtor, holding an interest in the collateral subordinate
to the security interest that is the subject of the proposal;
(c) If the collateral is consumer goods, the collateral is not in the possession of the debtor when
the debtor consents to the acceptance; and
(d) Subsection (5) of this section does not require the secured party to dispose of the collateral
or the debtor waives the requirement pursuant to ORS 79.0624.
(2) A purported or apparent acceptance of collateral under this section is ineffective unless:
(a) The secured party consents to the acceptance in [an authenticated] a signed record or sends
a proposal to the debtor; and
(b) The conditions of subsection (1) of this section are met.
(3) For purposes of this section:
(a) A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it
secures only if the debtor agrees to the terms of the acceptance in a record [authenticated] signed
after default; and
(b) A debtor consents to an acceptance of collateral in full satisfaction of the obligation it se-
cures only if the debtor agrees to the terms of the acceptance in a record [authenticated] signed
after default or the secured party:
(A) Sends to the debtor after default a proposal that is unconditional or subject only to a con-
dition that collateral not in the possession of the secured party be preserved or maintained;
(B) In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures;
and
(C) Does not receive a notification of objection [authenticated] signed by the debtor within 20
days after the proposal is sent.
(4) To be effective under subsection (1)(b) of this section, a notification of objection must be
received by the secured party:
(a) In the case of a person to which the proposal was sent pursuant to ORS 79.0621, within 20
days after notification was sent to that person; and
(b) In other cases:
(A) Within 20 days after the last notification was sent pursuant to ORS 79.0621; or
(B) If a notification was not sent, before the debtor consents to the acceptance under subsection
(3) of this section.
(5) A secured party that has taken possession of collateral shall dispose of the collateral pur-
suant to ORS 79.0610 within the time specified in subsection (6) of this section if:
(a) Sixty percent of the cash price has been paid in the case of a purchase-money security in-
terest in consumer goods; or
(b) Sixty percent of the principal amount of the obligation secured has been paid in the case of
a non-purchase-money security interest in consumer goods.
(6) To comply with subsection (5) of this section, the secured party shall dispose of the collat-
eral:
(a) Within 180 days after taking possession; or
(b) Within any longer period to which the debtor and all secondary obligors have agreed in an
agreement to that effect entered into and [authenticated] signed after default.
(7) In a consumer transaction, a secured party may not accept collateral in partial satisfaction
of the obligation it secures.
SECTION 91. ORS 79.0621 is amended to read:
79.0621. (1) A secured party that desires to accept collateral in full or partial satisfaction of the
obligation it secures shall send its proposal to:
(a) Any person from which the secured party has received, before the debtor consented to the
acceptance, [an authenticated] a signed notification of a claim of an interest in the collateral;
Enrolled Senate Bill 167 (SB 167-INTRO) Page 67
(b) Any other secured party or lienholder that, 10 days before the debtor consented to the ac-
ceptance, held a security interest in or other lien on the collateral perfected by the filing of a fi-
nancing statement that:
(A) Identified the collateral;
(B) Was indexed under the debtor’s name as of that date; and
(C) Was filed in the office or offices in which to file a financing statement against the debtor
covering the collateral as of that date; and
(c) Any other secured party that, 10 days before the debtor consented to the acceptance, held
a security interest in the collateral perfected by compliance with a statute, regulation or treaty
described in ORS 79.0311 (1).
(2) A secured party that desires to accept collateral in partial satisfaction of the obligation it
secures shall send its proposal to any secondary obligor in addition to the persons described in
subsection (1) of this section.
SECTION 92. ORS 79.0624 is amended to read:
79.0624. (1) A debtor or secondary obligor may waive the right to notification of disposition of
collateral under ORS 79.0611 only by an agreement to that effect entered into and [authenticated]
signed after default.
(2) A debtor may waive the right to require disposition of collateral under ORS 79.0620 (5) only
by an agreement to that effect entered into and [authenticated] signed after default.
(3) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right
to redeem collateral under ORS 79.0623 only by an agreement to that effect entered into and
[authenticated] signed after default.
SECTION 93. ORS 79.0628 is amended to read:
79.0628. (1) [Unless] Subject to subsection (6) of this section, a secured party knows that a
person is a debtor or obligor, knows the identity of the person and knows how to communicate with
the person:
(a) The secured party is not liable to the person, or to a secured party or lienholder that has
filed a financing statement against the person, for failure to comply with this chapter; and
(b) The secured party’s failure to comply with this chapter does not affect the liability of the
person for a deficiency.
(2) Subject to subsection (6) of this section, a secured party is not liable because of its status
as secured party:
(a) To a person that is a debtor or obligor, unless the secured party knows:
(A) That the person is a debtor or obligor;
(B) The identity of the person; and
(C) How to communicate with the person; or
(b) To a secured party or lienholder that has filed a financing statement against a person, unless
the secured party knows:
(A) That the person is a debtor; and
(B) The identity of the person.
(3) A secured party is not liable to any person, and a person’s liability for a deficiency is not
affected, because of any act or omission arising out of the secured party’s reasonable belief that a
transaction is not a consumer-goods transaction or a consumer transaction or that goods are not
consumer goods, if the secured party’s belief is based on its reasonable reliance on:
(a) A debtor’s representation concerning the purpose for which collateral was to be used, ac-
quired or held; or
(b) An obligor’s representation concerning the purpose for which a secured obligation was in-
curred.
(4) A secured party is not liable to any person under ORS 79.0625 (3)(b) for its failure to comply
with ORS 79.0616.
(5) A secured party is not liable under ORS 79.0625 (3)(b) more than once with respect to any
one secured obligation.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 68
(6) Subsections (1) and (2) of this section do not apply to limit the liability of a secured
party to a person if, at the time the secured party obtains control of collateral that is a
controllable account, controllable electronic record or controllable payment intangible or at
the time the security interest attaches to the collateral, whichever is later:
(a) The person is a debtor or obligor; and
(b) The secured party knows that the information in subsection (2)(a) of this section re-
lating to the person is not provided by the collateral, a record attached to or logically asso-
ciated with the collateral or the system in which the collateral is recorded.
NEW UCC ARTICLE 12
SECTION 93a. Sections 94 to 100 of this 2025 Act are added to and made a part of the
Uniform Commercial Code.
SECTION 94. Sections 94 to 100 of this 2025 Act may be cited as Uniform Commercial
Code-Controllable Electronic Records.
SECTION 95. (1) In sections 94 to 100 of this 2025 Act:
(a)(A) “Controllable electronic record” means a record stored in an electronic medium
that can be subjected to control under section 98 of this 2025 Act.
(B) “Controllable electronic record” does not include a controllable account, a controlla-
ble payment intangible, a deposit account, an electronic copy of a record evidencing chattel
paper, an electronic document of title, electronic money, investment property or a
transferable record.
(b) “Qualifying purchaser” means a purchaser of a controllable electronic record or an
interest in a controllable electronic record that obtains control of the controllable electronic
record for value, in good faith and without notice of a claim of a property right in the con-
trollable electronic record.
(c) “Transferable record” has the meaning given that term in:
(A) Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act,
15 U.S.C. 7021(a)(1), as in effect on the effective date of this 2025 Act; or
(B) ORS 84.046.
(d) “Value” has the meaning given that term in ORS 73.0303, as if references in that
section to an “instrument” were references to a controllable account, controllable electronic
record or controllable payment intangible.
(2) The definitions in ORS chapter 79 of “account debtor,” “controllable account,” “con-
trollable payment intangible,” “chattel paper,” “deposit account,” “electronic money” and
“investment property” apply to sections 94 to 100 of this 2025 Act.
(3) ORS chapter 71 contains general definitions and principles of construction and inter-
pretation applicable throughout sections 94 to 100 of this 2025 Act.
SECTION 96. (1) If there is a conflict between sections 94 to 100 of this 2025 Act and ORS
chapter 79, ORS chapter 79 governs.
(2) A transaction subject to sections 94 to 100 of this 2025 Act is subject to any applicable
rule of law that establishes a different rule for consumers.
SECTION 97. (1) This section applies to the acquisition and purchase of rights in a con-
trollable account or controllable payment intangible, including the rights and benefits under
subsections (3), (4), (5) and (8) of this section of a purchaser and qualifying purchaser, in the
same manner this section applies to a controllable electronic record.
(2) To determine whether a purchaser of a controllable account or controllable payment
intangible is a qualifying purchaser, the purchaser obtains control of the account or payment
intangible if it obtains control of the controllable electronic record that evidences the ac-
count or payment intangible.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 69
(3) Except as provided in this section, law other than sections 94 to 100 of this 2025 Act
determines whether a person acquires a right in a controllable electronic record and the
right the person acquires.
(4) A purchaser of a controllable electronic record acquires all rights in the controllable
electronic record that the transferor had or had power to transfer, except that a purchaser
of a limited interest in a controllable electronic record acquires rights only to the extent of
the interest purchased.
(5) A qualifying purchaser acquires its rights in the controllable electronic record free
of a claim of a property right in the controllable electronic record.
(6) Except as provided in subsections (1) and (5) of this section for a controllable account
and a controllable payment intangible or law other than sections 94 to 100 of this 2025 Act,
a qualifying purchaser takes a right to payment, right to performance or other interest in
property evidenced by the controllable electronic record subject to a claim of a property
right in the right to payment, right to performance or other interest in property.
(7) An action may not be asserted against a qualifying purchaser based on both a pur-
chase by the qualifying purchaser of a controllable electronic record and a claim of a prop-
erty right in another controllable electronic record, whether the action is framed in
conversion, replevin, constructive trust, equitable lien or other theory.
(8) Filing of a financing statement under ORS chapter 79 is not notice of a claim of
property right in a controllable electronic record.
SECTION 98. (1) A person has control of a controllable electronic record if the electronic
record, a record attached to or logically associated with the electronic record or a system
in which the electronic record is recorded:
(a) Gives the person:
(A) Power to avail itself of substantially all of the benefit from the electronic record; and
(B) Exclusive power, subject to subsection (2) of this section, to:
(i) Prevent others from availing themselves of substantially all of the benefit from the
electronic record; and
(ii) Transfer control of the electronic record to another person or cause another person
to obtain control of another controllable electronic record as a result of the transfer of the
electronic record; and
(b) Enables the person readily to identify itself in any way, including by name, identifying
number, cryptographic key, office or account number, as having the powers specified in
paragraph (a) of this subsection.
(2) Subject to subsection (3) of this section, a power is exclusive under subsection
(1)(a)(B) of this section even if:
(a) The controllable electronic record, a record attached to or logically associated with
the electronic record or a system in which the electronic record is recorded limits the use
of the electronic record or has a protocol programmed to cause a change, including a
transfer or loss of control or a modification of benefits afforded by the electronic record; or
(b) The power is shared with another person.
(3) A power of a person is not shared with another person under subsection (2)(b) of this
section and the person’s power is not exclusive if:
(a) The person can exercise the power only if the power also is exercised by the other
person; and
(b) The other person:
(A) Can exercise the power without exercise of the power by the person; or
(B) Is the transferor to the person of an interest in the controllable electronic record
or a controllable account or controllable payment intangible evidenced by the controllable
electronic record.
(4) If a person has the powers specified in subsection (1)(a)(B) of this section, the powers
are presumed to be exclusive.
Enrolled Senate Bill 167 (SB 167-INTRO) Page 70
(5) A person has control of a controllable electronic record if another person, other than
the transferor to the person of an interest in the controllable electronic record or a con-
trollable account or controllable payment intangible evidenced by the controllable electronic
record:
(a) Has control of the electronic record and acknowledges that it has control on behalf
of the person; or
(b) Obtains control of the electronic record after having acknowledged that it will obtain
control of the electronic record on behalf of the person.
(6) A person that has control under this section is not required to acknowledge that it
has control on behalf of another person.
(7) If a person acknowledges that it has or will obtain control on behalf of another per-
son, unless the person otherwise agrees or law other than sections 94 to 100 of this 2025 Act
or ORS chapter 79 otherwise provides, the person does not owe any duty to the other person
and is not required to confirm the acknowledgment to any other person.
SECTION 99. (1) An account debtor on a controllable account or controllable payment
intangible may discharge its obligation by paying:
(a) The person having control of the controllable electronic record that evidences the
controllable account or controllable payment intangible; or
(b) Except as provided in subsection (2) of this section, a person that formerly had con-
trol of the controllable electronic record.
(2) Subject to subsection (4) of this section, the account debtor may not discharge its
obligation by paying a person that formerly had control of the controllable electronic record
if the account debtor receives a notification that:
(a) Is signed by a person that formerly had control or the person to which control was
transferred;
(b) Reasonably identifies the controllable account or controllable payment intangible;
(c) Notifies the account debtor that control of the controllable electronic record that
evidences the controllable account or controllable payment intangible was transferred;
(d) Identifies the transferee in any reasonable way, including by name, identifying num-
ber, cryptographic key, office or account number; and
(e) Provides a commercially reasonable method by which the account debtor is to pay the
transferee.
(3) After receipt of a notification that complies with subsection (2) of this section, the
account debtor may discharge its obligation by paying in accordance with the notification and
may not discharge the obligation by paying a person that formerly had control.
(4) Subject to subsection (8) of this section, notification is ineffective under subsection
(2) of this section:
(a) Unless, before the notification is sent, the account debtor and the person that, at that
time, had control of the controllable electronic record that evidences the controllable ac-
count or controllable payment intangible agree in a signed record to a commercially rea-
sonable method by which a person may furnish reasonable proof that control has been
transferred;
(b) To the extent an agreement between the account debtor and seller of a payment in-
tangible limits the account debtor’s duty to pay a person other than the seller and the limi-
tation is effective under law other than sections 94 to 100 of this 2025 Act; or
(c) At the option of the account debtor, if the notification notifies the account debtor to:
(A) Divide a payment;
(B) Make less than the full amount of an installment or other periodic payment; or
(C) Pay any part of a payment by more than one method or to more than one person.
(5) Subject to subsection (8) of this section, if requested by the account debtor, the per-
son giving the notification under subsection (2) of this section seasonably shall furnish rea-
sonable proof, using the method in the agreement referred to in subsection (4)(a) of this
Enrolled Senate Bill 167 (SB 167-INTRO) Page 71
section, that control of the controllable electronic record has been transferred. Unless the
person compiles with the request, the account debtor may discharge its obligation by paying
a person that formerly had control, even if the account debtor has received a notification
under subsection (2) of this section.
(6) A person furnishes reasonable proof under subsection (5) of this section that control
has been transferred if the person demonstrates, using the method in the agreement re-
ferred to in subsection (4)(a) of this section, that the transferee has the power to:
(a) Avail itself of substantially all the benefit from the controllable electronic record;
(b) Prevent others from availing themselves of substantially all the benefit from the
controllable electronic record; and
(c) Transfer the powers specified in paragraphs (a) and (b) of this subsection to another
person.
(7) Subject to subsection (8) of this section, an account debtor may not waive or vary its
rights under subsections (2)(a) and (5) of this section or its option under subsection (4)(c)
of this section.
(8) This section is subject to law other than sections 94 to 100 of this 2025 Act that es-
tablishes a different rule for an account debtor who is an individual and who incurred the
obligation primarily for personal, family or household purposes.
SECTION 100. (1) Except as provided in subsection (2) of this section, the local law of a
controllable electronic record’s jurisdiction governs a matter covered under sections 94 to
100 of this 2025 Act.
(2) For a controllable electronic record that evidences a controllable account or control-
lable payment intangible, the local law of the controllable electronic record’s jurisdiction
governs a matter covered by section 99 of this 2025 Act unless an effective agreement de-
termines that the local law of another jurisdiction governs.
(3) The following rules determine a controllable electronic record’s jurisdiction under this
section:
(a) If the controllable electronic record, or a record attached to or logically associated
with the controllable electronic record and readily available for review, expressly provides
that a particular jurisdiction is the controllable electronic record’s jurisdiction for purposes
of sections 94 to 100 of this 2025 Act or the Uniform Commercial Code, that jurisdiction is
the controllable electronic record’s jurisdiction.
(b) If paragraph (a) of this subsection does not apply and the rules of the system in which
the controllable electronic record is recorded are readily available for review and expressly
provide that a particular jurisdiction is the controllable electronic record’s jurisdiction for
purposes of sections 94 to 100 of this 2025 Act or the Uniform Commercial Code, that juris-
diction is the controllable electronic record’s jurisdiction.
(c) If paragraphs (a) and (b) of this subsection do not apply and the controllable elec-
tronic record, or a record attached to or logically associated with the controllable electronic
record and readily available for review, expressly provides that the controllable electronic
record is governed by the law of a particular jurisdiction, that jurisdiction is the controllable
electronic record’s jurisdiction.
(d) If paragraphs (a), (b) and (c) of this subsection do not apply and the rules of the
system in which the controllable electronic record is recorded are readily available for review
and expressly provide that the controllable electronic record or the system is governed by
the law of a particular jurisdiction, that jurisdiction is the controllable electronic record’s
jurisdiction.
(e) If paragraphs (a) through (d) of this subsection do not apply, the controllable elec-
tronic record’s jurisdiction is the District of Columbia.
(4) If subsection (3)(e) of this section applies and Article 12 of the Uniform Commercial
Code is not in effect in the District of Columbia without material modification, the governing
law for a matter covered by sections 94 to 100 of this 2025 Act is the law of the District of
Enrolled Senate Bill 167 (SB 167-INTRO) Page 72
Columbia as though Article 12 were in effect in the District of Columbia without material
modification. In this subsection “Article 12” means Article 12 of the Uniform Commercial
Code Amendments of 2022.
(5) To the extent that subsections (1) and (2) of this section provide that the local law
of the controllable electronic record’s jurisdiction governs a matter covered by sections 94
to 100 of this 2025 Act, that law governs even if the matter or a transaction to which the
matter relates does not bear any relation to the controllable electronic record’s jurisdiction.
(6) The rights acquired under section 97 of this 2025 Act by a purchaser or qualifying
purchaser are governed by the law applicable under this section at the time of purchase.
CONFORMING AMENDMENTS
TO OTHER STATUTES
SECTION 101. ORS 87.142 is amended to read:
87.142. As used in ORS 87.142 to 87.490 and 87.910, unless the context otherwise requires:
(1) “Animal” means any mammal, bird, fish, reptile, amphibian or insect.
(2) “Chattel” includes movable objects that are capable of being owned, but does not include
personal rights not reduced to possession but recoverable by an action at law or suit in equity,
money, evidence of debt and negotiable instruments.
(3) “Electric cooperative” means a cooperative corporation organized under ORS chapter 62 the
principal business of which is the construction, maintenance and operation of an electric trans-
mission and distribution system for the benefit of the members of that cooperative corporation and
which has no other principal business or purpose.
(4) “Electric utility” means a corporation engaged in distributing electricity, directly or indi-
rectly, to or for the public and regulated by the Public Utility Commission under ORS chapter 757.
(5) “Excavation” means a shaft, tunnel, incline, adit, drift or other excavation designed for the
use, working or draining of a mine.
(6) “Fair market value” means, with respect to a chattel sold at a foreclosure sale under this
chapter, the price of chattels of the same kind and condition prevailing in the county of sale at the
time of sale.
(7) “Fungible chattels” means chattels of which any unit is the equivalent of any other unit.
(8) “Improvement” means a road, tramway, trail, flume, ditch, pipeline, building, structure,
superstructure or boardinghouse used for or in connection with the working or development of a
mine.
(9) “Irrigation” includes the use of canals, ditches, pipes, pumps, spraying apparatus and other
mechanical devices to water land artificially.
(10) “Mine” means a mine, lode, mining claim or deposit that contains or may contain coal,
metal or mineral of any kind.
(11) “Mortgagee” means a person who has a valid subsisting mortgage of record or trust deed
of record securing a loan upon any real property to be charged with a lien under ORS 87.352 to
87.362.
(12) “Nursery stock” means fruit trees, fruit-tree stock, nut trees, grapevines, fruit bushes, rose
bushes, rose stock, forest and ornamental trees, and shrubs both deciduous and evergreen, florists’
stock and cuttings, scions and seedlings of fruit or ornamental trees and shrubs, and all other
fruit-bearing plants and parts thereof and plant products for propagation or planting.
(13) “Owner” includes:
(a) A person who has title to a chattel or real property;
(b) A person who is in possession of a chattel or real property under an agreement for the
purchase thereof, whether the title thereto is in the person or the vendor of the person; or
(c) A person who is in lawful possession of a chattel or real property.
(14) “Person” includes individuals, corporations, associations, firms, partnerships and joint stock
companies.
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(15) “Security interest” means an interest in a chattel reserved or created by an agreement that
secures payment or performance of an obligation as more particularly defined by ORS 71.2010
[(2)(ii)] (2)(jj).
(16) “Timbers” means sawlogs, spars, piles, felled logs and other wood growth that has been cut
or separated from land.
(17) “Wood products” includes lumber, slabwood, plywood and other wood products produced
from timbers. The term does not include paper or products made from paper.
SECTION 102. ORS 87.700 is amended to read:
87.700. As used in ORS 87.228 and 87.700 to 87.736, unless the context otherwise requires:
(1) “Agricultural produce” means horticultural products, viticultural products, fruit, berries,
vegetables, hops, mint oil, hazelnuts or other nuts, dairy products, bee products, vermiculture pro-
ducts, hay or straw baled and prepared for market, meat animals and Christmas trees as defined in
ORS 571.505.
(2) “Agricultural producer” means a person that engages in or has engaged in the business of
growing or producing agricultural produce for market or for delivery or transfer to others owning
or holding title to the produce. “Agricultural producer” includes a landowner, producer, landlord,
tenant, sharecropper or other person who participates in the growing of agricultural produce and
receives a share of the produce.
(3) “Meat animal” has the meaning for that term provided in ORS 603.010.
(4) “Person” means individual, corporation, partnership, association, joint stock company, lim-
ited liability company, limited liability partnership, cooperative, government entity, unincorporated
organization or other business entity.
(5) “Purchaser” does not include a cooperative organized and operating under ORS chapter 62,
including a foreign cooperative authorized to do business in this state under ORS chapter 60, if the
agricultural producer is a member of the cooperative.
(6) “Security interest” has the meaning given that term in ORS 71.2010 [(2)(ii)] (2)(jj).
SECTION 102a. ORS 95.270 is amended to read:
95.270. (1) A transfer or obligation is not voidable under ORS 95.230 (1)(a) as against a person
that took in good faith and for a reasonably equivalent value given the debtor or as against any
subsequent transferee or obligee.
(2) To the extent a transfer is avoidable in an action by a creditor under ORS 95.260 (1)(a), the
following apply:
(a) Except as otherwise provided in this section, the creditor may recover judgment for the
value of the asset transferred, as adjusted under subsection (3) of this section, or the amount nec-
essary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against:
(A) The first transferee of the asset or the person for whose benefit the transfer was made; or
(B) An immediate or mediate transferee of the first transferee, other than:
(i) A good-faith transferee that took for value; or
(ii) An immediate or mediate good-faith transferee of a person described in sub-subparagraph (i)
of this subparagraph.
(b) Recovery under ORS 95.260 (1)(a) or (2) of, or from, the asset transferred or its proceeds, by
levy or otherwise, is available only against a person described in paragraph (a) of this subsection.
(3) If the judgment under subsection (2) of this section is based upon the value of the asset
transferred, the judgment must be for an amount equal to the value of the asset at the time of the
transfer, subject to adjustment as the equities may require.
(4) Notwithstanding voidability of a transfer or an obligation under ORS 95.200 to 95.310, a
good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the
transfer or obligation, to:
(a) A lien on or a right to retain any interest in the asset transferred;
(b) Enforcement of any obligation incurred; or
(c) A reduction in the amount of the liability on the judgment.
(5) A transfer is not voidable under ORS 95.230 (1)(b) or 95.240 if the transfer results from:
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(a) Termination of a lease upon default by the debtor when the termination is pursuant to the
terms of the lease and applicable law; or
(b) Enforcement of a security interest in compliance with ORS chapter 79, other than accept-
ance of collateral in full or partial satisfaction of the obligation the collateral secures.
(6) A transfer is not voidable under ORS 95.240 (2):
(a) To the extent the insider gave new value to or for the benefit of the debtor after the transfer
was made unless the new value was secured by an otherwise unavoidable lien;
(b) If made in the ordinary course of business or financial affairs of the debtor and the insider;
or
(c) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured
present value given for that purpose as well as an antecedent debt of the debtor.
(7) The burden of proving matters referred to in this section is determined as follows:
(a) A party that seeks to invoke subsection (1), (4), (5) or (6) of this section has the burden of
proving the applicability of the subsection.
(b) Except as otherwise provided in paragraphs (c) and (d) of this subsection, the creditor has
the burden of proving each applicable element of subsection (2) or (3) of this section.
(c) The transferee has the burden of proving the applicability to the transferee of subsection
(2)(a)(B)(i) or (ii) of this section.
(d) A party that seeks adjustment under subsection (3) of this section has the burden of proving
the adjustment.
(8) The standard of proof required to establish matters referred to in this section is preponder-
ance of the evidence.
SECTION 103. ORS 576.715 is amended to read:
576.715. As used in ORS 576.715 to 576.744:
(1) “Agricultural seed” means grass seed of a type commonly sold for use in turf lawns or as
forage seed.
(2) “Authenticate” [has the meaning given that term in ORS 79.0102] means:
(a) To sign; or
(b) With present intent to adopt or accept a record, to attach to or logically associate
with the record an electronic sound, symbol or process.
(3) “Producer” means a person that grows agricultural seed in this state on a commercial basis
for a seed dealer.
(4) “Seed bailment contract” means a seed production contract under which the seed dealer re-
tains title to all seed, seed stock and plant life grown or used by the producer under the terms of
the contract.
(5) “Seed dealer” means a person that in the ordinary course of business contracts to buy agri-
cultural seed grown in this state by a producer or contracts with a producer for the growing of
agricultural seed in this state.
(6) “Seed delivery” means the date on which the seed grower delivers grass seed to the seed
dealer pursuant to a notice from the dealer.
(7) “Seed grower” means a person that grows grass seed in this state on a commercial basis
without entering into a contract with a seed dealer prior to harvesting of the seed.
(8) “Seed production contract” means a written agreement between a producer and a seed dealer
for the growing of agricultural seed in this state.
(9) “Seed purchase contract” means a written agreement for a seed dealer to purchase grass
seed that has been grown by a seed grower. “Seed purchase contract” does not include a seed pro-
duction contract.
(10) “Variety Not Stated Seed” means agricultural seed that is sold in unmarked plastic bags
or other unmarked containers without any reference to a variety name for the seed.
SECTION 104. ORS 576.780 is amended to read:
576.780. As used in ORS 576.780 to 576.809:
(1) “Authenticate” [has the meaning given that term in ORS 79.0102] means:
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(a) To sign; or
(b) With present intent to adopt or accept a record, to attach to or logically associate
with the record an electronic sound, symbol or process.
(2)(a) “Other seed,” except as provided in paragraph (b) of this subsection, means seed or a
mixture of seed grown for commercial purposes.
(b) “Other seed” does not include:
(A) Agricultural seed as defined in ORS 576.715 or a mixture containing agricultural seed.
(B) Any seed or mixture of seed that the Director of Agriculture excludes by rule in response
to a request by a producer organization or other producer group.
(C) Seed or a mixture of seed produced or processed under ORS 475C.770 to 475C.919.
(3) “Producer” means a person that grows other seed in this state on a commercial basis for a
seed dealer.
(4) “Seed bailment contract” means a seed production contract under which the seed dealer re-
tains title to all seed, seed stock and plant life grown or used by the producer under the terms of
the contract.
(5) “Seed dealer” means a person that in the ordinary course of business contracts to buy other
seed grown in this state by a producer or contracts with a producer for the growing of other seed
in this state.
(6) “Seed delivery” means the date on which the seed grower delivers other seed to the seed
dealer pursuant to a notice from the dealer.
(7) “Seed grower” means a person that grows other seed in this state on a commercial basis
without entering into a contract with a seed dealer prior to harvesting of the seed.
(8) “Seed production contract” means a written agreement between a producer and a seed dealer
for the growing of other seed in this state.
(9) “Seed purchase contract” means a written agreement for a seed dealer to purchase other
seed that has been grown by a seed grower. “Seed purchase contract” does not include a seed pro-
duction contract.
(10) “Variety Not Stated Seed” means other seed that is sold in unmarked plastic bags or other
unmarked containers without any reference to a variety name for the seed.
SECTION 105. ORS 650.210 is amended to read:
650.210. Without limiting the other provisions of ORS 650.200 to 650.250, the following specific
rights and prohibitions shall govern the relationship between the franchisor and the franchisee. It
shall be unlawful and a violation of ORS 650.200 to 650.250 for any franchisor to:
(1) Require a franchisee to purchase or lease goods or services of a franchisor or from approved
sources of supply unless and to the extent that the franchisor satisfies the burden of proving that
such restrictive purchasing agreements are reasonably necessary for a lawful purpose justified on
business grounds, and do not substantially affect competition. This subsection does not apply to the
initial inventory of the franchise. A determination of whether such restrictive purchasing agree-
ments are reasonably necessary for a lawful purpose justified on business grounds and do not sub-
stantially affect competition shall be guided by the decisions of the courts of the United States in
interpreting and applying the antitrust laws of the United States.
(2) Sell, rent or offer to sell or rent to a franchisee any product, service or property at a price
not set in good faith as defined in ORS 71.2010 [(2)(t)] (2)(u).
(3) Require a franchisee to assent to a release, assignment, novation or waiver which would
relieve any person from liability imposed by ORS 650.200 to 650.250.
(4) Refuse to renew a franchise without fairly compensating the franchisee for the fair market
value at the time of expiration of the franchise of the franchisee’s resalable inventory, supplies,
equipment and furnishings purchased from the franchisor, not including personalized materials that
have no value to the franchisor and inventory, supplies, equipment and furnishings not reasonably
required in the conduct of the franchise business. A franchisor may offset against amounts owed to
a franchisee under this subsection any amounts owed by such franchisee to the franchisor.
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(5) Impose on a franchisee by contract, rule or regulation, whether written or oral, any standard
of conduct unless the person so doing can sustain the burden of proving the standard of conduct to
be reasonable.
SECTION 106. ORS 801.465 is amended to read:
801.465. “Security interest” means an interest in a vehicle reserved or created by agreement and
which secures payment or performance of an obligation as more particularly defined by ORS 71.2010
[(2)(ii)] (2)(jj).
SECTION 107. ORS 830.700 is amended to read:
830.700. As used in ORS 830.060 to 830.140, 830.700 to 830.715, 830.725, 830.730, 830.770, 830.780,
830.785, 830.795 to 830.820 and 830.830 to 830.870, unless the context requires otherwise:
(1) “Boat” means every description of watercraft used or capable of being used as a means of
transportation on the water, but does not include aircraft equipped to land on water, boathouses,
floating homes, air mattresses, beach and water toys or single inner tubes.
(2) “Boathouse” means a covered structure on floats or piles used for the protected moorage of
boats.
(3) “Dealer” means a person who engages wholly or in part in the business of buying, selling
or exchanging boats, floating homes or boathouses, either outright or on conditional sale, bailment
lease, chattel mortgage or otherwise.
(4) “Floating home” means a moored structure that is secured to a pier or pilings and is used
primarily as a domicile and not as a boat.
(5) “Operate” means to navigate or otherwise use a boat on water.
(6) “Owner” means a person or persons who have a property interest other than a security in-
terest in a boat, floating home or boathouse and the right of use or possession of the boat, floating
house or boathouse, but does not include a lessee.
(7) “Ownership” means a property interest other than a security interest.
(8) “Security interest” means an interest reserved or created by agreement which secures pay-
ment or performance of an obligation as more particularly defined by ORS 71.2010 [(2)(ii)] (2)(jj).
(9) “State of principal use” means the state on whose waters a boat is used or to be used during
most of a calendar year.
TRANSITIONAL PROVISIONS, APPLICABILITY
AND EFFECTIVE DATE
SECTION 108. (1) As used in sections 108 to 115 of this 2025 Act:
(a) “Adjustment date” means the date that is one year after the effective date of this
2025 Act.
(b) “Article 12 property” means a controllable account, controllable electronic record or
controllable payment intangible.
(2) The following definitions in other chapters of the Uniform Commercial Code apply to
sections 108 to 115 of this 2025 Act:
(a) “Controllable account”: ORS 79.0102.
(b) “Controllable electronic record”: section 95 of this 2025 Act.
(c) “Controllable payment intangible”: ORS 79.0102.
(d) “Electronic money”: ORS 79.0102.
(e) “Financing statement”: ORS 79.0102.
(3) ORS chapter 79 contains general definitions and principles of construction applicable
throughout sections 108 to 115 of this 2025 Act.
SECTION 109. Except as provided in sections 108 to 115 of this 2025 Act, a transaction
validly entered into before the effective date of this 2025 Act and the rights, duties and in-
terests flowing from the transaction remain valid thereafter and may be terminated, com-
pleted, consummated or enforced as required or permitted by law other than the Uniform
Enrolled Senate Bill 167 (SB 167-INTRO) Page 77
Commercial Code or, if applicable, by the Uniform Commercial Code as though this 2025 Act
had not taken effect.
SECTION 110. (1) Except as provided in sections 108 to 115 of this 2025 Act, ORS chapter
79 and sections 94 to 100 of this 2025 Act, apply to a transaction, lien or other interest in
property even if the transaction, lien or interest was entered into, created or acquired before
the effective date of this 2025 Act.
(2) Except as provided in subsection (3) of this section and sections 108 to 115 of this 2025
Act:
(a) A transaction, lien or interest in property that was validly entered into, created or
transferred before the effective date of this 2025 Act and was not governed by the Uniform
Commercial Code, but would be subject to ORS chapter 79 and sections 94 to 100 of this 2025
Act if it had been entered into, created or transferred on or after the effective date of this
2025 Act, including the rights, duties and interests flowing from the transaction, lien or in-
terest, remains valid on and after the effective date of this 2025 Act; and
(b) The transaction, lien or interest may be terminated, completed, consummated and
enforced as required or permitted under this 2025 Act or by the law that would apply if this
2025 Act had not taken effect.
(3) This 2025 Act does not affect an action, case or proceeding commenced before the
effective date of this 2025 Act.
SECTION 111. (1) A security interest that is enforceable and perfected immediately be-
fore the effective date of this 2025 Act is a perfected security interest under this 2025 Act
if, on the effective date of this 2025 Act, the requirements for enforceability and perfection
under this 2025 Act are satisfied without further action.
(2) If a security interest is enforceable and perfected immediately before the effective
date of this 2025 Act but the requirements for enforceability and perfection under this 2025
Act are not satisfied on the effective date of this 2025 Act, the security interest:
(a) Is a perfected security interest until the earlier of the time perfection would have
ceased under the law in effect immediately before the effective date of this 2025 Act or the
adjustment date;
(b) Remains enforceable thereafter only if the security interest satisfies the require-
ments for enforceability under ORS 79.0203 before the adjustment date; and
(c) Remains perfected thereafter only if the requirements for perfection under this 2025
Act are satisfied before the time specified in paragraph (a) of this subsection.
SECTION 112. A security interest that is enforceable immediately before the effective
date of this 2025 Act but is unperfected at that time:
(1) Remains an enforceable security interest until the adjustment date;
(2) Remains enforceable thereafter if the security interest becomes enforceable under
ORS 79.0203 on the effective date of this 2025 Act or before the adjustment date; and
(3) Becomes perfected:
(a) Without further action on the effective date of this 2025 Act if the requirements for
perfection under this 2025 Act are satisfied before, or at, that time; or
(b) When the requirements for perfection are satisfied if the requirements are satisfied
after that time.
SECTION 113. (1) If action, other than the filing of a financing statement, is taken before
the effective date of this 2025 Act and the action would have resulted in perfection of the
security interest had the security interest become enforceable before the effective date of
this 2025 Act, the action is effective to perfect a security interest that attaches under this
2025 Act before the adjustment date. An attached security interest becomes unperfected on
the adjustment date unless the security interest becomes a perfected security interest under
this 2025 Act before the adjustment date.
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(2) The filing of a financing statement before the effective date of this 2025 Act is effec-
tive to perfect a security interest on the effective date of this 2025 Act to the extent that
the filing would satisfy the requirements for perfection under this 2025 Act.
(3) The taking of an action before the effective date of this 2025 Act is sufficient for the
enforceability of a security interest on the effective date of this 2025 Act if the action would
satisfy the requirements for enforceability under this 2025 Act.
SECTION 114. (1) Subject to subsections (2) and (3) of this section, this 2025 Act deter-
mines the priority of conflicting claims to collateral.
(2) Subject to subsection (3) of this section, if the priorities of claims to collateral were
established before the effective date of this 2025 Act, ORS chapter 79, as in effect before the
effective date of this 2025 Act, determines priority.
(3) On the adjustment date, to the extent the priorities determined by ORS chapter 79
modify the priorities established before the effective date of this 2025 Act, the priority of
claims to Article 12 property and electronic money established before the effective date of
this 2025 Act cease to apply.
SECTION 115. (1) Subject to subsections (2) and (3) of this section, sections 94 to 100 of
this 2025 Act determine the priority of conflicting claims to Article 12 property when the
priority rules of ORS chapter 79 do not apply.
(2) Subject to subsection (3) of this section, when the priority rules of ORS chapter 79
do not apply and the priorities of claims to Article 12 property were established before the
effective date of this 2025 Act, law other than sections 94 to 100 of this 2025 Act determines
priority.
(3) When the priority rules of ORS chapter 79 do not apply, to the extent the priorities
determined by this 2025 Act modify the priorities established before the effective date of this
2025 Act, the priorities of claims to Article 12 property established before the effective date
of this 2025 Act cease to apply on the adjustment date.
Passed by Senate February 18, 2025 Received by Governor:
........................M.,........................................................., 2025
..................................................................................
Approved:
Obadiah Rutledge, Secretary of Senate
........................M.,........................................................., 2025
..................................................................................
Rob Wagner, President of Senate
..................................................................................
Tina Kotek, Governor
Passed by House April 28, 2025
Filed in Office of Secretary of State:
.................................................................................. ........................M.,........................................................., 2025
Julie Fahey, Speaker of House
..................................................................................
Tobias Read, Secretary of State
Enrolled Senate Bill 167 (SB 167-INTRO) Page 79