80.1070 UCC 12
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/or/ors-chapter-80/controllable-electronic-records/80-1070·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
80.1070 UCC 12.107. Governing law.
(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 ORS 80.1010 to 80.1070.
(2)For a controllable electronic record that evidences a controllable account or controllable payment intangible, the local law of the controllable electronic record’s jurisdiction governs a matter covered by ORS 80.1060 unless an effective agreement determines 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 ORS 80.1010 to 80.1070 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 ORS 80.1010 to 80.1070 or the Uniform Commercial Code, that jurisdiction is the controllable electronic record’s jurisdiction.
(c)If paragraphs
(a)and
(b)of this subsection do not apply and 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 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)to
(d)of this subsection do not apply, the controllable electronic 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 ORS 80.1010 to 80.1070 is the law of the District of 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 ORS 80.1010 to 80.1070, 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 ORS 80.1040 by a purchaser or qualifying purchaser are governed by the law applicable under this section at the time of purchase. [2025 c.33 §100]
(Temporary provisions relating to transitional matters, applicability and effective dates of amendments to the Uniform Commercial Code)
Note: Sections 108 to 115, chapter 33, Oregon Laws 2025, provide:
Sec. 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 [January 1, 2026].
(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 [renumbered 79A.1020].
(b)“Controllable electronic record”: section 95 of this 2025 Act [80.1020].
(c)“Controllable payment intangible”: ORS 79.0102 [renumbered 79A.1020].
(d)“Electronic money”: ORS 79.0102 [renumbered 79A.1020].
(e)“Financing statement”: ORS 79.0102 [renumbered 79A.1020].
(3)ORS chapter 79 [renumbered ORS chapter 79A] contains general definitions and principles of construction applicable throughout sections 108 to 115 of this 2025 Act. [2025 c.33 §108]
Sec. 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 [January 1, 2026] and the rights, duties and interests flowing from the transaction remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by law other than the Uniform Commercial Code or, if applicable, by the Uniform Commercial Code as though this 2025 Act had not taken effect. [2025 c.33 §109]
Sec. 110.
(1)Except as provided in sections 108 to 115 of this 2025 Act [January 1, 2026], ORS chapter 79 [renumbered ORS chapter 79A] and sections 94 to 100 of this 2025 Act [80.1010 to 80.1070], 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 [January 1, 2026].
(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 [renumbered ORS chapter 79A] 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 interest, 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. [2025 c.33 §110]
Sec. 111.
(1)A security interest that is enforceable and perfected immediately before the effective date of this 2025 Act [January 1, 2026] 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 requirements for enforceability under ORS 79.0203 [renumbered 79A.2030] 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. [2025 c.33 §111]
Sec. 112. A security interest that is enforceable immediately before the effective date of this 2025 Act [January 1, 2026] 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 [renumbered 79A.2030] 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. [2025 c.33 §112]
Sec. 113.
(1)If action, other than the filing of a financing statement, is taken before the effective date of this 2025 Act [January 1, 2026] 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.
(2)The filing of a financing statement before the effective date of this 2025 Act is effective 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. [2025 c.33 §113]
Sec. 114.
(1)Subject to subsections
(2)and
(3)of this section, this 2025 Act determines 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 [January 1, 2026], 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 [renumbered ORS chapter 79A] 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. [2025 c.33 §114]
Sec. 115.
(1)Subject to subsections
(2)and
(3)of this section, sections 94 to 100 of this 2025 Act [80.1010 to 80.1070] determine the priority of conflicting claims to Article 12 property when the priority rules of ORS chapter 79 [renumbered ORS chapter 79A] do not apply.
(2)Subject to subsection
(3)of this section, when the priority rules of ORS chapter 79 [renumbered ORS chapter 79A] do not apply and the priorities of claims to Article 12 property were established before the effective date of this 2025 Act [January 1, 2026], law other than sections 94 to 100 of this 2025 Act determines priority.
(3)When the priority rules of ORS chapter 79 [renumbered ORS chapter 79A] 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. [2025 c.33 §115]