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Oregon Statutes - Chapter 286A - State Borrowing - Section 286A.100 - Definitions for ORS 286A.100 and 286A.102.

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As used in this section and ORS 286A.102:

(1) “Obligation” means:

(a) A bond;

(b) An agreement for exchange of interest rates with the State of Oregon; or

(c) A credit enhancement device given as additional security for a bond.

(2) “Operative document” means a bond declaration, trust agreement, indenture, security agreement or other document in which the State of Oregon pledges property as security for an obligation.

(3) “Pledge” means:

(a) To create a security interest in or a lien on property to secure payment or performance of an obligation, by mortgaging, assigning or encumbering property or by creating a security interest in property by any other manner.

(b) A security interest in or lien on property created under paragraph (a) of this subsection.

(4) “Pledgee” means:

(a) A trustee for the holder of an obligation; or

(b) The holder of an obligation if a trustee was not appointed in the operative document or if the operative document authorizes the holder of an obligation to foreclose the lien of a pledge and enforce the remedies consequent to the pledge in lieu of the trustee.

(5) “Property” means:

(a) Real or personal property, tangible or intangible, whether owned when the pledge is made or acquired subsequently to the time the pledge is made; and

(b) Revenues, contract rights, receivables or securities. [2007 c.783 §17]

Last modified: August 7, 2008