(1) Subject to subsection (2) of this section, a security interest created by a new debtor which is perfected by a filed financing statement that is effective solely under ORS 79.0508 in collateral in which a new debtor has or acquires rights is subordinate to a security interest in the same collateral which is perfected other than by a filed financing statement that is effective solely under ORS 79.0508.
(2) The other provisions of ORS 79.0301 to 79.0342 determine the priority among conflicting security interests in the same collateral perfected by filed financing statements that are effective solely under ORS 79.0508. However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor’s having become bound. [2001 c.445 §46]Section: Previous 79.0319 79.0320 79.0321 79.0322 79.0323 79.0324 79.0325 79.0326 79.0327 79.0328 79.0329 79.0330 79.0331 79.0332 79.0333 Next
Last modified: August 7, 2008