(1) Subject to subsection (2) of this section, a financing statement is sufficient only if it:
(a) Provides the name of the debtor;
(b) Provides the name of the secured party or a representative of the secured party; and
(c) Indicates the collateral covered by the financing statement.
(2) Except as otherwise provided in ORS 79.0501 (2), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (1) of this section and also:
(a) Indicate that it covers this type of collateral;
(b) Indicate that it is to be filed for record in the real property records;
(c) Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and
(d) If the debtor does not have an interest of record in the real property, provide the name of a record owner.
(3) A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:
(a) The record indicates the goods or accounts that it covers;
(b) The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;
(c) The record satisfies the requirements for a financing statement in this section other than an indication that it is to be filed in the real property records; and
(d) The record is duly recorded.
(4) A financing statement may be filed before a security agreement is made or a security interest otherwise attaches. [2001 c.445 §73]Section: Previous 79.0404 79.0405 79.0406 79.0407 79.0408 79.0409 79.0501 79.0502 79.0503 79.0504 79.0505 79.0506 79.0507 79.0508 79.0509 Next
Last modified: August 7, 2008