ORS 446.611 Perfection of Security Interest In Manufactured Structure Having Ownership Document

• Library: Oregon Statutes
• Edition: 2023
• Currency: Current through legislation effective January 1, 2024
• Year: 2023
• Citation: ORS 446.611

(1)

(a) Except as provided in paragraph (b) of this subsection, the exclusive means for perfecting a security interest in a manufactured structure that has an ownership document is by application for and notation of the security interest in the manufactured structure ownership document records of the Department of Consumer and Business Services. The application to have a security interest noted may be included as part of the application for issuance of an original ownership document. The department shall record the date of receipt of an application to have a security interest noted on the ownership document. The security interest is perfected as provided in ORS 79.0311 upon the department's entering the security interest in the records maintained by the department under ORS 446.571. The department shall note the interest on a new or updated ownership document and send the document as provided in ORS 446.571. A security interest perfected under this section continues in effect until released by the holder of the interest.

(b) Paragraph (a) of this subsection does not apply if the debtor who granted the security interest is in the business of selling manufactured structures and the structure constitutes inventory held for sale or lease. The filing provisions of ORS 79.0501 to 79.0528 apply to security interests in manufactured structures described in this paragraph.

(2) The department shall issue or update an ownership document to reflect a security interest described in subsection (1)(a) of this section and note the interest in the manufactured structure ownership document records maintained by the department. The department shall deliver the ownership document to the holder of the earliest perfected unreleased security interest in the manufactured structure or, if none, to the owner of the structure. The department shall also send a copy of the ownership document to the county assessor for the county in which the manufactured structure is being sited.