Oregon Administrative Rules
Chapter 160 - SECRETARY OF STATE, CORPORATION DIVISION
Division 40 - UNIFORM COMMERCIAL CODE - ARTICLE 9
Section 160-040-0202 - Rejection Reasons

Universal Citation: OR Admin Rules 160-040-0202

Current through Register Vol. 63, No. 9, September 1, 2024

(1) The reasons for rejecting a filing submitted to the filing officer shall be those listed in Oregon Revised Statute Ch. 79.0516 and as delineated in the Jurisdictions Guidelines for Accepting a UCC Record for Filing Chart, published by the International Association of Commercial Administrators.

(2) For the purposes of ORS 79.0516(2)(h), collateral "within the scope of this chapter" shall include:

(a) Interest accounts (79.0310);

(b) Tangible chattel paper (79.0312);

(c) Electronic chattel paper (79.0312);

(d) Commercial tort claim (79.0310);

(e) Certain consumer goods interests (79.0310);

(f) Negotiable documents (79.0312);

(g) Equipment (79.0310);

(h) Farm products (79.0310);

(i) Certain general intangible transactions (79.0310);

(j) Instruments (79.0312);

(k) Inventory (79.0310);

(l) Interests in investment property created by debtor other than broker or intermediary (79.0312).

(3) For the purposes of ORS 79.0516(2)(h), factors that indicate "the record is being filed for a purpose not within the scope of this chapter" shall include, but are not limited to:

(a) Collateral description/attachments that contain:
(A) Birth Certificate, Certificate of Live Birth, etc.

(B) Driver's License.

(C) Treasury Account number.

(D) Employer ID number.

(E) Private Setoff Account number.

(F) Marriage Certificate number.

(G) Bill of Exchange.

(H) Dollar amount(s) that are disproportionately large.

(b) References to:
(A) Public Policy HJR-192, Public Law 73-10.

(B) House Joint Resolution 192 of June 1933.

(C) UCC 1-103, UCC 1-104, UCC 10-104, UCC 1-201(39), UCC 3-419, UCC-401.

(c) Words and phrases:
(A) "Exempt from Levy."

(B) "Exempt from all taxes, burden, charges and duty" or parts thereof.

(C) "Accepted for value."

(D) "Actual and Constructive Notice."

(E) "Strawman."

(F) "Non negotiable Notice of Transfer."

(G) "Notice of Dishonor."

(4) In determining under ORS 79.0516 whether or not there is one or more grounds to refuse a UCC record, the filing office will refuse a record that does not provide an address that meets the minimum requirements for an address as set forth in these administrative rules.

(5) In addition to rejection reasons under ORS 79.516, the filing office will refuse a record that contains a Social Security Number, a state identification number, a driver license number, a credit or debit card number or an account number that is not redacted so that not more than the last four digits of a number are accessible.

Stat. Auth.: ORS 79.0526

Stats. Implemented: ORS 56.037 & 79.0516

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