Oregon Notice of Default by Assignee to Obligor

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Multi-State
Control #:
US-01461BG
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Word; 
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Description

An assignment is a transfer of rights that a party has under a contract to another person, called an assignee. The assigning party is called the assignor. An assignee of a contract may generally sue directly on the contract rather than suing in the name of the assignor. The obligor is the person responsible to make payments to the assignee.

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FAQ

(24) ?Consumer-goods transaction? means a consumer transaction in which: (A) An individual incurs an obligation primarily for personal, family, or household purposes; and. (B) A security interest in consumer goods secures the obligation.

(26) "Consumer transaction" means a transaction in which (i) an individual incurs an obligation primarily for personal, family, or household purposes, (ii) a security interest secures the obligation, and (iii) the collateral is held or acquired primarily for personal, family, or household purposes.

Defined in the UCC as goods other than inventory, farm products, or consumer goods (UCC § 9-102(a)(33)). Equipment is an asset type over which an entity can grant a security interest under Article 9 of the UCC.

Public-finance transaction means a secured transaction in connection with which all of the following apply: (i) debt securities are issued, (ii) all or a portion of the securities issued have an initial stated maturity of at least 20 years, and (iii) the debtor, obligor, secured party, account debtor or other person ...

Article 9 of the Uniform Commercial Code (UCC) provides various methods for a secured creditor to repossess collateral after default. The method for obtaining possession depends on the nature of the collateral and, to some extent, how the security interest was perfected.

The UCC definition of goods is set out in Article 2, section 2-105 as "all things ... which are movable ... other than money ... investment securities, and things in action. Goods also include the unborn young of animals and growing crops, and other identified things attached to realty..."

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Oregon Notice of Default by Assignee to Obligor