803.097
Perfection of security interest in vehicle; rules. (1) Except as provided in
subsection (5) of this section, the exclusive means for perfecting a security
interest in a vehicle is by application for notation of the security interest
on the title in accordance with this section. The application may accompany the
application for a title or may be made separately at any time prior to issuance
of title and must be accompanied by evidence of ownership as defined by the
Department of Transportation by rule unless the department is in possession of
evidence of ownership when it receives the application. If title to the vehicle
has been issued in a form other than a certificate, and the title reflects a
security interest, the application for perfection shall include authorization
from the previous security interest holder for the new security interest to be
recorded on the title. Authorization under this subsection is not required if:
(a) A release of
interest is submitted by the prior security interest holder or the department
is otherwise satisfied that the prior holder no longer holds an interest or is
otherwise not entitled to title to the vehicle;
(b) The security
interest is being added to the title in conjunction with the cancellation of
previous title or other action the department takes to correct ownership
information reflected on a title; or
(c) Title is
being transferred by operation of law.
(2) When the
department processes an application for a security interest the department
shall mark on the application or otherwise indicate on the record the date the
application was first received by the department. The department shall
determine by rule what constitutes receipt of an application for purposes of
this subsection.
(3) If the
department has the evidence required by subsection (1) of this section and if
the application contains the name of each owner of the vehicle, the name and
address of the secured party and the vehicle identification number of the
collateral, the security interest is perfected as of the date marked on the
application or indicated in the record by the department. If the application
does not contain the information required by this subsection, or if the
department does not have the required evidence, the department shall indicate
on the application or on the record that the date placed on the application or
the record pursuant to subsection (2) of this section is not the date of
perfection of the security interest.
(4) The security interest
remains effective until released or terminated by the secured party.
(5) A security
interest in a vehicle may not be perfected as described under this section but
is subject to the perfection provisions under ORS chapter 79A if:
(a) The debtor
who granted the security interest is in the business of selling vehicles and
the vehicle constitutes inventory held for sale or lease; or
(b) The vehicle
is exempt from titling requirements under ORS 803.030. [1987 c.750 §2; 1989
c.148 §13; 1993 c.233 §31; 2001 c.445 §184; 2001 c.675 §11a; 2003 c.655 §104;
2012 c.12 §23]
Notes of Decisions
Schultz v. Bank of the West, C.B.C., 934 P.2d 421 (Or. 1997).
· cites it 8× “See also ORS 803.097(1) and (4) (except when "the debtor who granted the security interest is in the business of selling vehicles and the vehicle constitutes inventory held for sale," "the exclusive means for perfecting a security interest in a vehicle is by application for…”
Schultz v. Bank of the West, 897 P.2d 1204 (Or. Ct. App. 1995).
· cites it 5× “1 Bank was assigned the security interest in the Sportscoach, which it perfected by notation on the certificate of title pursuant to ORS 803.097. On March 7, 1992, Muirs entered into an agreement with Gateleys’ Fairway Motors (Gateleys) whereby Gateleys agreed to sell the…”
Roost v. Green Tree Fin. Servicing Corp. (In re Stoerck), 227 B.R. 548 (Bankr. D. Or. 1998).
· cites it 2× “ORS 803.097 provides that: The exclusive means for perfecting a security interest in a vehicle is by application for notation of the security interest on the title in accordance with this section.”
Long v. Joe Romania Chevrolet, Inc. (In Re Loken), 156 B.R. 660 (Bankr. D. Or. 1993).
“100 provides that “rights and remedies of all persons in vehicles subject to security interests established under ORS 803.097 shall be determined by the provisions of the Uniform Commercial Code.”
Roost v. Gen. Motors Acceptance Corp. (In Re Boyer), 212 B.R. 975 (Bankr. D. Or. 1997).
· cites it 2× “§ 803.097(1). If the application contains all the necessary information, and is accompanied by all the required documentation, ‘the security interest is perfected as of the date marked by the division on the application.”
McKinley v. State Dep't of Motor Vehs., 39 P.3d 920 (Or. Ct. App. 2002).
· cites it 3× “See ORS 803.097 (1999) (discussed below). On June 19,1997, Brian forged a bill of sale and tendered it to DMV.”
— Or. Rev. Stat. § 803.097(1) — 3 cases
Schultz v. Bank of the West, C.B.C., 934 P.2d 421 (Or. 1997).
“See also ORS 803.097(1) and (4) (except when "the debtor who granted the security interest is in the business of selling vehicles and the vehicle constitutes inventory held for sale," "the exclusive means for perfecting a security interest in a vehicle is by application for…”
Schultz v. Bank of the West, 897 P.2d 1204 (Or. Ct. App. 1995).
“1 Bank was assigned the security interest in the Sportscoach, which it perfected by notation on the certificate of title pursuant to ORS 803.097. On March 7, 1992, Muirs entered into an agreement with Gateleys’ Fairway Motors (Gateleys) whereby Gateleys agreed to sell the…”
Roost v. Gen. Motors Acceptance Corp. (In Re Boyer), 212 B.R. 975 (Bankr. D. Or. 1997).
“§ 803.097(1). If the application contains all the necessary information, and is accompanied by all the required documentation, ‘the security interest is perfected as of the date marked by the division on the application.”
— Or. Rev. Stat. § 803.097(3) — 1 case
Roost v. Gen. Motors Acceptance Corp. (In Re Boyer), 212 B.R. 975 (Bankr. D. Or. 1997).
“§ 803.097(1). If the application contains all the necessary information, and is accompanied by all the required documentation, ‘the security interest is perfected as of the date marked by the division on the application.”
— Or. Rev. Stat. § 803.097(4) — 1 case
Schultz v. Bank of the West, C.B.C., 934 P.2d 421 (Or. 1997).
“See also ORS 803.097(1) and (4) (except when "the debtor who granted the security interest is in the business of selling vehicles and the vehicle constitutes inventory held for sale," "the exclusive means for perfecting a security interest in a vehicle is by application for…”
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