Or. Admin. R. 160-050-0210

Current through Register Vol. 63, No. 6, June 1, 2024

Section 160-050-0210 - Amendment, Continuation, Assignment and Lapse of EFS

(1) An EFS may be amended, assigned, continued or lapsed by the secured party of record. An amendment, assignment, continuation or lapse must be filed on a form prescribed and approved by the Secretary of State. The form shall be designated "Form EFS-3."

(2) The EFS-3 must include the document number assigned by the Secretary of State to the original effective financing statement.

(3) The EFS-3 shall include the full and current information for the filing for all the elements listed in 160-050-0200(2).

(4) After January 1, 2012, the amendment of an EFS supersedes the current registration of the effective financing statement, but does not serve as a continuation of the registration, unless its effectiveness is extended as provided in 160-050-0210(8).

(5) A Secured Party must sign, authorize or otherwise authenticate an EFS-3 that declares the lapse of an EFS.

(6) Unless the Debtor has executed a security agreement granting a security interest in the farm products to the secured party, the Debtor must sign, authorize or otherwise authenticate the EFS-3.

(7) For the purposes of uniformity, "lapse" will be considered synonymous with "termination" under ORS 79.0513 and this chapter. The EFS-3 form may refer to a "termination," instead of a "lapse."

(8) The EFS remains effective for a period of five years from the date of filing. Its effectiveness may be extended by an additional five years by filing a continuation statement within six months before the expiration of the current five-year period.

(9) Under the conditions described in ORS 80.115(4), if there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value under the security interest, the secured party should file a statement of termination or lapse.

(10) Upon the expiration of the effective period of an EFS, the EFS lapses, unless effectively extended pursuant to ORS 80.115 and OAR 160-050-0210.

Or. Admin. R. 160-050-0210

SD 33-1986(Temp), f. 12-5-86, ef. 12-24-86; SOS 1-1987, f. & ef. 1-2-87; SOS 7-1987(Temp), f. & ef. 5-13-87; SOS 11-1987, f. 7-9-87, ef. 8-1-87; PRD 1-1989, f. 12-12-89, cert. ef. 1-1-90, Renumbered from 164-050-0040; CORP 1-1993, f. 12-29-93, cert. ef. 1-1-94; CORP 2-2006, f. & cert. ef. 2-6-06; CORP 1-2008, f. & cert. ef. 1-15-08; CORP 3-2012, f. & cert. ef. 3-1-12

Stat. Auth.: ORS 80.106 & 80.11

Stats. Implemented: ORS 80.115