This agreement contains a security agreement creating a security interest in the property being sold. A security interest refers to the property rights of a lender or creditor whose right to collect a debt is secured by property. A secured transaction is created by means of a security agreement in which a lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. Collateral is the property, that secures the debt and may be forfeited to the creditor if the debtor fails to pay the debt. Property of numerous types may serve as collateral, such as houses, cars, and jewelry. By creating a security interest, the secured party is also assured that if the debtor should go bankrupt he or she may be able to recover the value of the loan by taking possession of the specified collateral instead of receiving only a portion of the borrowers property after it is divided among all creditors.
The Uniform Commercial Code is a model statute covering transactions in such matters as the sale of goods, credit, bank transactions, conduct of business, warranties, negotiable instruments, loans secured by personal property and other commercial matters. Article 9 of the Uniform Commercial Code covers most types of security agreements for personal property that are both consensual and commercial. All states have adopted and adapted the entire UCC, with the exception of Louisiana, which only adopted parts of it.
The Oregon Contract for the Sale of Personal Property — Owner Financed with Provisions for Note and Security Agreement is a legal agreement specifically designed for individuals or businesses in Oregon who wish to sell personal property and finance the transaction themselves. This contract is commonly used when the seller agrees to finance the purchase, rather than relying on a traditional lender or bank. This contract includes important provisions and clauses to ensure both parties' rights and obligations are clearly stated and protected. It outlines the terms of the sale, including the purchase price, payment schedule, and any interest or fees associated with the financing. Additionally, it includes provisions for a promissory note and security agreement, which offer protection to the seller in case of default or non-payment by the buyer. There may be variations or different types of the Oregon Contract for the Sale of Personal Property — Owner Financed with Provisions for Note and Security Agreement, depending on the specific circumstances or requirements of the parties involved. These variations may include specific provisions relating to the type of personal property being sold, such as vehicles, equipment, or real estate. It is important for both parties to carefully review and customize the contract to ensure it adequately addresses their unique situation. Keywords: Oregon, Contract for the Sale of Personal Property, Owner Financed, Note, Security Agreement, legal agreement, personal property, seller, financing, purchase, terms, promissory note, default, payment schedule, interest, fees, protection, variations, circumstances, vehicles, equipment, real estate.
