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New Law! Changes to Farm Products System June 13, 2007

House Bill 2090-A (Oregon Laws Ch. 186) took effect on May 31, 2007. This law conforms the Central Filing System for Farm Products (ORS Ch. 80) to the laws and regulations under the federal Farm Security Act. Several important changes are made under the new act.

Changes to EFS
Instead of debtor, the EFS must state the name and address of each person, whether or not a debtor, subjecting the farm products to the security interest. This was true, but unclear, under the old law. The point is that, in rare circumstances, the debtor may, by agreement, use the collateral actually owned by someone else to secure the debtor’s debt. The change makes it clear that the owner of the farm products must be named.

The secured party no longer signs the initial EFS. It is assumed that the secured party is the one filing the document.

The debtor must “sign, authorize or otherwise authenticate” the initial filing. There is a signature line for the debtor, however, if the debtor has already executed a security agreement that grants a security interest in the products to the secured party, the debtor’s signature is not necessary.

The EFS-3, which is used to amend, terminate and continue a filing contains both a debtor and secured party signature line. As in the EFS-1 initial filing, the debtor is not required to sign the form if a security agreement is in effect. The secured party, however, should sign the filing.

To be in compliance, please use the revised EFS forms found on our web page http://www.filinginoregon.com/forms/ucc.htm.

Changes to Rejection Reasons
The statute no longer provides for the submission of a taxpayer ID or SSN, but it allows the Secretary of State to create a unique identifier to be assigned to each person subjecting the farm products to the security interest. The Secretary of State shall establish the identifier by rule. Until the unique identifier system has been established, an otherwise acceptable filing without such a number will not be rejected.

Starting July 15, 2007, an unredacted Social Security Number, state identification number, driver license number, credit or debit card number, or account number shall be grounds for rejection of a filing.