(1) A seed bailment contract or seed purchase contract does not create a possessory security interest in goods under ORS chapter 79A. For a seed bailment contract, filing, recording or notice of the contract is not a requirement for establishing, during the term of the contract, the validity of the contract or for establishing and confirming in the seed dealer the title to all seed, seed stock and plant life grown or used by the producer under the terms of the contract.
(2) Payments due from a seed dealer to a producer under the terms of a seed bailment contract, or due to a seed grower under the terms of a seed purchase contract, are subject to lien under ORS 87.226 and to security interests perfected as provided under ORS chapter 79A.