ORS 71.2040

Known as the Uniform Commercial Code

The act spans §§ 71–71 (28 sections).

Applied in 4 court decisions — leading case Melms v. Mitchell (1973)

Most recently applied in Wiencken v. Mill-Rite Sash & Door Co. (In Re Empire Pacific Industries, Inc.) (March 1987)

1961 c.726 §71.2040; 2009 c.181 §11; 2025 c.33 §3

How often courts cite this section

citing decisions per year

Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.

Except as otherwise provided in ORS chapters 73, 74 and 75 and ORS 80.1010 to 80.1070, a person gives value for rights if the person acquires them:

(1) In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;

(2) As security for, or in total or partial satisfaction of, a preexisting claim;

(3) By accepting delivery under a preexisting contract for purchase; or

(4) In return for any consideration sufficient to support a simple contract.

Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.