Oregon Uniform Commercial Code Update

OregonThe State of Oregon enacted a new law on 5/26/2009 regarding the Uniform Commercial Code. The new law is titled SB 558 and modifies Oregon’s implementation of the Uniform Commercial Code to conform to the Restatement of the Law of Surety by the American Law Institute. In the midst of the several amendments, a surety now is further defined to include any “other secondary obligor” in addition to the present description as a “guarantor.”