Peco, Inc. v. Hartbauer Tool & Die Co.

McAllister, j.

The sole question on this appeal is whether an Equipment Lease between plaintiff Peco, Inc., as lessor, and the defendant Hartbauer Tool &, Die Co., as lessee, is a security interest as defined by ORS 71.2010 (37). We hold that it is.

There is no dispute about the facts. The lease, dated July 22, 1970, provided for the lease by Peco to Hartbauer of an electronic cutting machine, complete with all standard equipment, for a term of 36 months for rentals aggregating $26,399.96. The rental included an $8,000 “lease deposit” to be paid by work performed by Hartbauer for Peco and the…