Security Bank v. Chiapuzio

The issue in this case is whether the assignment of a vendor’s security interest in a land sale contract, together with his interest in the land subject to the contract, all for the purpose of securing a loan, is a security interest covered by Article 9 of the Uniform Commercial Code (UCC) and therefore required to be recorded under ORS 79.1010 to 79.5070 (hereafter referred to as Article 9). The Court of Appeals held that it was not. Security Bank v. Chiapuzio, 84 Or App 35, 733 P2d 80 (1987). Although we hold that the assignment of one of the two interests involved—the interest in the land…