OR SB167

Amends Oregon's Uniform Commercial Code to adopt the 2022 UCC Amendments, adding new Article 12 governing "controllable electronic records" including digital assets, virtual currencies, and electronic payment systems

Creates legal framework for "electronic money" and establishes rules for how parties can obtain "control" over electronic assets, which determines ownership rights and priority in secured transactions

Updates terminology throughout the UCC, replacing "writing" with "record" and "authenticate" with "sign" to accommodate electronic transactions and digital signatures

Modernizes chattel paper rules to distinguish between "authoritative tangible copies" and "authoritative electronic copies," with new provisions for perfecting security interests in electronic chattel paper

Includes one-year transition period for existing security interests to comply with new requirements, with provisions protecting transactions validly entered before the effective date