I like to use the function COALESCEfor this purpose. It returns the first nonzero value from the given arguments (so that you can test more than one field at a time).
SELECT COALESCE(NULL, 'Special text') FROM DUAL
So this will also work:
SELECT COALESCE(
First_Nullable_Field,
Second_Nullable_Field,
Third_Nullable_Field,
'All fields are NULL'
) FROM YourTable
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