Source: http://www.oregonlaws.org/ors/86.710
Timestamp: 2016-02-11 06:34:52
Document Index: 29698025

Matched Legal Cases: ['§ 86', '§2', '§2', '§1', '§2', '§1', '§2', '§1']

ORS 86.710 - Trust deeds authorized to secure performance of obligation - 2013 Oregon Revised Statutes
2013 ORS § 86.710¹
Trust deeds authorized to secure performance of obligation
• methods of foreclosure after breach
Transfers in trust of an interest in real property may be made to secure the performance of an obligation of a grantor, or any other person named in the deed, to a beneficiary. Where any transfer in trust of an interest in real property is made pursuant to the provisions of ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced) to secure the performance of an obligation, a power of sale is conferred upon the trustee. The power of sale may be exercised after a breach of the obligation for which the transfer is security; and a trust deed, executed in conformity with ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced), may be foreclosed by advertisement and sale in the manner provided in ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced), or, at the option of the beneficiary, may be foreclosed by the beneficiary as provided by law for the foreclosure of mortgages on real property. [1959 c.625 §2; 1961 c.616 §2; 1965 c.457 §1; 1975 c.618 §2; 1979 c.879 §1; 1983 c.719 §2; 1987 c.480 §1]
Plaintiff did not irrevocably elect to foreclose when, before decree of foreclosure, it abandoned foreclosure remedy in favor of ac­tion on the note. Family Bank of Commerce v. Nelson, 72 Or App 739, 697 P2d 216 (1985), Sup Ct review denied
Transfer does not require present­ment of promissory note and foreclosure may occur if deed and note are separated and later rejoined. Olmstead v. ReconTrust Company, N.A., 852 F. Supp. 2d 1318 (D. Or. 2012)
Trust deed may name Mortgage Electronic Registra­tion System as beneficiary. Olmstead v. ReconTrust Company, N.A., 852 F. Supp. 2d 1318 (D. Or. 2012)
1 Legislative Counsel Committee, CHAPTER 86—Mortgages; Trust Deeds, https://­www.­oregonlegislature.­gov/­bills_laws/­lawsstatutes/­2013ors086.­html (2013) (last ac­cessed Apr. 27, 2014).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2013, Chapter 86, https://­www.­oregonlegislature.­gov/­bills_laws/­lawsstatutes/­2013ano086.­html (2013) (last ac­cessed Apr. 27, 2014).