reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.150 - Loan agreements and promissory notes to state maximum prepayment privilege penalty.

(1) Any person making a loan having a loan period of more than three years secured by a mortgage or by a trust deed on real property located in this state shall, with respect to such loan, expressly and clearly state on the loan agreement and promissory note any maximum prepayment privilege penalty. The statement shall include the maximum prepayment penalty applicable for prepayment during the first year of the loan period and for each year thereafter.
(2) Violation of subsection (1) of this section with respect to a loan agreement or promissory note shall render any prepayment privilege penalty provision in the agreement void.
(3) "Loan agreement" as used in this section means a written document issued in connection with a particular loan which sets forth the terms upon which the loan will be made. "Loan agreement" does not include a mortgage or trust deed which secures a promissory note. Nothing in this section shall be deemed to require a lender to issue a loan agreement.
(4) This section does not apply to any loan agreement executed on or before September 13, 1967, or any loan not primarily for personal, family or household use. [1967 c.336 §§1,2; 1987 c.716 §3]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.160 - Definitions for ORS 86.160 to 86.185.

As used in ORS 86.160 to 86.185:
(1) "Late charge" means a sum payable by a mortgagor to the holder of a mortgage pursuant to a note or mortgage to compensate the holder for servicing and other costs attributable to the receipt of mortgage payments from the mortgagor after the date upon which payment is due.
(2) "Mortgagor" includes the grantor under a deed of trust.
(3) "Mortgage" includes a deed of trust.
(4) "Residential real property" means a single-family, owner-occupied dwelling and appurtenances. [1977 c.427 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.165 - Late charge.

No lender may impose a late charge:
(1) With respect to any periodic installment payment received by it within 15 days after the due date. However, if the 15-day period ends on a Saturday, Sunday or legal holiday the 15-day period is extended to the next business day.
(2) In a dollar amount which exceeds five percent of the sum of principal and interest of the delinquent periodic installment payment or the amount provided in the note or mortgage held by the lender, whichever is the lesser.
(3) Unless the note or mortgage held by the lender provides for payment of a late charge on delinquent periodic installments and a monthly billing, coupon or notice is provided by the lender disclosing the date on which periodic installments are due and that a late charge may be imposed if payment is not received by lender within 15 days thereafter. However, if the lender and the borrower have provided in the note or other written loan agreement that the payments on the loan shall be made by the means of automatic deductions from a deposit account maintained by the borrower, the lender shall not be required to provide the borrower with a monthly billing, coupon or notice under this subsection with respect to any occasion on which there are insufficient funds in the borrower’s account to cover the amount of a loan payment on the date the loan payment becomes due and within the period described in subsection (1) of this section.
(4) More than once on any single installment. [1977 c.427 §2; 1979 c.101 §1; 1993 c.280 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.170 - Prohibited mortgage provisions.

Any provision in a mortgage for a late charge except as authorized by ORS 86.160 to 86.185 shall be invalid. [1977 c.427 §3; 1997 c.631 §384]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.180 - ORS 86.160 to 86.185 not applicable to certain mortgagees; notice to borrowers.

Nothing in ORS 86.160 to 86.185 shall pertain to a mortgage banking company or mortgage servicing company except that if the terms of the mortgage do not conform to the requirements of ORS 86.165, the borrower shall be notified prior to the execution of the mortgage. [1977 c.427 §5]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.185 - ORS 86.160 to 86.185 not applicable to certain loans.

Nothing in ORS 86.160 to 86.185 shall apply to loans insured, guaranteed or purchased by an instrumentality of the federal government, whose regulations establish late charge limitations. [1977 c.427 §6]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.210 - Types of lender security protection provisions allowed.

A lender may require a lender’s security protection provision under ORS 86.205 to 86.275 either as a direct reduction provision, an escrow account, or a pledge of an interest-bearing savings account in an amount not to exceed the maximum amount which a lender may require a borrower to deposit in a lender’s security protection provision under ORS 86.240 and bearing interest at a rate not less than the rate required on lender’s security protection provisions by ORS 86.245. [1975 c.337 §2; 1987 c.577 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.214 - Application of ORS 86.210 and 86.245 to real estate loan agreements.

To the extent not inconsistent with provisions of existing real estate loan agreements and provided such agreements are not silent with regard to a lender’s security protection provision, the provisions of ORS 86.210, 86.245 and this section shall apply to real estate loan agreements entered into prior to, on and after October 1, 1987. To the extent that the provisions of existing real estate loan agreements are inconsistent with the provisions of ORS 86.210, 86.245 and this section, the existing real estate loan agreements are silent as to a lender’s security protection provision, or any part of ORS 86.210, 86.245 and this section is declared unconstitutional as to existing real estate loan agreements, the provisions of ORS 86.205 to 86.275 (1985 Replacement Part) shall govern and be in full force and effect. [1987 c.577 §4]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.240 - Limit on amount required in security protection escrow account; compliance with federal laws for certain loans as compliance with state laws.

(1) No lender, in connection with a real estate loan agreement, shall require a borrower or prospective borrower:
(a) To deposit in any escrow account which may be established in connection with the agreement, prior to or upon the date of settlement, a sum in excess of the estimated total amount of property taxes, insurance premiums, and similar charges which actually will be due and payable on the date of settlement, and the pro rata portion thereof which has accrued, plus one-sixth of the estimated total amount of the charges which will become due and payable during the 12-month period beginning on the date of settlement; or
(b) To deposit in any escrow account, which may be established in connection with the agreement, in any month beginning after the date of settlement a sum in excess of one-sixth of the total amount of estimated property taxes, insurance premiums or similar charges which will become due and payable during the 12-month period beginning on the first day of the month, except that in the event the lender determines there will be a deficiency on the due date, the lender shall not be prohibited from requiring additional monthly deposits in the escrow account of pro rata portions of the deficiency corresponding to the number of months from the date of the lender’s determination of the deficiency to the date upon which the charges become due and payable.
(2) For real estate loan agreements subject to the federal Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) and to Regulation X of the federal Department of Housing and Urban Development (24 C.F.R. 3500.1 et seq.), compliance with the Real Estate Settlement Procedures Act and with Regulation X shall be considered to be compliance with this section. [1975 c.337 §13; 1995 c.182 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.245 - Interest on security protection deposits; exception.

(1) As used in this section, "discount rate" means the auction average rate on 91-day United States Treasury bills, as established by the most recent auction of such Treasury bills, as published by the United States Department of the Treasury, Bureau of the Public Debt, less 100 basis points.
(2) Except as provided in subsections (5) and (7) of this section, any lender who requires a lender’s security protection provision in connection with a real estate loan agreement shall pay interest to the borrower on funds deposited in the account at a rate not less than the discount rate. The discount rate shall be determined with reference to the most recent auction date before May 15 and November 15 each year.
(3) The rate of interest payable on the account shall be adjusted semiannually to reflect changes in the discount rate. These adjustments shall be calculated on May 15 and November 15 each year. Adjustments calculated on May 15 shall take effect on the following July 1, and adjustments calculated on November 15 shall take effect on the following January 1.
(4) Interest shall be computed on the average monthly balance in the account and shall be paid not less than quarterly to the borrower by crediting to the escrow account the amount of the interest due.
(5) Except as provided in subsection (6) of this section, this section does not apply to real estate loan agreements entered into prior to September 1, 1975, or on which the payment of interest on a lender’s security protection provision violates any state or federal law or regulation.
(6) If federal law or regulation does not prohibit the payment of interest on a lender’s security protection provision by federally chartered or organized lenders, this section applies to the federally chartered or organized lenders and the state chartered or organized lenders that are similar to the federally chartered or organized lenders with respect to a lender’s security protection provision executed in connection with real estate loan agreement entered into prior to and in existence on September 1, 1975.
(7) This section does not apply to real estate loan agreements made by, held for sale to or sold to the State of Oregon. [1975 c.337 §8; 1979 c.327 §29; 1983 c.492 §1; 1987 c.577 §2; 1995 c.182 §2; 1997 c.68 §1; 2005 c.3 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.250 - Service charge prohibited where interest required.

No lender requiring a lender’s security protection provision with respect to which interest is required to be paid by the lender under ORS 86.245 shall impose a service charge in connection with such provision. [1975 c.337 §9]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.255 - Arrangements where security protection provisions not required; information to borrower.

In any real estate loan agreement with respect to which a lender does not require a lender’s security protection provision, the parties may mutually agree to any arrangement whereby the borrower prepays, pledges or otherwise commits assets in advance of due dates for payment of property taxes, insurance premiums and similar charges relating to the real property in order to assist the borrower in making timely payments of the charges. Prior to entering any such arrangement, the lender shall furnish the borrower a statement in writing, which may be set forth in the loan application:
(1) That the arrangement is not a condition to the real estate loan agreement;
(2) If it is an escrow account, whether or not the lender will pay interest and if interest is to be paid, the rate of interest; and
(3) Whether or not the borrower must pay the lender a charge for the service. If a charge is agreed to, the charge shall not exceed the amount of interest income earned under subsection (2) of this section. [1975 c.337 §10]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.260 - Payment of taxes where security protection provision required; credit of discount where taxes not paid; cause of action by borrower.

(1) If a lender has a requirement that the borrower pay funds into a lender’s security protection provision for the payment of property taxes on property that is the security for the real estate loan agreement, insurance premiums, and similar charges, and there are funds in the account, the lender shall pay the taxes or the amount in the account if less than the taxes due, in time to take advantage of any discount authorized by ORS 311.505, and all other charges on or before the due dates for payments.
(2)(a) If the lender fails to pay the taxes in accordance with subsection (1) of this section resulting in a loss of discount to the borrower, the lender shall credit the lender’s security protection provision in an amount equal to the amount of discount denied on account of such failure, together with any interest that has accrued on the unpaid property taxes to the date the property taxes are finally paid.
(b) If the failure of the lender to comply with subsection (1) of this section is willful and results in the loss to the borrower of the discount, or if the failure to comply was not willful but upon discovery of the failure to comply and the loss of discount, the lender fails to credit the lender’s security protection provision required by paragraph (a) of this subsection, the borrower shall have a cause of action against the lender to recover an amount equal to 15 times the amount of discount the borrower would have received, together with any interest that accrued on the unpaid property taxes to the date of recovery. The court may award reasonable attorney fees to the prevailing party in an action under this section. [1975 c.337 §11; 1979 c.703 §15; 1981 c.897 §18; 1995 c.618 §48]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.265 - Effect of lender violation of ORS 86.205 to 86.275.

A violation of ORS 86.205 to 86.275 by a lender shall render the lender’s security protection provision voidable at the option of the borrower, and the lender shall be liable to the borrower in an amount equal to:
(1) The borrower’s actual damages or $100, whichever is greater, and
(2) In the case of any successful action to enforce the foregoing liability, the court costs of the action together with reasonable attorney fees at trial and on appeal as determined by the court if the court finds that written demand for the payment of the borrower’s claim was made on the lender not less than 10 days before the commencement of the action. No attorney fees shall be allowed to the borrower if the court finds that the lender tendered to the borrower, prior to the commencement of the action, an amount not less than the damages awarded to the borrower. [1975 c.337 §14; 1981 c.897 §19]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.270 - ORS 86.205 to 86.275 inapplicable to certain loan agreements; notice to borrower.

ORS 86.205 to 86.275 shall not apply to a real estate loan agreement which is serviced or held for sale within one year by a mortgage servicing company neither affiliated with nor owned in whole or in part by the purchaser and which is made, extended or held by a purchaser whose principal place of business is outside this state; provided that if the purchaser requires a lender’s security protection provision, prior to entering into such agreement, the mortgage servicing company shall furnish the borrower a statement in writing, which may be set forth in the loan application, that the mortgage servicing company is not required by the laws of this state to pay interest on the lender’s security protection provision, and specifically informing the borrower why the borrower is not entitled to interest on the account. [1975 c.337 §15]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.275 - Severability.

If any section of ORS 86.205 to 86.275, or the application of any section to any real estate loan agreement shall be held invalid, the remainder of ORS 86.205 to 86.275, and the application of ORS 86.205 to 86.275 to any real estate loan agreement other than the one or those to which it is held invalid, shall not be affected thereby. [1975 c.337 §12]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.405 - Secretary of State to furnish statement of mortgages filed before September 1, 1963; fee.

Upon the payment of a fee of 50 cents for each name to be searched for chattel mortgages filed under former ORS 86.370 or 86.390, prior to September 1, 1963, the Secretary of State shall furnish to any person applying therefor a statement of any mortgages noted on the indexes created under former ORS 86.380, or if no mortgages are noted, a statement to that effect. All such fees received by the Secretary of State shall be promptly paid to the State Treasurer and placed in the General Fund. [1961 c.726 §409]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.440 - Discharge of mortgage recorded with county recording officer.

Whenever any mortgage recorded under the provisions of ORS 86.350 (1959 Replacement Part) is paid or otherwise satisfied, it shall be discharged by the recording with the recording officer of a certificate of such owner, executed and acknowledged with the same formalities as are prerequisite to the recording of any such mortgage, showing the date of execution, date of recording, and recording number of the record thereof, and that such mortgage has been fully discharged. [Amended by 1999 c.654 §4]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.460 - Discharge of mortgage filed with Secretary of State; fee.

In the event of the satisfaction or release of any chattel mortgage, a certified copy of which has been filed with the Secretary of State prior to September 1, 1963; the person so satisfying or releasing the mortgage shall send a duly executed discharge or certified copy thereof, with a fee of 25 cents, to the Secretary of State, who shall note such discharge in an appropriate column of the index kept by the Secretary of State. All such fees received by the Secretary of State shall be promptly paid to the State Treasurer and placed in the General Fund. [Amended by 1961 c.726 §407]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.470 - Discharge, assignment and foreclosure of mortgages on chattels registered and licensed by Department of Transportation.

The recording officer of counties having less than 50,000 population on the last day of each calendar month, and the recording officer of counties having more than 50,000 population on the last day of each calendar week, shall notify the Department of Transportation, upon forms to be provided by the department, of the partial or full satisfaction, assignment or foreclosure during such period of all mortgages theretofore certified to the department prior to September 1, 1963, as formerly provided in ORS 86.390. The notice shall completely identify the mortgage so satisfied, assigned or foreclosed; and the department thereupon shall note on each index margin such satisfaction, assignment or foreclosure. [Amended by 1961 c.726 §408]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.610 - Power of financial institutions, fiduciaries and others to make loans secured by property insured by Federal Housing Administration.

Financial institutions as defined in ORS 706.008, trustees, guardians, conservators, executors, administrators, other fiduciaries and all other persons, associations and corporations, subject to the laws of this state, may make such loans, secured by real property or leasehold, as the Federal Housing Administration insures or makes a commitment to insure, and may obtain such insurance. [Amended by 1967 c.359 §678; 1973 c.823 §93; 1997 c.631 §386; 2019 c.13 §21]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.620 - Investment of funds of financial institutions, fiduciaries and others in bonds and mortgages accepted by Federal Housing Administration, debentures issued thereby, and obligations of national mortgage associations.

Financial institutions as defined in ORS 706.008, trustees, guardians, conservators, executors, administrators, other fiduciaries and all other persons, associations and corporations, subject to the laws of this state, may invest their funds, and the money in their custody or possession, eligible for investment, in bonds and mortgages on real property insured by the Federal Housing Administration, in debentures issued by the Federal Housing Administration, and in obligations of national mortgage associations. [Amended by 1967 c.359 §679; 1973 c.823 §94; 1997 c.631 §387; 2019 c.13 §22]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.630 - Eligibility of securities described in ORS 86.620 as security for deposits, investment or reserve of securities.

Whenever, by statute, collateral is required as security for the deposit of public or other funds, or deposits are required to be made with any public official or department, or an investment of capital or surplus, or a reserve or other fund is required to be maintained consisting of designated securities, the securities described in ORS 86.620 shall be eligible for such purposes.
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.640 - Applicability of other laws requiring security or regulating loans and investments.

No law of this state requiring security upon which loans or investments may be made, or prescribing the nature, amount or form of such security, or prescribing or limiting the period for which loans or investments may be made, shall apply to loans or investments made pursuant to ORS 86.610 and 86.620.
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.705 - Definitions for ORS 86.705 to 86.815.

As used in ORS 86.705 to 86.815:
(1) "Affordable housing covenant" has the meaning given that term in ORS 456.270.
(2) "Beneficiary" means a person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the person’s successor in interest, and who is not the trustee unless the beneficiary is qualified to be a trustee under ORS 86.713 (1)(b)(D).
(3) "Eligible covenant holder" has the meaning given that term in ORS 456.270.
(4) "Grantor" means the person that conveys an interest in real property by a trust deed as security for the performance of an obligation.
(5) "Law practice" means a professional corporation, partnership, limited liability partnership, limited liability company or sole proprietorship that is engaged in the practice of law in this state.
(6) "Residential trust deed" means a trust deed on property upon which are situated four or fewer residential units, one of which the grantor, the grantor’s spouse or the grantor’s minor or dependent child occupies as a principal residence at the time the trust deed is recorded or, in the case of a purchase money loan, one of which is intended to be the principal residence of the grantor, the grantor’s spouse or the grantor’s minor or dependent child after the trust deed is recorded.
(7) "Residential unit" means an improvement designed for residential use.
(8) "Trust deed" means a deed executed in conformity with ORS 86.705 to 86.815 that conveys an interest in real property to a trustee in trust to secure the performance of an obligation the grantor or other person named in the deed owes to a beneficiary.
(9) "Trustee" means a person, other than the beneficiary, to whom a trust deed conveys an interest in real property, or the person’s successor in interest, or an employee of the beneficiary, if the employee is qualified to be a trustee under ORS 86.713. [1959 c.625 §1; 1961 c.616 §1; 1975 c.618 §1; 1983 c.719 §1; 1985 c.817 §1; 1989 c.190 §1; 2011 c.712 §1; 2012 c.112 §5; 2013 c.125 §1; 2013 c.465 §4; 2013 c.625 §3]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.707 - Additional definitions for ORS 86.726, 86.729, 86.732, 86.736, 86.741, 86.744 and 86.748.

As used in this section and ORS 86.726, 86.729, 86.732, 86.736, 86.741, 86.744 and 86.748:
(1) "Facilitator" means a person that a service provider selects to conduct a resolution conference.
(2) "Foreclosure avoidance measure" means an agreement between a beneficiary and a grantor that uses one or more of the following methods to modify an obligation that is secured by a residential trust deed:
(a) The beneficiary defers or forbears from collecting one or more payments due on the obligation.
(b) The beneficiary modifies, temporarily or permanently, the payment terms or other terms of the obligation.
(c) The beneficiary accepts a deed in lieu of foreclosure from the grantor.
(d) The grantor conducts a short sale.
(e) The beneficiary provides the grantor with other assistance that enables the grantor to avoid a foreclosure.
(3) "Housing counselor" means a counselor employed by a nonprofit housing counseling agency that the Housing and Community Services Department or a successor state agency approves.
(4) "Remote audio or video communication" means a method of remote communication that gives a participant in the communication the capability and opportunity to clearly transmit and, as appropriate, perceive at substantially the same time the participant’s own, and other participants’, spoken or sign language, visual or audio aids, gestures, expressions, tones of voice and other indicators of meaning apart from spoken or written language.
(5) "Resolution conference" means a meeting at which a grantor and a beneficiary attempt to negotiate and agree upon a foreclosure avoidance measure.
(6) "Service provider" means a person that the Attorney General appoints under ORS 86.741 to coordinate a program to implement the provisions of ORS 86.726, 86.729, 86.732 and 86.736. [2012 c.112 §2; 2013 c.304 §7; 2021 c.106 §3]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.710 - 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 to 86.815 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 to 86.815, may be foreclosed by advertisement and sale in the manner provided in ORS 86.705 to 86.815, 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]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.715 - Trust deed deemed to be mortgage on real property; applicability of mortgage laws.

A trust deed is deemed to be a mortgage on real property and is subject to all laws relating to mortgages on real property except to the extent that such laws are inconsistent with the provisions of ORS 86.705 to 86.815, in which event the provisions of ORS 86.705 to 86.815 shall control. For the purpose of applying the mortgage laws, the grantor in a trust deed is deemed the mortgagor and the beneficiary is deemed the mortgagee. [1959 c.625 §21]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.722 - Correction of error concerning status or effect of trust deed; rights of bona fide purchaser.

(1) To correct an error concerning the status or effect of a recorded trust deed, a person may present an instrument to the county clerk for recording in the deed and mortgage records of the county, and the county clerk shall record the instrument if it otherwise meets the requirements for an instrument to be recorded under ORS chapter 205 and is in substantially the following form:
______________________________________________________________________________
CORRECTION OF ERROR(S)
IN THE DEED AND MORTGAGE
RECORDS RELATING TO
A TRUST DEED
This instrument is recorded to provide notice of an error relating to:
Original Deed of Trust
County clerk instrument record #:
Grantor (name):
Trustee (name):
Beneficiary (name):
Assignee(s), if any (name(s)):
The error to be corrected is (check one):
[ ] Erroneous reconveyance
of trust deed
Date of recording:
County clerk instrument record #:
[ ] Erroneous recording of
Trustee’s Deed
Date of recording:
County clerk instrument record #:
The result of this error correction is (check one): [ ] The original trust deed is hereby reinstated; or [ ] The Trustee’s Deed is hereby set aside as though the erroneous instrument had not been recorded.
Date _____
Name (printed) _________
Signature _________
STATE OF OREGON )
) ss.
County of _____ )
The foregoing instrument was acknowledged before me this ___ day of ________, 2___, by ________.
____________
Notary Public for Oregon
My commission expires: ______
STATE OF OREGON )
) ss.
County of _____ )
The foregoing instrument was acknowledged before me this ___ day of ________, 2___, by ________ and by ______ of ________, a corporation on behalf of the corporation.
Notary Public for Oregon
My commission expires: ______
______________________________________________________________________________
(2) Reinstatement of a trust deed based on the correction of an error under this section does not affect the rights of a bona fide purchaser for value or of a bona fide purchaser for value holding a security interest in the real property if the purchaser acquired an interest after the erroneous trust deed reconveyance or trustee’s deed was recorded and before the error was corrected. [2009 c.628 §3]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.735

[1959 c.625 §§4,5; 1965 c.457 §2; 1983 c.719 §3; 1985 c.817 §2; 1989 c.190 §2; 2012 c.112 §6; 2013 c.304 §10; 2013 c.625 §4; renumbered 86.752 in 2013]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.736 - Certificate of compliance; expiration.

(1)(a) The service provider shall issue, within five days after receiving a report from a facilitator under ORS 86.732 (4), a certificate of compliance to a beneficiary that:
(A) Complied with ORS 86.726, 86.729 and 86.732;
(B) Submitted the materials required under ORS 86.729 (4) to the service provider;
(C) Appeared in person or by remote audio or video communication at, or sent an agent in person or by remote audio or video communication to, the resolution conference with complete authority to negotiate on the beneficiary’s behalf and commit the beneficiary to a foreclosure avoidance measure or, if the beneficiary or agent did not have complete authority, required the participation by remote audio or video communication of a person with complete authority to negotiate on the beneficiary’s behalf and commit the beneficiary to a foreclosure avoidance measure; and
(D) Signed a document that sets forth the terms of any foreclosure avoidance measure to which the beneficiary and the grantor agreed.
(b) A certificate of compliance expires one year after the date on which the service provider issues the certificate of compliance under paragraph (a) of this subsection.
(c) The service provider shall notify a beneficiary that failed to meet a requirement to which the beneficiary was subject under ORS 86.726, 86.729 or 86.732 that the service provider will not issue a certificate of compliance, explaining in the notice why the service provider will not issue the certificate of compliance. The service provider shall provide a copy of the notice under this paragraph to the grantor and to the Attorney General.
(2) Notwithstanding the requirements set forth in subsection (1) of this section, if a service provider cancels a resolution conference under ORS 86.729 (5)(b), the service provider shall issue a certificate of compliance to the beneficiary within five days after canceling the resolution conference. [2013 c.304 §5; 2021 c.106 §10]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.740

[1959 c.625 §6; 1961 c.616 §3; 1965 c.457 §3; 1973 c.823 §95; 1979 c.879 §2; 1983 c.719 §4; 1989 c.190 §3; 2005 c.129 §1; 2011 c.212 §22; 2012 c.112 §7; 2013 c.304 §11; renumbered 86.764 in 2013]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.741 - Attorney General duties and powers; payments; rules.

(1) The Attorney General shall:
(a) Appoint and enter into an agreement with a service provider to coordinate and manage a program to implement the provisions of ORS 86.726, 86.729, 86.732 and 86.736.
(b) Enter into an agreement for information technology goods or services.
(c) Receive affidavits submitted under ORS 86.726 (1)(b).
(d) Specify the amount a beneficiary must pay to the service provider under ORS 86.726 (2) and 86.729 (4)(a) and the amount that the grantor must pay to the service provider under ORS 86.729 (2)(a).
(e) Prescribe qualifications, training and experience requirements for facilitators that conduct or assist resolution conferences.
(f) Specify procedures and guidelines for conducting a resolution conference.
(g) Adopt additional rules to implement ORS 86.726, 86.729, 86.732, 86.736, 86.744 and 86.748.
(2) The Attorney General shall pay for the service provider’s services and for information technology goods and services from the Foreclosure Avoidance Fund established under ORS 86.744. The Attorney General is not subject to ORS chapter 279A, 279B or 279C in appointing a service provider or entering into an agreement under subsection (1)(a) or (b) of this section.
(3) In addition to and not in lieu of any other penalty provided by law, violation of ORS 86.726 (1)(a) or (2), 86.729 (4) or 86.732 (1) or (2) by a beneficiary is an unlawful practice under ORS 646.607 that is subject to enforcement under ORS 646.632. [2013 c.304 §6; 2017 c.154 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.744 - Foreclosure Avoidance Fund.

(1) The Foreclosure Avoidance Fund is established in the State Treasury, separate and distinct from the General Fund. The Foreclosure Avoidance Fund consists of moneys the Attorney General collects or receives for the purpose of paying the expenses of coordinating a program to implement the provisions of ORS 86.726, 86.729, 86.732 and 86.736 and to pay related expenses. The moneys in the fund are continuously appropriated to the Attorney General for the purposes of paying the expenses of coordinating a program to implement ORS 86.726, 86.729, 86.732 and 86.736 and paying related expenses.
(2) The Attorney General may receive moneys for the purposes set forth in subsection (1) of this section from any public or private source. [2012 c.112 §4; 2013 c.304 §8]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.745

[1959 c.625 §7; 1961 c.616 §4; 1965 c.457 §4; 1983 c.719 §5; 1985 c.817 §3; 2003 c.251 §4; 2009 c.510 §2; 2010 c.28 §§1,2; 2011 c.510 §§1,6; renumbered 86.771 in 2013]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.748 - Determination of ineligibility for foreclosure avoidance measure; notice; recording; penalty.

(1)(a) Whether or not a beneficiary participates in a resolution conference under ORS 86.726, if the beneficiary determines that a grantor of a residential trust deed is not eligible for a foreclosure avoidance measure or that the grantor has not complied with the terms of a foreclosure avoidance measure to which the grantor has agreed, the beneficiary shall mail a written notice to the grantor at all of the addresses for the grantor on file with the beneficiary, including post office boxes, within 10 days after making the determination.
(b) The notice described in paragraph (a) of this subsection must in plain language explain the basis for the beneficiary’s determination.
(c) This subsection does not impose an affirmative duty on the beneficiary to determine if a grantor is eligible for a foreclosure avoidance measure.
(2) At least five days before the trustee sells the property that is subject to foreclosure, the beneficiary shall record in the mortgage records in the county or in one of the counties in which the property is located an affidavit that states that the beneficiary has complied with the requirements set forth in subsection (1) of this section.
(3)(a) A beneficiary that fails to substantially comply with subsection (1)(b) of this section, or otherwise fails to comply with subsection (1)(a) or (2) of this section, is liable to the grantor in the amount of $500 plus the amount of the grantor’s actual damages for each failure.
(b) A grantor may bring an action against a beneficiary in a circuit court of this state to recover the amounts described in paragraph (a) of this subsection. The grantor shall commence the action within one year after the date on which the beneficiary should have complied, but did not comply, with the provisions of this section.
(c) Notwithstanding an agreement to the contrary, a court may award reasonable attorney fees, costs and disbursements to a grantor that obtains a final judgment in the grantor’s favor. [2012 c.112 §4a; 2013 c.304 §9; 2017 c.154 §2; 2017 c.251 §4]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.750

[1959 c.625 §8; 1961 c.616 §5; 1965 c.457 §5; 1979 c.879 §3; 1983 c.719 §6; 1985 c.817 §4; 2007 c.165 §1; 2009 c.229 §1; 2009 c.864 §§5,6; 2010 c.28 §§3,4; 2010 c.40 §§2,3; renumbered 86.774 in 2013]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.755

[1959 c.625 §9; 1965 c.457 §6; 1983 c.719 §7; 1985 c.817 §6; 1989 c.190 §5; 1989 c.506 §1; 2009 c.883 §§1,1a; 2011 c.42 §10; 2011 c.510 §§2,7; 2011 c.712 §2; 2012 c.112 §§9,10; 2013 c.76 §§1,2; 2013 c.465 §§1,2; renumbered 86.782 in 2013]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.761 - Failure to give notice to grantor; remedy.

(1) A grantor shall have the same rights possessed by the holder of a junior lien or interest who was omitted as a party defendant in a judicial foreclosure proceeding if:
(a) The notice required by ORS 86.756 is not sent to the grantor;
(b) The grantor does not actually receive a copy of the notice at least 25 days before the date on which the trustee conducts the sale; and
(c) The grantor informs the trustee, the purchaser, the beneficiary or any loan servicer in writing not later than 60 days after the purchaser takes possession of the property upon which a trust deed was foreclosed that the grantor did not receive the notice and did not have actual notice of the sale.
(2) The purchaser at the trustee’s sale, or the purchaser’s heirs, assigns or transferees, shall have the same rights possessed by a purchaser at a sheriff’s sale following a judicial foreclosure. [Formerly 86.739]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.764 - Notice of sale for certain persons.

(1) After recording a notice of default as provided in ORS 86.752 and at least 120 days before the day the trustee conducts the sale, notice of the sale with the contents described in ORS 86.771 must be served pursuant to ORCP 7 D(2) and 7 D(3) or mailed by both first class and certified mail with return receipt requested.
(2) The notice described in subsection (1) of this section must be served or mailed to all addresses on file with the trustee for the following persons or the legal representatives of the persons, including post office boxes:
(a) The grantor in the trust deed.
(b) Any successor in interest to the grantor whose interest appears of record, or of whose interest the trustee or the beneficiary has actual notice.
(c) Any person, including the Department of Revenue or another state agency, that has a lien or interest subsequent to the trust deed if the lien or interest appears of record or the beneficiary has actual notice of the lien or interest.
(d) A person that requests notice as provided in ORS 86.806.
(3) A notice served by mail under subsection (1) of this section is effective when the notice is mailed.
(4)(a) The disability, insanity or death of a person to whom the notice required under this section must be given does not delay or impair in any way the trustee’s right under a trust deed to foreclose under the deed. If the disability, insanity or death occurs before the notice of default is recorded, the notice required under this section must be given instead to the guardian, the conservator of the estate of the person or the administrator or personal representative of the person in the manner and by the time set forth in this section.
(b) If the disability, insanity or death of a person to whom the notice required under this section must be given occurs on or after the notice of default is recorded, the trustee shall, if and when the trustee has knowledge of the disability, insanity or death, promptly give the guardian, the conservator of the estate or the administrator or personal representative the required notice by sending the notice by first class and certified mail with return receipt requested to all addresses on file with the trustee for the guardian, conservator or administrator or personal representative, including post office boxes.
(c) If there is no administrator or personal representative of the estate of the person to whom the notice required under this section must be given, the notice may be given instead to the heirs at law or devisees of the deceased person in the manner and by the time set forth in this section.
(5) If the owner of real property subject to foreclosure dies and the real property is also subject to a transfer on death deed, as provided by ORS 93.948 to 93.979, the notice required under this section must be given to the beneficiary designated under the transfer on death deed. [Formerly 86.740; 2017 c.251 §6]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.770

[1959 c.625 §§12,13; 1965 c.457 §9; 1981 c.811 §1; 1983 c.719 §8; 1985 c.817 §7; 1989 c.190 §6; 1997 c.786 §1; 2007 c.166 §16; 2009 c.883 §2; 2010 c.48 §1; renumbered 86.797 in 2013]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.774 - Service and publication of notice; recording proof of compliance.

(1)(a) Except as provided in paragraph (b) of this subsection, the notice prescribed in ORS 86.771 must be served upon an occupant of the property described in the trust deed in the manner in which a summons is served pursuant to ORCP 7 D(2) and 7 D(3) at least 120 days before the day the trustee conducts the sale.
(b)(A) If service cannot be effected on an occupant as provided in paragraph (a) of this subsection on the first attempt, the person that attempts to effect service shall post a copy of the notice in a conspicuous place on the property on the date of the first attempt. The person that attempts to effect service shall make a second attempt to effect service on a day that is at least two days after the first attempt.
(B) If service cannot be effected on an occupant as provided in paragraph (a) of this subsection on the second attempt, the person that attempts to effect service shall post a copy of the notice in a conspicuous place on the property on the date of the second attempt. The person that attempts to effect service shall make a third attempt to effect service on a day that is at least two days after the second attempt.
(C) If service cannot be effected on an occupant as provided in paragraph (a) of this subsection on the third attempt, the person that attempts to effect service shall send a copy of the notice, bearing the word "occupant" as the addressee, to the property address by first class mail with postage prepaid.
(c) Service on an occupant is effected on the earlier of the date that notice is served as provided in paragraph (a) of this subsection or the first date on which notice is posted as described in paragraph (b)(A) of this subsection.
(2)(a) Except as provided in paragraph (b) of this subsection, a copy of the notice of sale must be published in a newspaper of general circulation in each of the counties in which the property is situated once a week for four successive weeks. The last publication must be made more than 20 days prior to the date the trustee conducts the sale.
(b) The copy of the notice of sale required to be published under paragraph (a) of this subsection does not need to include the notice to tenants required under ORS 86.771 (10).
(3) At or before the time the trustee conducts the sale, the trustee shall file for recording in the official record of the county or counties in which the property described in the deed is situated the following affidavits with respect to the notice of sale:
(a) An affidavit of mailing, if any;
(b) An affidavit of service, if any;
(c) An affidavit of service attempts and posting, if any; and
(d) An affidavit of publication.
(4) At or before the time the trustee conducts the sale, the trustee shall file for recording in the official record of the county or counties in which the property described in the deed is situated an affidavit of mailing with respect to the notice to the grantor required under ORS 86.756. [Formerly 86.750; 2014 c.36 §3]