Chapter 86 - Mortgages; Trust Deeds
- 86.010 Nature of mortgagee’s interest.
A mortgage of real property is not a conveyance so as to enable the owner of the mortgage to recover possession of the property without...
- 86.020 Covenant to pay money not implied.
No mortgage shall be construed as implying a covenant for the payment of the sum thereby secured. When there is no express covenant for such...
- 86.030 Absolute deed as a mortgage.
When a deed purports to be an absolute conveyance in terms, but is made or intended to be made defeasible by a deed of defeasance...
- 86.040 Improvements on mortgaged lands.
No person shall sell, dispose of, remove or damage any building or other improvements upon mortgaged lands. All such improvements are deemed a part of...
- 86.050 Payment of taxes and other charges by mortgagee.
Whenever a mortgagor fails to pay when due any taxes, assessments, interest on prior mortgages, insurance premiums or other charges necessary to be paid for...
- 86.060 Assignment of mortgage.
Mortgages may be assigned by an instrument in writing, executed and acknowledged with the same formality as required in deeds and mortgages of real property,...
- 86.070 [Repealed by 1965 c.252 §1]
- 86.080 Record of assignment not notice to mortgagor.
The recording of the assignment of a mortgage is not of itself notice of such assignment to the mortgagor, or the heirs or personal representatives...
- 86.090 [Repealed by 1965 c.252 §1]
- 86.095 Acts not affecting priority of lien of credit instrument.
(1) Actions that do not affect the priority granted to the lien of a credit instrument at the time it is first received for recordation...
- 86.100 Discharge of mortgage.
Any mortgage shall be discharged of record whenever there is presented to the recording officer a certificate executed by the mortgagee, or the personal representatives...
- 86.110 Discharge of record by owner and holder of mortgage note who is not the mortgagee of record.
(1) Whenever a promissory note secured by mortgage on real property is transferred by indorsement without a formal assignment of the mortgage, and the mortgage...
- 86.120 Discharge of mortgage on real property; effect of discharge.
No mortgage upon real property shall be discharged except as provided in ORS 86.110 or by the person appearing upon the records of the county...
- 86.130 Discharge by foreign executors, administrators, conservators and guardians.
Foreign executors, administrators, conservators and guardians may discharge mortgages upon the records of any county upon recording with the recording officer of the county in...
- 86.140 Liability of mortgagee for failure to discharge mortgage.
If any mortgagee or the personal representative or assignee of the mortgagee, after full performance of the condition of the mortgage before or after a...
- 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...
- 86.155 Priority of line of credit instrument as to certain advances; procedure to limit indebtedness in residential line of credit instrument.
(1) As used in this section: (a) “Credit agreement” means any promissory note, loan agreement or other agreement that provides for advances subsequent to the...
- 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...
- 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....
- 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
- 86.175 Scope.
ORS 86.160 to 86.185 shall be applicable only to late charges on loans secured by residential real property. [1977 c.427 §4]
- 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...
- 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...
- 86.205 Definitions for ORS 86.205 to 86.275.
As used in ORS 86.205 to 86.275: (1) “Borrower” means any person who becomes obligated on a real estate loan agreement, either directly or indirectly,...
- 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...
- 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...
- 86.215 [1975 c.337 §§3,4,5; 1985 c.613 §2; repealed by 1987 c.577 §5]
- 86.220 [1975 c.337 §6; repealed by 1987 c.577 §5]
- 86.225 [1975 c.337 §6a; repealed by 1987 c.577 §5]
- 86.230 [1975 c.337 §6b; repealed by 1987 c.577 §5]
- 86.235 [1975 c.337 §7; repealed by 1987 c.577 §5]
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 86.310 [Amended by 1955 c.21 §1; repealed by 1961 c.726 §427]
- 86.315 [1953 c.700 §2; repealed by 1961 c.726 §427]
- 86.320 [Repealed by 1961 c.726 §427]
- 86.330 [Repealed by 1961 c.726 §427]
- 86.340 [Repealed by 1961 c.726 §427]
- 86.350 [Amended by 1955 c.182 §1; repealed by 1961 c.726 §427]
- 86.360 [Repealed by 1961 c.726 §427]
- 86.370 [Amended by 1957 c.404 §1; repealed by 1961 c.726 §427]
- 86.380 [Repealed by 1961 c.726 §427]
- 86.390 [Repealed by 1961 c.726 §427]
- 86.400 [Repealed by 1961 c.726 §427]
- 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,...
- 86.410 [Repealed by 1961 c.726 §427]
- 86.420 [Repealed by 1961 c.726 §427]
- 86.430 [Repealed by 1961 c.726 §427]
- 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...
- 86.450 [Repealed by 1961 c.726 §427]
- 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...
- 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...
- 86.480 [Repealed by 1961 c.726 §427]
- 86.490 [Repealed by 1961 c.726 §427]
- 86.500 [Amended by 1955 c.30 §1; repealed by 1961 c.726 §427]
- 86.510 [Repealed by 1961 c.726 §427]
- 86.520 [Repealed by 1961 c.726 §427]
- 86.610 Power of financial institutions, fiduciaries and others to make loans secured by property insured by Federal Housing Administrator.
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...
- 86.620 Investment of funds of financial institutions, fiduciaries and others in bonds and mortgages accepted by Federal Housing Administrator, 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...
- 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...
- 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,...
- 86.705 Definitions for ORS 86.705 to 86.795.
As used in ORS 86.705 to 86.795, unless the context requires otherwise: (1) “Beneficiary” means the person named or otherwise designated in a trust deed...
- 86.710 Trust deeds authorized to secure performance of an 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...
- 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...
- 86.720 Reconveyance upon performance; liability for failure to reconvey; release of trust deed.
(1) Within 30 days after performance of the obligation secured by the trust deed, the beneficiary shall deliver a written request to the trustee to...
- 86.725 Time within which foreclosure must be commenced.
The foreclosure of a trust deed by advertisement and sale or the foreclosure of a trust deed by judicial procedure shall be commenced within the...
- 86.730 [1959 c.625 §§17,22; repealed by 1961 c.616 §8]
- 86.735 Foreclosure by advertisement and sale.
The trustee may foreclose a trust deed by advertisement and sale in the manner provided in ORS 86.740 to 86.755 if: (1) The trust deed,...
- 86.740 Notice of sale to be given to certain persons.
(1) Subsequent to recording notice of default as provided in ORS 86.735 and at least 120 days before the day the trustee conducts the sale,...
- 86.742 Failure to give notice of sale; action by omitted person; defense; pleading and proving knowledge of sale; attorney fees; exclusive remedy.
(1) If the trustee fails to give notice of the sale to any person entitled to notice under ORS 86.740 (1)(c), and such person did...
- 86.745 Contents of notice of sale.
The notice of sale shall set forth: (1) The names of the grantor, trustee and beneficiary in the trust deed, and the mailing address of...
- 86.750 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 86.745 shall be served upon an occupant of the property...
- 86.753 Discontinuance of foreclosure proceedings after cure of default.
(1) Where a trustee has commenced foreclosure of a trust deed by advertisement and sale, the grantor, the grantor’s successor in interest to all or...
- 86.755 Sale of property.
(1) The sale shall be held on the date and at the time and place designated in the notice of sale. The trustee may sell...
- 86.757 Request for information from trustee.
(1) Not later than 15 days before the date of a sale of property set forth in the notice of sale under ORS 86.745, the...
- 86.759 Information provided by trustee.
(1) The written statement of information provided by a trustee under ORS 86.757 shall include: (a) A statement of the exact amount required, as of...
- 86.760 [1959 c.625 §10; 1961 c.616 §6; 1965 c.457 §7; 1979 c.879 §4; repealed by 1983 c.719 §13]
- 86.765 Disposition of proceeds of sale.
The trustee shall apply the proceeds of the trustee’s sale as follows: (1) To the expenses of the sale, including the compensation of the trustee,...
- 86.770 Effect of sale.
(1) A sale made by a trustee under ORS 86.705 to 86.795 shall foreclose and terminate all interest in the property covered by the trust...
- 86.775 Contents of trustee’s deed to purchaser.
The trustee’s deed to the purchaser at the trustee’s sale shall contain, in addition to a description of the property conveyed, a recital of the...
- 86.780 Recitals in trustee’s deed and certain affidavits as prima facie or conclusive evidence.
When the trustee’s deed is recorded in the deed records of the county or counties where the property described in the deed is situated, the...
- 86.785 Requests for copies of notice of default or notice of sale.
At any time subsequent to the recordation of a trust deed and prior to a recording of notice of default under the deed, any person...
- 86.790 Qualifications of trustee; appointment of successor trustee; duty of trustee.
(1) The trustee of a trust deed under ORS 86.705 to 86.795 shall not be required to comply with the provisions of ORS chapters 707...
- 86.795 Compensation of trustee.
The charge of a trustee for the performance of powers and duties of foreclosure by advertisement and sale imposed under ORS 86.705 to 86.795 shall...
- 86.990 Penalties.
Violation of ORS 86.040 is punishable, upon conviction, by a fine not exceeding $500 or imprisonment in the county jail not exceeding six months, or...
