Mortgages

ORS 86.705
Definitions for ORS 86.705 to 86.815

As used in ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced):

(1)

“Affordable housing covenant” has the meaning given that term in ORS 456.270 (Definitions for ORS 456.270 to 456.295).

(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 (Qualifications of trustee) (1)(b)(D).

(3)

“Eligible covenant holder” has the meaning given that term in ORS 456.270 (Definitions for ORS 456.270 to 456.295).

(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 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced) 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 (Qualifications of trustee). [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]

Notes of Decisions

"Beneficiary" of trust deed is person named or otherwise designated in trust deed as person to whom secured obligation is owed. Niday v. GMAC Mortgage, LLC, 251 Or App 278, 284 P3d 1157 (2012), aff'd on other grounds, 353 Or 648, 302 P3d 444 (2013)

Obligation of trust deed is payment of note. Reeves v. ReconTrust Company, N.A., 846 F. Supp. 2d 1149 (D. Or. 2012)

Under this section, "beneficiary" is lender to whom obligation that trust deed secures is owed or lender's successor in interest; an entity that is not a lender may not be trust deed's "beneficiary" unless it is lender's successor in interest. Niday v. GMAC Mortgage, LLC, 353 Or 648, 302 P3d 444 (2013); Brandrup v. ReconTrust Co., 353 Or 668, 303 P3d 301 (2013)

Law Review Citations

49 WLR 77 (2012)

§§ 86.705 to 86.795

Notes of Decisions

For purposes of Oregon Trust Deed Act, beneficiary of trust deed is person named or otherwise designated in trust deed as person to whom secured obligation is owed. Niday v. GMAC Mortgage, LLC, 251 Or App 278, 284 P3d 1157 (2012), aff'd on other grounds, 353 Or 648, 302 P3d 444 (2013)

Statutes regulating trust deeds do not regulate transfers of promissory notes. Sovereign v. Deutsche Bank, 856 F. Supp. 2d 1203 (D. Or. 2012)

Statutes regulating trust deeds are not preempted by federal Home Owner's Loan Act. Higley v. Flagstar Bank, FSB, 910 F. Supp. 2d 1249 (D. Or. 2012)

For purposes of Oregon Trust Deed Act, "beneficiary" is lender to whom obligation that trust deed secures is owed or lender's successor in interest; an entity that is not a lender may not be trust deed's "beneficiary" unless it is lender's successor in interest. Niday v. GMAC Mortgage, LLC, 353 Or 648, 302 P3d 444 (2013); Brandrup v. ReconTrust Co., 353 Or 668, 303 P3d 301 (2013)

For purposes of Oregon Trust Deed Act, only pertinent interests in trust deed are beneficial interest of beneficiary and legal interest of trustee. Brandrup v. ReconTrust Co., 353 Or 668, 303 P3d 301 (2013)

Law Review Citations

23 WLR 37, 55 (1987); 67 OLR 306 (1988); 69 OLR 851 (1990)

Source

Last accessed
Jun. 26, 2021

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