ORS 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)
(ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced))
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]

Source: Section 86.722 — Correction of error concerning status or effect of trust deed; rights of bona fide purchaser, https://www.­oregonlegislature.­gov/bills_laws/ors/ors086.­html.

Notes of Decisions

Where lender beneficiary uses correction deed to set aside trustee’s deed as though it “had not been recorded,” as used in this section, that action does not automatically unwind non-judicial foreclosure sale, void legal transfer of interest to purchaser obtained at that sale or reinstate borrower’s title and obligations under original trust deed. Hucke v. BAC Home Loans Servicing, L.P., 272 Or App 94, 355 P3d 154 (2015)

86.010
Nature of mortgagee’s interest 86.020
Covenant to pay money not implied 86.030
Absolute deed as a mortgage 86.040
Improvements on mortgaged lands 86.050
Payment of taxes and other charges by mortgagee 86.060
Assignment of mortgage 86.080
Record of assignment not notice to mortgagor 86.095
Acts not affecting priority of lien of credit instrument 86.100
Discharge of mortgage 86.110
Discharge of record by owner and holder of mortgage note who is not the mortgagee of record 86.120
Discharge of mortgage on real property 86.130
Discharge by foreign executors, administrators, conservators and guardians 86.140
Liability of mortgagee for failure to discharge mortgage 86.150
Loan agreements and promissory notes to state maximum prepayment privilege penalty 86.155
Priority of line of credit instrument as to certain advances 86.157
Action for residual debt after short sale of residential property 86.160
Definitions for ORS 86.160 to 86.185 86.165
Late charge 86.170
Prohibited mortgage provisions 86.175
Scope 86.180
ORS 86.160 to 86.185 not applicable to certain mortgagees 86.185
ORS 86.160 to 86.185 not applicable to certain loans 86.205
Definitions for ORS 86.205 to 86.275 86.210
Types of lender security protection provisions allowed 86.214
Application of ORS 86.210 and 86.245 to real estate loan agreements 86.240
Limit on amount required in security protection escrow account 86.245
Interest on security protection deposits 86.250
Service charge prohibited where interest required 86.255
Arrangements where security protection provisions not required 86.260
Payment of taxes where security protection provision required 86.265
Effect of lender violation of ORS 86.205 to 86.275 86.270
ORS 86.205 to 86.275 inapplicable to certain loan agreements 86.275
Severability 86.405
Secretary of State to furnish statement of mortgages filed before September 1, 1963 86.440
Discharge of mortgage recorded with county recording officer 86.460
Discharge of mortgage filed with Secretary of State 86.470
Discharge, assignment and foreclosure of mortgages on chattels registered and licensed by Department of Transportation 86.610
Power of financial institutions, fiduciaries and others to make loans secured by property insured by Federal Housing Administration 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 86.630
Eligibility of securities described in ORS 86.620 as security for deposits, investment or reserve of securities 86.640
Applicability of other laws requiring security or regulating loans and investments 86.705
Definitions for ORS 86.705 to 86.815 86.707
Additional definitions for ORS 86.726, 86.729, 86.732, 86.736, 86.741, 86.744 and 86.748 86.710
Trust deeds authorized to secure performance of obligation 86.713
Qualifications of trustee 86.715
Trust deed deemed to be mortgage on real property 86.720
Reconveyance upon performance 86.722
Correction of error concerning status or effect of trust deed 86.726
Resolution conference for foreclosure 86.729
Scheduling and notice for resolution conference 86.732
Attendance at resolution conference 86.736
Certificate of compliance 86.741
Attorney General duties and powers 86.744
Foreclosure Avoidance Fund 86.748
Determination of ineligibility for foreclosure avoidance measure 86.752
Foreclosure by advertisement and sale 86.756
Notice to grantor 86.761
Failure to give notice to grantor 86.764
Notice of sale for certain persons 86.767
Failure to give notice of sale 86.771
Contents of notice of sale 86.774
Service and publication of notice 86.778
Discontinuance of foreclosure proceedings after cure of default 86.782
Sale of property 86.786
Request for information from trustee 86.789
Information provided by trustee 86.794
Disposition of proceeds of sale 86.797
Effect of sale 86.800
Contents of trustee’s deed to purchaser 86.803
Recitals in trustee’s deed and certain affidavits as prima facie or conclusive evidence 86.806
Requests for copies of notice of default or notice of sale 86.809
Compensation of trustee 86.812
Impermissible conditions for approving short sale or sale of note 86.815
Time within which foreclosure must be commenced 86.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 86.722’s source at oregon​.gov