ORS 94.876
Requirements for closing escrow
(1)
Subject to the requirements of ORS 94.871 (When purchase money agreement prohibited) and 94.873 (Escrow account), an escrow for the sale of a timeshare estate may close only if one of the following alternatives for protecting the purchaser is satisfied:(a)
The timeshare estate is conveyed to the purchaser free and clear of any blanket encumbrance;(b)
The timeshare property in which the timeshare estate is granted is conveyed to a trustee under a lien payment trust established under ORS 94.890 (Lien payment trust) and every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement;(c)
The timeshare estate is conveyed to the purchaser subject only to a blanket encumbrance in which every person holding an interest in the blanket encumbrance executes and records a nondisturbance agreement or the Real Estate Commissioner accepts a surety bond as an alternative arrangement under ORS 94.900 (Alternative to lien payment trust) in an amount that is sufficient to satisfy the blanket encumbrance; or(d)
All requirements of an alternative arrangement approved by the commissioner under ORS 94.900 (Alternative to lien payment trust) are satisfied.(2)
Subject to the requirements of ORS 94.873 (Escrow account), an escrow for the sale of a timeshare license may close only if one of the following alternatives for protecting the purchaser is satisfied:(a)
The timeshare property is conveyed to a trustee free and clear of any blanket encumbrance;(b)
The timeshare property is conveyed to a trustee under a lien payment trust established under ORS 94.890 (Lien payment trust) and every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement;(c)
Every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement and the commissioner accepts a recorded surety bond in an amount that is sufficient to satisfy the blanket encumbrance; or(d)
The requirements of an alternative arrangement approved by the commissioner under ORS 94.900 (Alternative to lien payment trust) are satisfied. [1983 c.530 §30]
Source:
Section 94.876 — Requirements for closing escrow, https://www.oregonlegislature.gov/bills_laws/ors/ors094.html.
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