Chapter 86 — Chapter 86

ORS 86.400 [Repealed by 1961 c.726 §427]

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ORS 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]

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ORS 86.410 [Repealed by 1961 c.726 §427]

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ORS 86.420 [Repealed by 1961 c.726 §427]

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ORS 86.430 [Repealed by 1961 c.726 §427]

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ORS 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]

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ORS 86.450 [Repealed by 1961 c.726 §427]

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ORS 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]

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ORS 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]

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ORS 86.480 [Repealed by 1961 c.726 §427]

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ORS 86.490 [Repealed by 1961 c.726 §427]

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ORS 86.500 [Amended by 1955 c.30 §1; repealed by 1961 c.726 §427]

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ORS 86.510 [Repealed by 1961 c.726 §427]

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ORS 86.520 [Repealed by 1961 c.726 §427]

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ORS 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]

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ORS 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]

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ORS 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

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ORS 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

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ORS 86.705 Definitions for ORS 86.705 to 86.815. As used in ORS 86.705 to 86.815

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ORS 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

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ORS 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]

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ORS 86.713 Qualifications of trustee; certificate of authority to transact business; law practice serving as trustee; appointment of successor trustee; trustee’s duties. (1) The trustee of a trust deed under ORS 86.705 to 86.815

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ORS 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]

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ORS 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 reconvey the estate of real property described in the trust deed to the grantor. Within 30 days after the beneficiary delivers the written request to reconvey to the trustee, the trustee shall reconvey the estate of real property described in the trust deed to the grantor. In the event the obligation is performed and the beneficiary refuses to request reconveyance or the trustee refuses to reconvey the property, the beneficiary or trustee so refusing shall be liable as provided by ORS 86.140 in the case of refusal to execute a discharge or satisfaction of a mortgage on real property. The trustee may charge a reasonable fee for all services involved in the preparation, execution and recordation of any reconveyance executed pursuant to this section

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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

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ORS 86.725 [1959 c.625 §20; renumbered 86.815 in 2013]

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ORS 86.726 Resolution conference for foreclosure; exemptions; procedure to request conference; fee. (1)(a) Except as provided in paragraph (b) of this subsection and subsection (5) of this section, a beneficiary that intends to foreclose a residential trust deed shall first request a resolution conference with the grantor before the beneficiary or the trustee files a notice of default under ORS 86.752 or before the beneficiary brings suit under ORS 88.010

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ORS 86.729 Scheduling and notice for resolution conference; information required; fees; postponement, rescheduling and cancellation; liability of facilitator. (1)(a) Within 10 days after a service provider receives a request for a resolution conference under ORS 86.726, the service provider shall schedule the resolution conference and mail a notice to the beneficiary and to the grantor at all addresses on file with the service provider for the beneficiary and grantor, including post office boxes. The service provider shall schedule the resolution conference to occur within 75 days after the date on which the service provider sends the notice

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ORS 86.730 [1959 c.625 §§17,22; repealed by 1961 c.616 §8]

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ORS 86.732 Attendance at resolution conference; authority of beneficiary’s agent; representation of grantor; terms of foreclosure avoidance measure; report. (1)(a) Except as provided in paragraph (b) of this subsection, a beneficiary that must request a resolution conference with a grantor under ORS 86.726 shall attend and participate in the resolution conference in person or by remote audio or video communication

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ORS 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]

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ORS 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

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ORS 86.737 [2008 c.19 §20; 2009 c.864 §§1,4; renumbered 86.756 in 2013]

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ORS 86.739 [2008 c.19 §21; 2009 c.229 §3; renumbered 86.761 in 2013]

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ORS 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]

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ORS 86.741 Attorney General duties and powers; payments; rules. (1) The Attorney General shall

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ORS 86.742 [1985 c.817 §9; 1995 c.618 §51; 2012 c.112 §8; renumbered 86.767 in 2013]

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ORS 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

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ORS 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]

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ORS 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

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ORS 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]

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ORS 86.752 Foreclosure by advertisement and sale. A trustee may not foreclose a trust deed by advertisement and sale in the manner provided in ORS 86.764 to 86.782 unless

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ORS 86.753 [1983 c.719 §11; 1985 c.817 §5; 1989 c.190 §4; 1999 c.561 §1; renumbered 86.778 in 2013]

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ORS 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]

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ORS 86.756 Notice to grantor; requirements; additional forms; rules. (1) If a notice of default is recorded for property that is subject to a residential trust deed, the sender of a notice of sale under ORS 86.764 shall, on or before the date the notice of sale is served or mailed, give notice under this section to the grantor by both first class and certified mail with return receipt requested to all addresses on file with the sender for the grantor, including post office boxes. Subject to any rules adopted under subsection (2) of this section, the notice must be in substantially the following form and printed in at least 14-point type

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ORS 86.757 [2003 c.251 §2; renumbered 86.786 in 2013]

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ORS 86.759 [2003 c.251 §3; renumbered 86.789 in 2013]

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ORS 86.760 [1959 c.625 §10; 1961 c.616 §6; 1965 c.457 §7; 1979 c.879 §4; repealed by 1983 c.719 §13]

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ORS 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

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ORS 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

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