2011 Oregon Revised Statutes
ORS Volume 10, Chapters 366 - 430
ORS Chapter 407
407.145 Purchase and control of property; disbursements to protect security.
(1) The Department of Veterans Affairs may acquire property by purchase when the acquisition of such property is necessary to protect the interest of the state because of default in repayment of loans made in accordance with ORS 407.125 or statutes supplementary thereof. The department shall exercise control of all the property while the title remains vested in the state.
(2) The department may take any action and make disbursements as may be necessary to protect the securities for loans acquired under this chapter. Any disbursement so made shall be added to the amount due from the borrower and shall bear interest at the rate then fixed for home improvement loans under ORS 407.325 or at the rate on the existing loan, whichever is higher. Any such disbursement shall be made only upon order of the department.
(3) Funds for the protection of security may be disbursed from the Oregon War Veterans Fund including the Oregon War Veterans Bond Sinking Account as the department shall determine. [Formerly 407.090; 1987 c.131 1; 1987 c.652 4; 1997 c.214 1; 2005 c.625 21]
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