There Is a Newer Version of the Oregon Revised Statutes
2011 Oregon Revised Statutes
ORS Volume 2, Chapters 56 - 89
ORS Chapter 86
- 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.
- 86.070 [Repealed by 1965 c.252 1]
- 86.080 Record of assignment not notice to mortgagor.
- 86.090 [Repealed by 1965 c.252 1]
- 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; effect of discharge.
- 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; procedure to limit indebtedness in residential line of credit instrument.
- 86.157 Action for residual debt after short sale of residential property.
- Note: 86.157 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 86 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation. LATE CHARGES
- 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; notice to borrowers.
- 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.
- 86.215 [1975 c.337 3,4,5; 1985 c.613 2; repealed by 1987 c.577 5]
- 86.220 [1975 c.337 6; repealed by 1987 c.577 5]
- 86.225 [1975 c.337 6a; repealed by 1987 c.577 5]
- 86.230 [1975 c.337 6b; repealed by 1987 c.577 5]
- 86.235 [1975 c.337 7; repealed by 1987 c.577 5]
- 86.240 Limit on amount required in security protection escrow account; compliance with federal laws for certain loans as compliance with state laws.
- 86.245 Interest on security protection deposits; exception.
- 86.250 Service charge prohibited where interest required.
- 86.255 Arrangements where security protection provisions not required; information to borrower.
- 86.260 Payment of taxes where security protection provision required; credit of discount where taxes not paid; cause of action by borrower.
- 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; notice to borrower.
- 86.275 Severability.
- 86.310 [Amended by 1955 c.21 1; repealed by 1961 c.726 427]
- 86.315 [1953 c.700 2; repealed by 1961 c.726 427]
- 86.320 [Repealed by 1961 c.726 427]
- 86.330 [Repealed by 1961 c.726 427]
- 86.340 [Repealed by 1961 c.726 427]
- 86.350 [Amended by 1955 c.182 1; repealed by 1961 c.726 427]
- 86.360 [Repealed by 1961 c.726 427]
- 86.370 [Amended by 1957 c.404 1; repealed by 1961 c.726 427]
- 86.380 [Repealed by 1961 c.726 427]
- 86.390 [Repealed by 1961 c.726 427]
- 86.400 [Repealed by 1961 c.726 427] CHATTEL MORTGAGES
- 86.405 Secretary of State to furnish statement of mortgages filed before September 1, 1963; fee.
- 86.410 [Repealed by 1961 c.726 427]
- 86.420 [Repealed by 1961 c.726 427]
- 86.430 [Repealed by 1961 c.726 427]
- 86.440 Discharge of mortgage recorded with county recording officer.
- 86.450 [Repealed by 1961 c.726 427]
- 86.460 Discharge of mortgage filed with Secretary of State; fee.
- 86.470 Discharge, assignment and foreclosure of mortgages on chattels registered and licensed by Department of Transportation.
- 86.480 [Repealed by 1961 c.726 427]
- 86.490 [Repealed by 1961 c.726 427]
- 86.500 [Amended by 1955 c.30 1; repealed by 1961 c.726 427]
- 86.510 [Repealed by 1961 c.726 427]
- 86.520 [Repealed by 1961 c.726 427] INVESTMENTS; FEDERAL HOUSING ADMINISTRATOR
- 86.610 Power of financial institutions, fiduciaries and others to make loans secured by property insured by Federal Housing Administrator.
- 86.620 Investment of funds of financial institutions, fiduciaries and others in bonds and mortgages accepted by Federal Housing Administrator, 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 86.795.
- 86.710 Trust deeds authorized to secure performance of an obligation; methods of foreclosure after breach.
- 86.715 Trust deed deemed to be mortgage on real property; applicability of mortgage laws.
- 86.720 Reconveyance upon performance; liability for failure to reconvey; release of trust deed.
- 86.722 Correction of error concerning status or effect of trust deed; rights of bona fide purchaser.
- 86.725 Time within which foreclosure must be commenced.
- 86.730 [1959 c.625 17,22; repealed by 1961 c.616 8]
- 86.735 Foreclosure by advertisement and sale.
- 86.737 Notice to grantor; requirements; additional forms; rules.
- 86.739 Failure to give notice to grantor; remedy.
- 86.740 Notice of sale to be given to certain persons.
- 86.742 Failure to give notice of sale; action by omitted person; defense; pleading and proving knowledge of sale; attorney fees; exclusive remedy.
- 86.745 Contents of notice of sale; additional notices; contents and requirements.
- Note: The amendments to 86.745 by section 6, chapter 510, Oregon Laws 2011, become operative January 1, 2015. See section 9, chapter 510, Oregon Laws 2011. The text that is operative on and after January 1, 2015, is set forth for the user s convenience.
- 86.745. The notice of sale shall: (1) List the names of the grantor, trustee and beneficiary in the trust deed, and the mailing address of the trustee. (2) Describe the property the trust deed covers. (3) Identify the book and page of the mortgage records that record the trust deed. (4) State the default for which the foreclosure is made. (5) State the sum owing on the obligation that the trust deed secures. (6) State that the property will be sold to satisfy the obligation. (7) Set forth the date, time and place of the sale. (8) State that the right exists under ORS 86.753 to have the proceeding dismissed and the trust deed reinstated by paying the entire amount then due, together with costs, trustee s fees and attorney fees, and by curing any other default complained of in the notice of default, at any time that is not later than five days before the date last set for the sale. (9) If the property includes one or more dwelling units that are subject to ORS chapter 90, include a notice addressed clearly to any individual who occupies the property and who is or might be a residential tenant. The notice required under this subsection must: (a) Include contact information for the Oregon State Bar and a person or organization that provides legal help to individuals at no charge to the individual; (b) Include information concerning the right the individual has to notice under ORS 86.755 (6)(c); (c) Be set apart from other text in the notice of sale; and (d) Be in substantially the following form: ______________________________________________________________________________ NOTICE TO RESIDENTIAL TENANTS The property in which you are living is in foreclosure. A foreclosure sale is scheduled for ________ (date). The date of this sale may be postponed. Unless the lender that is foreclosing on this property is paid before the sale date, the foreclosure will go through and someone new will own this property. After the sale, the new owner is required to provide you with contact information and notice that the sale took place. The following information applies to you only if you are a bona fide tenant occupying and renting this property as a residential dwelling under a legitimate rental agreement. The information does not apply to you if you own this property or if you are not a bona fide residential tenant. If the foreclosure sale goes through, the new owner will have the right to require you to move out. Before the new owner can require you to move, the new owner must provide you with written notice that specifies the date by which you must move out. If you do not leave before the move-out date, the new owner can have the sheriff remove you from the property after a court hearing. You will receive notice of the court hearing. PROTECTION FROM EVICTION IF YOU ARE A BONA FIDE TENANT OCCUPYING AND RENTING THIS PROPERTY AS A RESIDENTIAL DWELLING, YOU HAVE THE RIGHT TO CONTINUE LIVING IN THIS PROPERTY AFTER THE FORECLOSURE SALE FOR:
- 86.750 Service and publication of notice; recording proof of compliance.
- 86.753 Discontinuance of foreclosure proceedings after cure of default.
- 86.755 Sale of property; obtaining possession after sale; procedures; notices required.
- Note: The amendments to 86.755 by section 7, chapter 510, Oregon Laws 2011, become operative January 1, 2015. See section 9, chapter 510, Oregon Laws 2011. The text that is operative on and after January 1, 2015, is set forth for the user s convenience.
- 86.755. (1)(a) A trustee shall hold a trustee s sale on the date and at the time and place designated in the notice of sale given under ORS 86.740. The designated time of the trustee s sale must be after 9 a.m. and before 4 p.m., based on the standard of time set forth in ORS 187.110, and the designated place of the trustee s sale must be in the county or one of the counties in which the property is situated. Except as provided in paragraph (b) of this subsection, the trustee may sell the property in one parcel or in separate parcels and shall sell the parcel or parcels at auction to the highest bidder for cash. Any person, including the beneficiary under the trust deed, but excluding the trustee, may bid at the trustee s sale. An attorney for the trustee, or an agent that the trustee or the attorney designates, may conduct the sale and act in the sale as the trustee s auctioneer. (b) If the trustee sells property upon which a single residential unit that is subject to an affordable housing covenant is situated, the eligible covenant holder may purchase the property from the trustee at the trustee s sale for cash or cash equivalent in an amount that is the lesser of: (A) The sum of the amounts payable under ORS 86.765 (1) and (2); or (B) The highest bid received for the property other than a bid from the eligible covenant holder. (c)(A) Except as provided in subparagraph (B) of this paragraph, if an eligible covenant holder purchases the property in accordance with paragraph (b) of this subsection, the sale forecloses and terminates all other interests in the property as provided in ORS 86.770 (1). (B) If an interest in the property exists that is prior to the eligible covenant holder s interest, other than the interest set forth in the trust deed that was the subject of the foreclosure proceeding under ORS 86.735, notwithstanding the provisions of ORS 86.770 (1) the sale does not foreclose and terminate the prior interest and the eligible covenant holder s title to the property is subject to the prior interest. (2) The trustee or the attorney for the trustee, or an agent that the trustee or the attorney conducting the sale designates, may postpone the sale for one or more periods that total not more than 180 days from the original sale date, giving notice of each adjournment by public proclamation made at the time and place set for sale. The trustee, the attorney or an agent that the trustee or the attorney designates may make the proclamation. (3) The purchaser shall pay at the time of sale the price bid or the price determined in accordance with subsection (1)(b) of this section, and, within 10 days following payment, the trustee shall execute and deliver the trustee s deed to the purchaser. (4) The trustee s deed shall convey to the purchaser the interest in the property that the grantor had, or had the power to convey, at the time the grantor executed the trust deed, together with any interest the grantor or the grantor s successors in interest acquire after the execution of the trust deed. (5)(a) If property purchased at the trustee s sale includes one or more dwelling units that are subject to ORS chapter 90, the purchaser must provide written notice of change in ownership to the occupants of each unit within 30 days after the date of sale and before or concurrently with service of a written termination notice authorized by subsection (6)(c)(B) of this section. (b) The notice required by this subsection must: (A) Explain that the dwelling unit has been sold at a foreclosure sale and that the purchaser at that sale is the new owner. (B) Include the date on which the foreclosure sale took place. (C) Include the name, contact address and contact telephone number of the purchaser or the purchaser s representative. (D) Provide information about the rights of bona fide residential tenants as provided in subsections (6)(c) and (e) and (9)(a) of this section. (E) Include contact information for the Oregon State Bar and a person or organization that provides legal help to individuals at no charge to the individual. (c) The notice must be served by one or more of the following methods: (A) Personal delivery to the tenant. (B) First class mail to the tenant at the dwelling unit. (C) First class mail to the tenant at the dwelling unit and attachment of a second notice copy. The second notice copy must be attached in a secure manner to the main entrance to the portion of the premises in the possession of the tenant. (D) If the names of the tenants are not known to the purchaser, the notice may be addressed to occupants. (d) A notice that contains the information required under paragraph (b)(B) and (C) of this subsection meets the requirements of paragraph (b) of this subsection if the notice is in substantially the following form: ______________________________________________________________________________ NOTICE TO RESIDENTIAL TENANTS OF CHANGE IN OWNERSHIP The property in which you are living has gone through foreclosure and was sold to a new owner on ________ (date). The contact information for the new owner or the owner s representative is ____________________ (name, address, telephone number). IF YOU ARE A BONA FIDE TENANT RENTING THIS PROPERTY AS A RESIDENTIAL DWELLING, YOU HAVE THE RIGHT TO CONTINUE LIVING IN THIS PROPERTY AFTER THE FORECLOSURE SALE FOR:
- 86.757 Request for information from trustee.
- 86.759 Information provided by trustee.
- 86.760 [1959 c.625 10; 1961 c.616 6; 1965 c.457 7; 1979 c.879 4; repealed by 1983 c.719 13]
- 86.765 Disposition of proceeds of sale.
- 86.770 Effect of sale; actions for deficiency; restrictions.
- 86.775 Contents of trustee s deed to purchaser.
- 86.780 Recitals in trustee s deed and certain affidavits as prima facie or conclusive evidence.
- 86.785 Requests for copies of notice of default or notice of sale.
- 86.790 Qualifications of trustee; appointment of successor trustee; duty of trustee.
- 86.795 Compensation of trustee.
- 86.990 Penalties.
Disclaimer: These codes may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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