There is a newer version of the Oregon Revised Statutes
2015 Oregon Revised Statutes
Volume : 16 - Financial Institutions, Insurance
Chapter 716 - Savings Banks
Section 716.568 - Requirement of insurance for loan secured by mortgage, trust deed or other instrument on real estate.
OR Rev Stat § 716.568 (2015) What's This?
If a loan is secured by mortgage, deed of trust or other similar instrument on real estate, the mortgage, deed of trust or other instrument shall contain provisions requiring the maintenance of insurance on the buildings on the premises to the reasonable amount as stipulated in the mortgage, deed of trust or other instrument. The policy shall be payable, in case of loss, to the savings bank and shall be deposited with the savings bank except where the savings bank’s interest is insured under a blanket policy of insurance.
[1973 c.797 §371g; 1985 c.554 §11]
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