Oregon Statutes - Chapter 407 - Veterans Loans - Section 407.085 - Definitions.
(1) As used in Article XI-A, Oregon Constitution, and this chapter, for the purposes of administration:
(a) “Acquisition” means:
(A) Purchase and improvement of a home or farm.
(B) Payment of the balance of the purchase price and interest on a purchase contract, and the improvement of property thereby acquired.
(C) Refinance of an existing purchase-money mortgage or mortgage in the nature thereof, and the improvement of property thereby purchased.
(D) Improvement of a home or farm.
(b) “Bonds” includes, but is not limited to, serial bonds, term bonds, notes, obligations, lines of credit, revolving credit agreements, loans, financing agreements or other evidence of indebtedness determined by the Department of Veterans’ Affairs, with the approval of the State Treasurer, to be necessary or desirable to provide funds for the purposes expressed in Article XI-A of the Oregon Constitution.
(2) As used in this chapter:
(a) “Committee” means the Advisory Committee provided for by ORS 406.210.
(b) “Home” means any residential-type structure, including outbuildings and the real property in connection with it, if any, including long-term leaseholds, which is established, maintained and used primarily as a principal residence by the veteran.
(c) “Improvement” means new construction or any necessary or beneficial additions, alterations or changes appurtenant to the home or farm which protect or improve the basic livability or energy efficiency of the premises.
(d) “Mobile home” means a structure, transportable in one or more sections, which is 10 feet or more in width, and contains more than 500 square feet of living space figured on exterior dimensions of the structure, exclusive of any hitch and is designed to be used as a dwelling by one family, and which remains as personal property under the laws of this state. [Formerly 407.010; 2001 c.98 §5; 2005 c.625 §15]Section: Previous 407.070 407.072 407.073 407.074 407.075 407.076 407.080 407.085 407.095 407.100 407.110 407.115 407.120 407.125 407.129 Next
Last modified: August 7, 2008