An ownership application, information described in ORS 446.736 or an ownership document or other document evidencing ownership and any release thereon under ORS 446.571, 446.616 or 446.641 does not need to be submitted to the Department of Consumer and Business Services as a condition for the department recording an ownership interest in a manufactured structure if all of the following conditions are met:
(1) The transaction involves the sale of a manufactured structure or the creation or transfer of a security interest in a manufactured structure and is processed by an escrow agent licensed in this state.
(2) Debt secured by a security interest in the manufactured structure has been or will be paid in full by the escrow agent as part of the agentís processing of the transaction.
(3) The escrow agent sends the written notice, in the form described in ORS 446.596, at least 30 days prior to the application for issuance of a replacement or original ownership document or for changes to an ownership document.
(4) The escrow agent mails a notice described in ORS 446.596 to the holder or other person that is responsible for furnishing the application information, ownership document, other document evidencing ownership, or release of interest, and mails a copy of the notice to any person who has perfected a security interest under ORS chapter 79 in the inventory of a dealer selling the structure.
(5) The escrow agent provides the Department of Consumer and Business Services with an application as provided by department rule for an ownership document. The application must be signed by the transferee, if any, and contain any information required by the department, including but not limited to the following information:
(a) A description of the manufactured structure, including the identification number as described by department rule.
(b) The name of the transferee, if any.
(c) A recital that the escrow agent did not receive the requested documents and did not receive a written objection from the holder or other person. [2003 c.655 §14]
Note: See note under 446.561.Section: Previous 446.571 446.575 446.576 446.580 446.581 446.586 446.590 446.591 446.596 446.600 446.601 446.606 446.610 446.611 446.615 Next
Last modified: August 7, 2008