(1) Except as otherwise provided in subsection (2) or (3) of this section, upon the transfer of any interest in a manufactured structure shown on an ownership document, each person whose interest is released, terminated, assigned or transferred shall acknowledge the release, termination, assignment or transfer of that interest in a manner specified by the Department of Consumer and Business Services by rule. The department shall design the rules adopted for purposes of this subsection to protect the interests of all parties to the transfer of interest.
(2) Notwithstanding subsection (1) of this section:
(a) In the case of a transfer of an interest by operation of law, the personal representative, receiver, trustee, sheriff, landlord or other representative or successor in interest of the person whose interest is transferred shall file the acknowledgment described in subsection (1) of this section. The representative or successor shall also provide the transferee with information satisfactory to the department concerning all facts entitling the representative or successor to transfer the interest. If there is no person to transfer the interest, the person to whom interest is awarded or otherwise transferred is responsible for providing the information concerning the personís entitlement to the interest.
(b) In the case of a transfer at death of the interest of the owner or security interest holder of the manufactured structure, if the estate is not being probated and ownership is not being transferred under the provisions of ORS 114.545, an interest in the manufactured structure may be assigned through the use of an affidavit. The affidavit must be on a form prescribed by the department and signed by all of the known heirs of the person whose interest is being transferred, and shall state the name of the person to whom the ownership interest has been passed. If any heir has not arrived at the age of majority or is otherwise incapacitated, the parent or guardian of the heir shall sign the affidavit.
(c) In the case of a transfer at death of the interest of the owner or security interest holder where transfer occurs under ORS 114.545, the affiant, as defined in ORS 114.505, is the person required to assign interest.
(d) A security interest holder, without the consent of the owner, may assign interest of the holder in a manufactured structure to a person other than the owner without affecting the interest of the owner or the validity or priority of the interest. A person who is not given notice of the assignment is protected in dealing with the security interest holder as the holder of the interest until the assignee files notice of the interest with the department as provided in ORS 446.571. This paragraph does not exempt an assignment of interest from the acknowledgment requirement under subsection (1) of this section.
(e) If an interest in a manufactured structure is transferred pursuant to an application under ORS 446.591 (5), the recital by the escrow company that no written objections were received constitutes both a release, termination, assignment or transfer of interest and an acknowledgment by the person whose interest is released, terminated, assigned or transferred.
(3) Subsection (1) of this section does not apply to a transfer of a security interest where the security interest holder is a financial institution, a financial holding company or a bank holding company, as those terms are defined in ORS 706.008, a licensee under ORS chapter 725, or any subsidiary or affiliate of any of the foregoing and the transfer of the interest of the security interest holder:
(a) Results from the merger, conversion, reorganization, consolidation or acquisition of the security interest holder; or
(b) Is to an entity that is a member of the same affiliated group as the security holder. [2003 c.655 §19]
Note: See note under 446.561.Section: Previous 446.596 446.600 446.601 446.606 446.610 446.611 446.615 446.616 446.620 446.621 446.626 446.630 446.631 446.635 446.636 Next
Last modified: August 7, 2008