Upon execution and delivery of a contract under ORS 545.671 to 545.679, the board of directors shall cause the contract to be recorded in the records of mortgages in the counties in which the lands covered by the contract are located. After recordation of the contract, the contract shall become effective in accordance with its terms. As of the effective date agreed upon in the contract, the rights, privileges, liabilities and obligations of all parties to the contract, as described in the contract, shall govern and control all the parties in lieu of all statutory rights, privileges, liabilities and obligations previously governing and controlling the parties in the premises. [Formerly 545.360]
Section: Previous 545.659 545.660 545.662 545.663 545.664 545.666 545.667 545.671 545.673 545.675 545.677 545.679 545.683 545.685 545.990 NextLast modified: August 7, 2008