As used in ORS 86.705 to 86.795, unless the context requires otherwise:
(1) “Beneficiary” means the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the person’s successor in interest, and who shall not be the trustee unless the beneficiary is qualified to be a trustee under ORS 86.790 (1)(d).
(2) “Grantor” means the person conveying an interest in real property by a trust deed as security for the performance of an obligation.
(3) “Residential trust deed” means a trust deed on property upon which are situated four or fewer residential units and one of the residential units is occupied as the principal residence of the grantor, the grantor’s spouse or the grantor’s minor or dependent child at the time a trust deed foreclosure is commenced.
(4) “Residential unit” means an improvement designed for residential use.
(5) “Trust deed” means a deed executed in conformity with ORS 86.705 to 86.795, and conveying an interest in real property to a trustee in trust to secure the performance of an obligation owed by the grantor or other person named in the deed to a beneficiary.
(6) “Trustee” means a person, other than the beneficiary, to whom an interest in real property is conveyed by a trust deed, or such person’s successor in interest. The term includes a person who is an employee of the beneficiary, if the person is qualified to be a trustee under ORS 86.790. [1959 c.625 §1; 1961 c.616 §1; 1975 c.618 §1; 1983 c.719 §1; 1985 c.817 §1; 1989 c.190 §1]Section: Previous 86.500 86.510 86.520 86.610 86.620 86.630 86.640 86.705 86.710 86.715 86.720 86.725 86.730 86.735 86.740 Next
Last modified: August 7, 2008