(1) In participation with other mortgagees, a savings bank may invest the funds mentioned in ORS § 716.410 in notes or bonds secured by mortgage or deed of trust upon real estate.

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Terms Used In Oregon Statutes 716.554

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(2) An agreement setting forth the manner in which the participating mortgagees shall administer the mortgage and acquired real estate, if any, shall be executed on behalf of each of the mortgagees by two of their authorized officers. [1973 c.797 § 371a; 1977 c.135 § 36; 1985 c.554 § 6]

 

[1959 c.185 § 5; repealed by 1973 c.797 § 428]

 

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