(1) The State Library Board may acquire control and dispose of any and all real and personal property given to or for the benefit of the State Library by private donors, whether the gifts of the property are made to the State Library or to the board or to the State of Oregon for the benefit of the library.

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Terms Used In Oregon Statutes 357.040

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Personal property: All property that is not real property.

(2) The board may accept by assignment and hold mortgages upon real and personal property acquired by way of gift or arising out of transactions entered into in accord with the powers, duties and authority given to the board by this section and ORS § 357.026 and 357.195.

(3) The board may institute, maintain and participate in suits, actions and other judicial proceedings in the name of the State of Oregon for the foreclosure of such mortgages or for the purpose of carrying into effect any and all of the powers, duties and authority now vested in or given to the board by this section. [Amended by 1975 c.476 § 11; 1995 c.69 § 11; 2015 c.328 § 11]

 

(State Librarian)

 

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