The Department of Veterans’ Affairs is authorized and empowered, in the name and in behalf of the state, to make or participate in the making of residential loans under this chapter; to undertake commitments to make residential loans; to purchase and sell residential loans; to commence and prosecute to judgment all suits, actions and proceedings necessary to protect the interest of the state; to bid on property offered for sale under such proceedings and to acquire title to property for and in behalf of the state as a result of such proceedings; to accept deeds from borrowers in lieu of foreclosure; to sell, transfer, convey, lease or assign any property acquired by the department for and in behalf of the state; to make repairs and improvements or alterations; to pay taxes, liens and charges of every kind superior to the lien of the state; to pay the principal and interest on any obligations incurred in connection with such property; to dispose of such property; and otherwise to administer such property in such manner as the department deems to the best interest of the state. All money received by the department from the sale, leasing or other disposition of any property shall be paid over to the State Treasurer and deposited in the Oregon War Veterans’ Bond Sinking Account. [Formerly 407.080; 1987 c.652 § 3; 2003 c.576 § 439; 2005 c.625 § 20; 2019 c.223 § 6]

[Amended by 1975 c.462 § 12; 1981 c.660 § 36; renumbered 407.415]