Oregon Statutes 407.480 – Definitions for ORS 407.480 to 407.490
Current as of: 2023 | Check for updates
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As used in ORS § 407.480 to 407.490:
Terms Used In Oregon Statutes 407.480
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1) ‘Insurance’ means any mortgage guarantee or mortgage insurance against financial loss by reason of:
(a) Collection activity;
(b) Foreclosure; or
(c) Foreclosure by the Department of Veterans’ Affairs under ORS § 407.135.
(2) ‘Mortgage’ includes a trust deed. [1989 c.677 § 2; 2005 c.625 § 46]