Oregon Statutes 716.558 – Investment in notes or bonds secured by mortgages or trust deeds on real property leases
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A savings bank may invest the funds mentioned in ORS § 716.410, in notes or bonds secured by mortgage or deed of trust upon leasehold estates in real property, if the lease is binding upon the owners of the fee title to the leased premises, in full force and free from default. [1973 c.797 § 371c; 1985 c.554 § 7]
Terms Used In Oregon Statutes 716.558
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
[1959 c.185 § 6; repealed by 1973 c.797 § 428]