A savings bank may invest the funds mentioned in ORS § 716.410 in notes or bonds secured by a mortgage, deed of trust or other instrument for the purpose of financing the acquisition and development of land for primarily commercial, industrial or residential usage. A loan may be made on real estate which is to be improved with the developments to be paid for from the proceeds of the loan if the proceeds will be used for that purpose. [1973 c.797 § 371e; 1985 c.554 § 9]

Terms Used In Oregon Statutes 716.564

  • 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.

 

[1959 c.185 § 7; repealed by 1973 c.797 § 428]

 

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