In loans upon real property, the borrower shall furnish the savings bank with:

Terms Used In Oregon Statutes 716.566

  • 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.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(1) A note or bond secured by a mortgage or deed of trust on the real estate upon which the loan is made; and

(2) A policy of title insurance issued by a reliable title insurance company authorized to insure titles within the state in which the property is situated. [1973 c.797 § 371f; 1985 c.554 § 10]

 

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