Oregon Statutes > Chapter 716 > Powers, Duties and Regulation
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Terms Used In Oregon Statutes > Chapter 716 > Powers, Duties and Regulation
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100