ORS 86.713
Qualifications of trustee

  • certificate of authority to transact business
  • law practice serving as trustee
  • appointment of successor trustee
  • trustee’s duties

(1)

The trustee of a trust deed under ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced):

(a)

Is not required to comply with the provisions of ORS chapters 707 and 709.

(b)

Must be:

(A)

An attorney who is an active member of the Oregon State Bar or a law practice that includes an attorney who is an active member of the Oregon State Bar;

(B)

A financial institution or trust company, as defined in ORS 706.008 (Additional definitions for Bank Act), that is authorized to do business under the laws of Oregon or the United States;

(C)

A title insurance company or a subsidiary, affiliate, insurance producer or branch of the title insurance company that is authorized to insure title to real property in this state;

(D)

The United States or any agency of the United States; or

(E)

An escrow agent that is licensed under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts).

(c)

Shall obtain from the Secretary of State a certificate of authority to transact business in this state as a foreign business entity, if the trustee is a person described in paragraph (b)(B) or (C) of this subsection, unless the trustee has registered with or obtained a certificate of authority from the Director of the Department of Consumer and Business Services.

(2)

A law practice that, or an attorney who, is a trustee under subsection (1)(b)(A) of this section may represent the beneficiary in addition to performing the duties of trustee.

(3)

At any time after a trust deed is executed, the beneficiary may appoint in writing another qualified trustee. If the appointment of the successor trustee is recorded in the mortgage records of the county or counties in which the trust deed is recorded, the successor trustee has the powers of the original trustee.

(4)

A trustee or successor trustee is a necessary and proper party to any proceeding to determine the validity of a trust deed, or to enjoin any private or judicial proceeding to foreclose a trust deed, but a trustee or successor trustee is not a necessary or proper party to any proceeding to determine title to the property subject to the trust deed, or to any proceeding to impose, enforce or foreclose any other lien on the subject property.

(5)

The provisions of ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced) do not impose a duty on the trustee or successor trustee to notify any person of any proceeding with respect to the person, except a proceeding that the trustee or successor trustee initiates.

(6)

A trustee or the attorney for the trustee or any agent that the trustee or the attorney designates may announce and accept a bid from the beneficiary whether or not the beneficiary is present at the sale.

(7)

The trustee or successor trustee does not have a fiduciary duty or fiduciary obligation to the grantor or other persons that have an interest in the property subject to the trust deed. The trustee or successor trustee is not relieved of the duty to reconvey the property that is subject to the trust deed to the grantor when the beneficiary requests a reconveyance.

(8)

If a law practice is the trustee under subsection (1)(b)(A) of this section, an attorney who is an active member of the Oregon State Bar and is a shareholder, partner, member or employee of the law practice shall sign on the trustee’s behalf any document that is permitted or required to be signed under ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced). The attorney who signs the document shall make evident in the document the attorney’s name and Oregon State Bar number and shall state in the document that the trustee has authorized the attorney to sign the document on the trustee’s behalf.

(9)

If an attorney is the trustee under subsection (1)(b)(A) of this section, another attorney who is an active member of the Oregon State Bar and is a shareholder, partner, member or employee of the law practice in which the attorney practices law may sign on the trustee’s behalf any document that is permitted or required to be signed under ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced). The attorney who signs the document shall make evident in the document the attorney’s name and Oregon State Bar number and shall state in the document that the trustee has authorized the attorney to sign the document on the trustee’s behalf. [Formerly 86.790]

Source: Section 86.713 — Qualifications of trustee; certificate of authority to transact business; law practice serving as trustee; appointment of successor trustee; trustee’s duties, https://www.­oregonlegislature.­gov/bills_laws/ors/ors086.­html.

86.010
Nature of mortgagee’s interest
86.020
Covenant to pay money not implied
86.030
Absolute deed as a mortgage
86.040
Improvements on mortgaged lands
86.050
Payment of taxes and other charges by mortgagee
86.060
Assignment of mortgage
86.080
Record of assignment not notice to mortgagor
86.095
Acts not affecting priority of lien of credit instrument
86.100
Discharge of mortgage
86.110
Discharge of record by owner and holder of mortgage note who is not the mortgagee of record
86.120
Discharge of mortgage on real property
86.130
Discharge by foreign executors, administrators, conservators and guardians
86.140
Liability of mortgagee for failure to discharge mortgage
86.150
Loan agreements and promissory notes to state maximum prepayment privilege penalty
86.155
Priority of line of credit instrument as to certain advances
86.157
Action for residual debt after short sale of residential property
86.160
Definitions for ORS 86.160 to 86.185
86.165
Late charge
86.170
Prohibited mortgage provisions
86.175
Scope
86.180
ORS 86.160 to 86.185 not applicable to certain mortgagees
86.185
ORS 86.160 to 86.185 not applicable to certain loans
86.205
Definitions for ORS 86.205 to 86.275
86.210
Types of lender security protection provisions allowed
86.214
Application of ORS 86.210 and 86.245 to real estate loan agreements
86.240
Limit on amount required in security protection escrow account
86.245
Interest on security protection deposits
86.250
Service charge prohibited where interest required
86.255
Arrangements where security protection provisions not required
86.260
Payment of taxes where security protection provision required
86.265
Effect of lender violation of ORS 86.205 to 86.275
86.270
ORS 86.205 to 86.275 inapplicable to certain loan agreements
86.275
Severability
86.405
Secretary of State to furnish statement of mortgages filed before September 1, 1963
86.440
Discharge of mortgage recorded with county recording officer
86.460
Discharge of mortgage filed with Secretary of State
86.470
Discharge, assignment and foreclosure of mortgages on chattels registered and licensed by Department of Transportation
86.610
Power of financial institutions, fiduciaries and others to make loans secured by property insured by Federal Housing Administration
86.620
Investment of funds of financial institutions, fiduciaries and others in bonds and mortgages accepted by Federal Housing Administration, debentures issued thereby, and obligations of national mortgage associations
86.630
Eligibility of securities described in ORS 86.620 as security for deposits, investment or reserve of securities
86.640
Applicability of other laws requiring security or regulating loans and investments
86.705
Definitions for ORS 86.705 to 86.815
86.707
Additional definitions for ORS 86.726, 86.729, 86.732, 86.736, 86.741, 86.744 and 86.748
86.710
Trust deeds authorized to secure performance of obligation
86.713
Qualifications of trustee
86.715
Trust deed deemed to be mortgage on real property
86.720
Reconveyance upon performance
86.722
Correction of error concerning status or effect of trust deed
86.726
Resolution conference for foreclosure
86.729
Scheduling and notice for resolution conference
86.732
Attendance at resolution conference
86.736
Certificate of compliance
86.741
Attorney General duties and powers
86.744
Foreclosure Avoidance Fund
86.748
Determination of ineligibility for foreclosure avoidance measure
86.752
Foreclosure by advertisement and sale
86.756
Notice to grantor
86.761
Failure to give notice to grantor
86.764
Notice of sale for certain persons
86.767
Failure to give notice of sale
86.771
Contents of notice of sale
86.774
Service and publication of notice
86.778
Discontinuance of foreclosure proceedings after cure of default
86.782
Sale of property
86.786
Request for information from trustee
86.789
Information provided by trustee
86.794
Disposition of proceeds of sale
86.797
Effect of sale
86.800
Contents of trustee’s deed to purchaser
86.803
Recitals in trustee’s deed and certain affidavits as prima facie or conclusive evidence
86.806
Requests for copies of notice of default or notice of sale
86.809
Compensation of trustee
86.812
Impermissible conditions for approving short sale or sale of note
86.815
Time within which foreclosure must be commenced
86.990
Penalties
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