2011 ORS § 86.722¹

Correction of error concerning status or effect of trust deed

• • rights of bona fide purchaser

(1) To correct an error concerning the status or effect of a recorded trust deed, a person may present an instrument to the county clerk for recording in the deed and mortgage records of the county, and the county clerk shall record the instrument if it otherwise meets the requirements for an instrument to be recorded under ORS chapter 205 and is in substantially the following form:

______________________________________________________________________________

CORRECTION OF ERROR(S)

IN THE DEED AND MORTGAGE

RECORDS RELATING TO

A TRUST DEED

(ORS 86.705 (Definitions for ORS 86.705 to 86.795) to 86.795 (Compensation of trustee))

This instrument is recorded to provide notice of an error relating to:

Original Deed of Trust

County clerk instrument record #:

Grantor (name):

Trustee (name):

Beneficiary (name):

Assignee(s), if any (name(s)):

The error to be corrected is (check one):

[ ] Erroneous reconveyance

of trust deed

Date of recording:

County clerk instrument record #:

[ ] Erroneous recording of

Trustees Deed

Date of recording:

County clerk instrument record #:

The result of this error correction is (check one): [ ] The original trust deed is hereby reinstated; or [ ] The Trustees Deed is hereby set aside as though the erroneous instrument had not been recorded.

Date _____

Name (printed) _________

Signature _________

(Beneficiary of original deed of trust)

STATE OF OREGON )

) ss.

County of_____ )

The foregoing instrument was acknowledged before me this ___ day of________, 2___, by________.

____________

Notary Public for Oregon

My commission expires: ______

STATE OF OREGON )

) ss.

County of _____ )

The foregoing instrument was acknowledged before me this ___ day of________, 2___, by ________ and by ______ of________, a corporation on behalf of the corporation.

_______________

Notary Public for Oregon

My commission expires: ______

______________________________________________________________________________

(2) Reinstatement of a trust deed based on the correction of an error under this section does not affect the rights of a bona fide purchaser for value or of a bona fide purchaser for value holding a security interest in the real property if the purchaser acquired an interest after the erroneous trust deed reconveyance or trustees deed was recorded and before the error was corrected. [2009 c.628 §3]