2011 ORS § 86.790¹
Qualifications of trustee
- • appointment of successor trustee
- • duty of trustee
(1) The trustee of a trust deed under ORS 86.705 (Definitions for ORS 86.705 to 86.795) to 86.795 (Compensation of trustee) shall not be required to comply with the provisions of ORS chapters 707 and 709 and shall be:
(a) Any 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 authorized to insure title to real property in this state, its subsidiaries, affiliates, insurance producers or branches;
(d) The United States or any agency thereof; or
(2) An attorney who is a trustee under subsection (1)(a) of this section may represent the beneficiary in addition to performing the duties of trustee.
(3) At any time after the 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 shall be vested with all 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 or enjoin any private or judicial proceeding to foreclose a trust deed, but a trustee or successor trustee is neither a necessary nor a 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) Nothing in ORS 86.705 (Definitions for ORS 86.705 to 86.795) to 86.795 (Compensation of trustee) imposes a duty on the trustee or successor trustee to notify any person of any proceeding with respect to such person, except a proceeding initiated by the trustee or successor trustee.
(6) A trustee or the attorney for the trustee or any agent designated by the trustee or the attorney 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 shall have no fiduciary duty or fiduciary obligation to the grantor or other persons having an interest in the property subject to the trust deed. The trustee or successor trustee shall not be relieved of the duty to reconvey the property subject to the trust deed to the grantor upon request for reconveyance by the beneficiary. [1959 c.625 §3; 1967 c.359 §680; 1975 c.618 §2a; 1979 c.879 §5; 1981 c.192 §1; 1983 c.719 §9; 1989 c.190 §7; 1997 c.70 §1; 1997 c.631 §388; 2003 c.364 §50]