ORS 733.560¹
"Unencumbered" defined

As used in ORS 733.510 (Investments of insurers) to 733.780 (Prohibited investments), "unencumbered" means the nonexistence of any lien, burden or charge having priority over the lien securing the insurer’s investment. The following shall not be considered encumbrances on real property or leasehold interests therein:

(1) Reservations of mineral, oil or timber rights, easements, rights of way, sewer rights or rights of walls.

(2) Liens for taxes or assessments not delinquent.

(3) Building restrictions or other restrictive covenants common to the community.

(4) Where the loan is secured by a lien upon real property, a lease under which rents or profits are reserved to the owner, if in any event the security for the loan would be a first lien upon the real property except for such lease.

(5) Where the loan is secured by a lien on a leasehold, a prior lien on the real property, provided the security for the loan is a first lien upon the leasehold and there exists no provision preventing the insurer from continuing the lease in force for the duration of the lease or no condition or rights of reentry or forfeiture under which such lien can be cut off, subordinated or otherwise disturbed so long as the lessee’s obligations under the lease are discharged. [1967 c.359 §234]

1 Legislative Counsel Committee, CHAPTER 733—Accounting and Investments, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors733.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information