(1) Affordable housing covenant has the meaning given that term in ORS 456.270 (Definitions for ORS 456.270 to 456.295).
(2) Beneficiary means a person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the persons successor in interest, and who is not the trustee unless the beneficiary is qualified to be a trustee under ORS 86.713 (Qualifications of trustee) (1)(b)(D).
(3) Eligible covenant holder has the meaning given that term in ORS 456.270 (Definitions for ORS 456.270 to 456.295).
(4) Grantor means the person that conveys an interest in real property by a trust deed as security for the performance of an obligation.
(5) Law practice means a professional corporation, partnership, limited liability partnership, limited liability company or sole proprietorship that is engaged in the practice of law in this state.
(6) Residential trust deed means a trust deed on property upon which are situated four or fewer residential units, one of which the grantor, the grantors spouse or the grantors minor or dependent child occupies as a principal residence at the time the trust deed is recorded or, in the case of a purchase money loan, one of which is intended to be the principal residence of the grantor, the grantors spouse or the grantors minor or dependent child after the trust deed is recorded.
(7) Residential unit means an improvement designed for residential use.
(8) Trust deed means a deed executed in conformity with ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced) that conveys an interest in real property to a trustee in trust to secure the performance of an obligation the grantor or other person named in the deed owes to a beneficiary.
(9) Trustee means a person, other than the beneficiary, to whom a trust deed conveys an interest in real property, or the persons successor in interest, or an employee of the beneficiary, if the employee is qualified to be a trustee under ORS 86.713 (Qualifications of trustee). [1959 c.625 §1; 1961 c.616 §1; 1975 c.618 §1; 1983 c.719 §1; 1985 c.817 §1; 1989 c.190 §1; 2011 c.712 §1; 2012 c.112 §5; 2013 c.125 §1; 2013 c.465 §4; 2013 c.625 §3]