Oregon Statutes 446.596 – Notice provided by escrow agent; contents
The escrow agent shall send the notice under ORS § 446.591 (4) by certified mail with return receipt requested and by first class mail, both with postage prepaid, to the last-known address of the holder or other person responsible for furnishing the documents and of any person having a perfected security interest. The notice must:
Terms Used In Oregon Statutes 446.596
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) Contain a description of the manufactured structure, including the year of manufacture, the make and the identification number as described by rule of the Department of Consumer and Business Services;
(2)(a) State that the debt or other obligation owed to the holder or other person has been paid and satisfied and specify the date and amount of the final payment; or
(b) State that at or prior to the time that the security interest or other interest of the holder or other person in the manufactured structure is terminated, the escrow agent will fully pay and satisfy the debt or other obligation owed to the holder or other person;
(3) State that, unless the escrow agent receives the appropriate documents within 30 days after the notice is received by the owner or other person responsible for providing or releasing the documents, an application for issuance of a replacement or original ownership document or for changes to an ownership document will be made to the Department of Consumer and Business Services as described in ORS § 446.591 (5); and
(4) State that, if the escrow agent receives from the holder or other person a written objection to provision or release of the requested documents, the escrow agent will not apply for the issuance or replacement of or changes to the ownership document unless the objection is withdrawn or the escrow agent receives the documents from the holder or other person. [2003 c.655 § 15]
See note under 446.561.
[1959 c.314 § 10; 1971 c.588 § 5a; 1971 c.650 § 23; repealed by 1973 c.833 § 48]