Oregon Statutes 86.705 – Definitions for ORS 86.705 to 86.815
As used in ORS § 86.705 to 86.815:
Terms Used In Oregon Statutes 86.705
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dependent: A person dependent for support upon another.
- Grantor: The person who establishes a trust and places property into it.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(1) ‘Affordable housing covenant’ has the meaning given that term in ORS § 456.270.
(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 person’s successor in interest, and who is not the trustee unless the beneficiary is qualified to be a trustee under ORS § 86.713 (1)(b)(D).
(3) ‘Eligible covenant holder’ has the meaning given that term in ORS § 456.270.
(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 grantor’s spouse or the grantor’s 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 grantor’s spouse or the grantor’s 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 to 86.815 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 person’s successor in interest, or an employee of the beneficiary, if the employee is qualified to be a trustee under ORS § 86.713. [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]