Oregon Statutes 35.405 – Designation of person to exercise right of repurchase by multiple owners
Notwithstanding any other provision of ORS § 35.385 to 35.415, in any instance in which ORS § 35.385 applies, where the agreement by which the condemner acquired the property is executed by more than one person exclusive of the condemner, or where the judgment given in a condemnation action by which the condemner acquired the property includes more than one named defendant, all such persons executing such agreement, or all such named defendants must designate one person to act as beneficiary in the exercise of the right of repurchase, unless all such persons executing such agreement, or all such named defendants, waive such right of repurchase as provided in ORS § 35.385 to 35.415. Such designated beneficiary thereafter shall exclusively have and exclusively may exercise all rights, remedies and obligations provided in ORS § 35.385 to 35.415. [1973 c.720 § 6]
Terms Used In Oregon Statutes 35.405
- 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
- Condemner: means the state, any city, county, school district, municipal or public corporation, political subdivision or any instrumentality or any agency thereof or a private corporation that has the power to exercise the right of eminent domain. See Oregon Statutes 35.215
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Person: means person as defined by ORS § 174. See Oregon Statutes 35.215
- Property: means real or personal property or any interest therein of any kind or nature that is subject to condemnation. See Oregon Statutes 35.215