Oregon Statutes 407.085 – Definitions
As used in this chapter:
Terms Used In Oregon Statutes 407.085
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Home: includes real property connected to a residential structure, including any long-term leasehold and any outbuildings. See Oregon Statutes 407.085
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Manufactured home: means a structure that is:
(a) At least 20 feet in width;
(b) Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities;
(c) Intended for human occupancy;
(d) Being used for residential purposes;
(e) Classified and taxed as real property in the county where the structure is located; and
(f) Constructed in accordance with federal manufactured housing construction and safety standards adopted under ORS § 446. See Oregon Statutes 407.085
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
(1) ‘Acquisition’ means the purchase, improvement or refinancing of a home or farm or the payment of down payments or closing costs for such purposes.
(2) ‘Bonds’ includes, but is not limited to, serial bonds, term bonds, notes, obligations, lines of credit, revolving credit agreements, loans, financing agreements or other evidence of indebtedness determined by the Department of Veterans’ Affairs, with the approval of the State Treasurer, to be necessary or desirable to provide funds for the purposes expressed in Article XI-A of the Oregon Constitution.
(3) ‘Fixed interest rate‘ means an interest rate on a home or farm loan that remains the same for the term of the loan.
(4)(a) ‘Home’ means a residential structure, including a manufactured home or a condominium unit, which is established, maintained and used primarily as a principal residence by a veteran.
(b) ‘Home’ includes real property connected to a residential structure, including any long-term leasehold and any outbuildings.
(5) ‘Manufactured home’ means a structure that is:
(a) At least 20 feet in width;
(b) Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities;
(c) Intended for human occupancy;
(d) Being used for residential purposes;
(e) Classified and taxed as real property in the county where the structure is located; and
(f) Constructed in accordance with federal manufactured housing construction and safety standards adopted under ORS § 446.155 or the National Manufactured Housing Construction and Safety Standards Act of 1974 (P.L. 93-383).
(6) ‘Trust deed‘ has the meaning given that term in ORS § 86.705.
(7) ‘Variable interest rate’ means an interest rate on a home or farm loan that may change periodically during the term of the loan. [Formerly 407.010; 2001 c.98 § 5; 2005 c.625 § 15; 2019 c.223 § 2; 2021 c.13 § 1]