Oregon Statutes 407.145 – Purchase and control of property; disbursements to protect security
(1) The Department of Veterans’ Affairs may acquire property by purchase when the acquisition of such property is necessary to protect the interest of the state because of default in repayment of loans made in accordance with ORS § 407.125 or statutes supplementary thereof. The department shall exercise control of all the property while the title remains vested in the state.
Terms Used In Oregon Statutes 407.145
- Acquisition: means the purchase, improvement or refinancing of a home or farm or the payment of down payments or closing costs for such purposes. See Oregon Statutes 407.085
(2) The department may take any action and make disbursements as may be necessary to protect the securities for loans acquired under this chapter. Any disbursement so made shall be added to the amount due from the borrower and shall bear interest at the rate on the existing loan. Any such disbursement shall be made only upon order of the department.
(3) Funds for the protection of security may be disbursed from the Oregon War Veterans’ Fund including the Oregon War Veterans’ Bond Sinking Account as the department shall determine. [Formerly 407.090 (Original); 1987 c.131 § 1; 1987 c.652 § 4; 1997 c.214 § 1; 2005 c.625 § 21; 2019 c.223 § 20]
[Repealed by 1981 c.660 § 18]