Oregon Statutes 446.591 – Exception to requirement for submitting information; application by escrow agent
An ownership application, information described in ORS § 446.736 or an ownership document or other document evidencing ownership and any release thereon under ORS § 446.571, 446.616 or 446.641 does not need to be submitted to the Department of Consumer and Business Services as a condition for the department recording an ownership interest in a manufactured structure if all of the following conditions are met:
Terms Used In Oregon Statutes 446.591
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) The transaction involves the sale of a manufactured structure or the creation or transfer of a security interest in a manufactured structure and is processed by an escrow agent licensed in this state.
(2) Debt secured by a security interest in the manufactured structure has been or will be paid in full by the escrow agent as part of the agent’s processing of the transaction.
(3) The escrow agent sends the written notice, in the form described in ORS § 446.596, at least 30 days prior to the application for issuance of a replacement or original ownership document or for changes to an ownership document.
(4) The escrow agent mails a notice described in ORS § 446.596 to the holder or other person that is responsible for furnishing the application information, ownership document, other document evidencing ownership, or release of interest, and mails a copy of the notice to any person who has perfected a security interest under ORS Chapter 79 in the inventory of a dealer selling the structure.
(5) The escrow agent provides the Department of Consumer and Business Services with an application as provided by department rule for an ownership document. The application must be signed by the transferee, if any, and contain any information required by the department, including but not limited to the following information:
(a) A description of the manufactured structure, including the identification number as described by department rule.
(b) The name of the transferee, if any.
(c) A recital that the escrow agent did not receive the requested documents and did not receive a written objection from the holder or other person. [2003 c.655 § 14]
See note under 446.561.