Oregon Statutes 696.508 – Legislative finding; short title
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(1) The Legislative Assembly finds the activity of escrow agents in handling large sums of money and important rights of clients to be of public concern. In order to permit uniform and equitable regulation of all escrow agents and to improve the standards of escrow conduct, the provisions of ORS § 696.505 to 696.590 shall be construed to grant the Real Estate Commissioner authority to protect the public.
Terms Used In Oregon Statutes 696.508
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
(2) ORS § 696.505 to 696.590 may be cited as the Oregon Escrow Law. [1977 c.351 § 2]
[Repealed by 1961 c.309 § 6]
(Licensing)