Oregon Statutes 723.502 – Purposes; terms
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A credit union may make loans to members of the credit union for such purpose and upon such security and terms as the credit committee, credit manager or loan officer approves. A person who is not a member of the credit union may be a guarantor or co-obligor on a credit union’s loan to a member of the credit union. [1975 c.652 § 52; 1981 c.412 § 8; 2007 c.343 § 7]
Terms Used In Oregon Statutes 723.502
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100