Oregon Statutes 86.722 – Correction of error concerning status or effect of trust deed; rights of bona fide purchaser
(1) To correct an error concerning the status or effect of a recorded trust deed, a person may present an instrument to the county clerk for recording in the deed and mortgage records of the county, and the county clerk shall record the instrument if it otherwise meets the requirements for an instrument to be recorded under ORS Chapter 205 and is in substantially the following form:
Terms Used In Oregon Statutes 86.722
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Grantor: The person who establishes a trust and places property into it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
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CORRECTION OF ERROR(S)
IN THE DEED AND MORTGAGE
RECORDS RELATING TO
A TRUST DEED
(ORS § 86.705 to 86.815)
This instrument is recorded to provide notice of an error relating to:
Original Deed of Trust
‘ County clerk instrument record #:
Grantor (name):
Trustee (name):
Beneficiary (name):
Assignee(s), if any (name(s)):
The error to be corrected is (check one):
The result of this error correction is (check one): [ ]’ The original trust deed is hereby reinstated; or [ ]’ The Trustee’s Deed is hereby set aside as though the erroneous instrument had not been recorded.
The foregoing instrument was acknowledged before me this ___ day of ________, 2___, by ________.
The foregoing instrument was acknowledged before me this ___ day of ________, 2___, by ________ and by ______ of ________, a corporation on behalf of the corporation.
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(2) Reinstatement of a trust deed based on the correction of an error under this section does not affect the rights of a bona fide purchaser for value or of a bona fide purchaser for value holding a security interest in the real property if the purchaser acquired an interest after the erroneous trust deed reconveyance or trustee’s deed was recorded and before the error was corrected. [2009 c.628 § 3]
[1959 c.625 § 20; renumbered 86.815 in 2013]
(Foreclosures)