Or. Admin. Code § 274-020-0350

Current through Register Vol. 63, No. 11, November 1, 2024

Section 274-020-0350 - Evidence of Title

(1) The veteran shall furnish at his expense a mortgagee's title policy for the amount of the loan, a title company lien search, or a certificate of title.

(2) The title policy, or other reports, shall show that the state has a first lien except in the case of:

(a) Property taxes not payable;

(b) A lien of a bonded irrigation or drainage district, in which case all due assessments must be paid;

(c) A public improvement lien, bonded or being collected by the County Tax Collector in which case all due assessments must be paid;

(d) A lien for Reclamation Service of the United States Government, in which case all due assessments must be paid;

(e) A Mortgagee's Title Insurance policy insuring the state against loss from any prior encumbrance, but the encumbrance must be acceptable to the veteran mortgagor.

(3) All water stock shall be endorsed to, and deposited with, the Director to be held by the state until its interest terminates.

Or. Admin. Code § 274-020-0350

DVA 22, f. 11-15-57, ef. 11-14-57; DVA 45, f. & ef. 12-1-75

Stat. Auth.: ORS 406

Stats. Implemented: ORS 406.030, ORS 407.115 & ORS 407.225