Section 86.705 - Definitions for ORS 86.705 to 86.815 As used in ORS 86.705 to 86.815:
(1) "Affordable housing covenant" has the meaning given that term in ORS 456.270.(2) "Beneficiary" means a person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the person's successor in interest, and who is not the trustee unless the beneficiary is qualified to be a trustee under ORS 86.713 (1)(b)(D).(3) "Eligible covenant holder" has the meaning given that term in ORS 456.270.(4) "Grantor" means the person that conveys an interest in real property by a trust deed as security for the performance of an obligation.(5) "Law practice" means a professional corporation, partnership, limited liability partnership, limited liability company or sole proprietorship that is engaged in the practice of law in this state.(6) "Residential trust deed" means a trust deed on property upon which are situated four or fewer residential units, one of which the grantor, the grantor's spouse or the grantor's minor or dependent child occupies as a principal residence at the time the trust deed is recorded or, in the case of a purchase money loan, one of which is intended to be the principal residence of the grantor, the grantor's spouse or the grantor's minor or dependent child after the trust deed is recorded.(7) "Residential unit" means an improvement designed for residential use.(8) "Trust deed" means a deed executed in conformity with ORS 86.705 to 86.815 that conveys an interest in real property to a trustee in trust to secure the performance of an obligation the grantor or other person named in the deed owes to a beneficiary.(9) "Trustee" means a person, other than the beneficiary, to whom a trust deed conveys an interest in real property, or the person's successor in interest, or an employee of the beneficiary, if the employee is qualified to be a trustee under ORS 86.713.Amended by 2013 Ch. 125, § 1, eff. 1/1/2014.Amended by 2013 Ch. 465, § 4, eff. 1/1/2014.Amended by 2013 Ch. 625, § 3, eff. 7/19/2013.Amended by 2012 Ch. 112, § 5, eff. 4/11/2012, op. 7/11/2012.1959 c.625 §1; 1961 c.616 §1; 1975 c.618 §1; 1983 c.719 §1; 1985 c.817 §1; 1989 c.190 §1; 2011 c. 712, § 1