ORS 446.591 Exception to Requirement For Submitting Information; Application By Escrow Agent

• Library: Oregon Statutes
• Edition: 2023
• Currency: Current through legislation effective January 1, 2024
• Year: 2023
• Citation: ORS 446.591

An ownership application, information described in ORS 446.736 or an ownership document or other document evidencing ownership and any release thereon under ORS 446.571, 446.616 or 446.641 does not need to be submitted to the Department of Consumer and Business Services as a condition for the department recording an ownership interest in a manufactured structure if all of the following conditions are met:

(1) The transaction involves the sale of a manufactured structure or the creation or transfer of a security interest in a manufactured structure and is processed by an escrow agent licensed in this state.

(2) Debt secured by a security interest in the manufactured structure has been or will be paid in full by the escrow agent as part of the agent's processing of the transaction.

(3) The escrow agent sends the written notice, in the form described in ORS 446.596, at least 30 days prior to the application for issuance of a replacement or original ownership document or for changes to an ownership document.

(4) The escrow agent mails a notice described in ORS 446.596 to the holder or other person that is responsible for furnishing the application information, ownership document, other document evidencing ownership, or release of interest, and mails a copy of the notice to any person who has perfected a security interest under ORS chapter 79 in the inventory of a dealer selling the structure.