74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 1919
 
                           A-Engrossed
 
                         Senate Bill 613
                   Ordered by the House May 17
             Including House Amendments dated May 17
 
Sponsored by Senator JOHNSON (at the request of Oregon Public
  Property Managers Association)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure.
 
  Requires that written instrument assigning mortgage  { + or
trust deed and presented to county clerk for recording + } show
name and address of assignee.
 
                        A BILL FOR AN ACT
Relating to assignment of mortgages; creating new provisions; and
  amending ORS 205.234.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 205.234 is amended to read:
  205.234. (1) When any instrument is presented to a county clerk
for recording, the first page of the instrument shall contain at
least:
  (a) The names of the transactions as required in ORS 205.236;
  (b) The names of the persons described in ORS 205.125 (1)(a)
and (b) and 205.160;
  (c) The person and address (for mailing purposes only) to whom
the instrument will be delivered as provided in ORS 205.180;
  (d) For instruments conveying or contracting to convey fee
title to any real estate and all memoranda of such instruments,
the true and actual consideration paid for such transfer as
required by ORS 93.030;
  (e) For instruments conveying or contracting to convey fee
title to any real estate, the tax statement information required
by ORS 93.260;   { - and - }
  (f) For instruments recorded in the County Clerk Lien Record,
the information described in ORS 205.125 (1)(c) and (e)
 { - . - }  { + ; and
  (g) For instruments assigning a mortgage or trust deed, the
name and address of the assignee mortgagee or assignee trust deed
beneficiary. + }
  (2) Notwithstanding ORS 205.327, if an instrument presented for
recording does not contain the information required by subsection
(1)  { - (a) to (f) - }  of this section, a cover sheet may be
prepared that contains the required information. The cover sheet
shall be prepared by the person presenting the instrument for
recording. The cover sheet may be attached to the instrument and
shall be recorded as a part of the instrument. Any errors in the
cover sheet shall not affect the transactions contained in the
instrument itself. The cover sheet need not be separately signed
or acknowledged.
  SECTION 2.  { + The amendments to ORS 205.234 by section 1 of
this 2007 Act apply to instruments assigning a mortgage or trust
deed that are presented to a county clerk on or after the
effective date of this 2007 Act for recording. + }
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