(1) Title to the real estate has, in good faith, passed to another and the original maker of the note is no longer either directly or through some other person the owner of the real estate;
(2) The new owner has assumed the obligation and the Oregon commercial bank looks to the owner of the real estate rather than the maker of the obligation for payment;
(3) The obligation is not in default at the time the obligation becomes no longer subject to ORS 708A.295; and
(4) The obligation does not exceed 80 percent of the fair market value of the real estate at the time the obligation becomes no longer subject to ORS 708A.295. [1997 c.631 §159]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 708A - Regulation of Institutions Generally
Section 708A.005 - Powers of institutions; insurance transactions; rules.
Section 708A.010 - Investments and activities of Oregon commercial banks.
Section 708A.115 - Investment in government obligations.
Section 708A.120 - Investment in stock of other entity; rules.
Section 708A.155 - Investment in foreign banks.
Section 708A.175 - Right to purchase, hold and dispose of real and personal property.
Section 708A.195 - Disposition of real and personal property.
Section 708A.210 - Challenge to validity of institution action; prohibition; exceptions.
Section 708A.255 - Interest rates on loans or uses of money; late charges.
Section 708A.270 - Real estate loans.
Section 708A.275 - Establishment of loan production office; notice; fee.
Section 708A.300 - Obligations secured by readily marketable collateral.
Section 708A.310 - Obligations of indorser of discounted commercial paper.
Section 708A.325 - Installment consumer paper.
Section 708A.335 - Obligations secured by documents covering readily marketable staples.
Section 708A.350 - Obligations secured by government bonds.
Section 708A.360 - Obligations secured by deposits.
Section 708A.370 - Obligations secured by first lien on real estate.
Section 708A.415 - Securing deposits by surety bond, letter of credit or insurance.
Section 708A.430 - Disposition of deposit on death of depositor.
Section 708A.450 - Certified checks.
Section 708A.455 - Definitions for ORS 708A.455 to 708A.515.
Section 708A.465 - Ownership of multiple-party accounts.
Section 708A.488 - Withdrawal or payment conditioned on advance notice.
Section 708A.535 - Granting security interests in institution assets.
Section 708A.560 - Real and personal property used in institution’s business.
Section 708A.580 - Capital-strengthening corporations.
Section 708A.590 - Charging off real estate assets; use of generally accepted accounting principles.
Section 708A.600 - Charging off losses.
Section 708A.640 - Receiving illegal compensation; misapplication of property and credit.
Section 708A.650 - Banking days; holidays.
Section 708A.660 - Savings promotion raffles; rules.
Section 708A.670 - Definitions for ORS 708A.670 and 708A.675.