Wallowa County Assignment of Trust Deed by Beneficiary or Successor in Interest Form (Oregon)

The following Oregon and Wallowa County supplemental forms are included as a courtesy with your order:

When using these Assignment of Trust Deed by Beneficiary or Successor in Interest forms, the subject real estate must be physically located in Wallowa County. The executed documents should then be recorded in the following office:

Local jurisdictions located in Wallowa County include:

• Enterprise
• Imnaha
• Joseph
• Lostine
• Wallowa

In this form the assignment/transfer of a Trust Deed/Deed of Trust is made by the beneficiary/lender or successor in interest.

("Trust deed" means a deed executed in conformity with ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced) 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.) (ORS 86.705(8))

("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 (Qualifications of trustee) (1)(b)(D).) (ORS 86.705(2))

ORS 86.060 Assignment of mortgage Mortgages may be assigned by an instrument in writing, executed and acknowledged with the same formality as required in deeds and mortgages of real property, and recorded in the records of mortgages of the county where the land is situated.

ORS 86.715 Trust deed deemed to be mortgage on real property A trust deed is deemed to be a mortgage on real property and is subject to all laws relating to mortgages on real property except to the extent that such laws are inconsistent with the provisions of ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced), in which event the provisions of ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced) shall control. For the purpose of applying the mortgage laws, the grantor in a trust deed is deemed the mortgagor and the beneficiary is deemed the mortgagee.

Included are "Notice of Assignment of Trust Deed" forms. The current Mortgagor/Borrower/Grantor must be notified of the assignment, generally within 30 days to avoid penalty.

ORS 86.080 Record of assignment not notice to mortgagor
The recording of the assignment of a mortgage is not of itself notice of such assignment to the mortgagor, or the heirs or personal representatives of the mortgagor, so as to invalidate a payment made by any of them to the mortgagee.

(Oregon Assignment Package includes form, guidelines, and completed example) For use in Oregon only.

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