Oregon § 716.562 Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement

Oregon Statutes

§ 716.562 — Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement

Oregon § 716.562

Vol.18

Title 53Financial Institutions

Ch. 716Savings Banks

This text of Oregon § 716.562 (Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 716.562 (2026).

Text

A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by a mortgage, deed of trust or similar instrument to finance the construction of buildings and improvements appurtenant thereto, if before making the investment, the savings bank requires sufficient guarantee from the contractor, builder or owner for the completion of the construction in accordance with the plans and specifications and within the estimated contract price for the construction. Moneys shall be advanced from time to time during the progress of construction upon a certificate of estimate to be furnished by the architect, contractor, builder or superintendent in charge of construction or the owner.

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A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by a mortgage, deed of trust or similar instrument to finance the construction of buildings and improvements appurtenant thereto, if before making the investment, the savings bank requires sufficient guarantee from the contractor, builder or owner for the completion of the construction in accordance with the plans and specifications and within the estimated contract price for the construction. Moneys shall be advanced from time to time during the progress of construction upon a certificate of estimate to be furnished by the architect, contractor, builder or superintendent in charge of construction or the owner.