ORS 86.722: Correction of error concerning status or effect of trust deed; rights of bona fide purchaser.

(1) To correct an error concerning the status or effect of a recorded trust deed, a person may present an instrument to the county clerk for recording in the deed and mortgage records of the county, and the county clerk shall record the instrument if it otherwise meets the requirements for an instrument to be recorded under ORS chapter 205 and is in substantially the following form:

CORRECTION OF ERROR(S)

IN THE DEED AND MORTGAGE

RECORDS RELATING TO

A TRUST DEED

(ORS 86.705 to 86.815)

This instrument is recorded to provide notice of an error relating to:

Original Deed of Trust

      County clerk instrument record #:

      Grantor (name):

      Trustee (name):

      Beneficiary (name):

      Assignee(s), if any (name(s)):

The error to be corrected is (check one):

      [ ]  Erroneous reconveyance

      of trust deed

      Date of recording:

      County clerk instrument record #:

      [ ]  Erroneous recording of

      Trustee’s Deed

      Date of recording:

      County clerk instrument record #:

The result of this error correction is (check one): [ ] The original trust deed is hereby reinstated; or [ ]          The Trustee’s Deed is hereby set aside as though the erroneous instrument had not been recorded.

Date _____

Name (printed) _________

Signature _________

(Beneficiary of original deed of trust)

STATE OF OREGON            )

                                                )           ss.

County of _____                     )

      The foregoing instrument was acknowledged before me this ___ day of ________, 2___, by ________.

____________

Notary Public for Oregon

My commission expires: ______

STATE OF OREGON            )

                                                )           ss.

County of _____                     )

      The foregoing instrument was acknowledged before me this ___ day of ________, 2___, by ________ and by ______ of ________, a corporation on behalf of the corporation.

Notary Public for Oregon

My commission expires: ______

      (2) Reinstatement of a trust deed based on the correction of an error under this section does not affect the rights of a bona fide purchaser for value or of a bona fide purchaser for value holding a security interest in the real property if the purchaser acquired an interest after the erroneous trust deed reconveyance or trustee’s deed was recorded and before the error was corrected.