Or. Admin. Code § 274-020-0395 - Partial Release of Security

(1) A partial release of security may be granted when the borrower or the contract purchaser of a State-owned property submits a complete application for one and the Director determines that granting the requested release would not jeopardize the Department of Veterans' Affairs' security position.

(2) The remaining property must qualify as security for the loan or contract balance under the provisions of ORS 407.225(3) and OAR 274-020-0325 to 274-020-0340.

(3) Notwithstanding compliance with section (2) of this rule, the Director may require that the loan or contract balance be reduced as consideration for granting the requested release.

Notes

Or. Admin. Code § 274-020-0395

DVA 22, f. 11-15-57, ef. 11-14-57; DVA 35, f. 12-19-68, ef. 1-11-69; DVA 39, f. 5-27-71, ef. 6-25-71; DVA 45, f. & ef. 12-1-75; DVA 8-1985, f. 6-12-85, ef. 7-1-85; DVA 12-1985, f. & ef. 12-5-85

Stat. Auth.: ORS 406 & ORS 407

Stats. Implemented: ORS 407.115 & ORS 407.155