- (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.
Statutory/Other Authority
ORS 406 & 407
Statutes/Other Implemented
ORS 407.115 & 407.155
History
DVA 12-1985, f. & ef. 12-5-85
DVA 8-1985, f. 6-12-85, ef. 7-1-85
DVA 45, f. & ef. 12-1-75
DVA 39, f. 5-27-71, ef. 6-25-71
DVA 35, f. 12-19-68, ef. 1-11-69
DVA 22-1957, f. 11-15-57, ef. 11-14-57