Update: See “Oregon Supreme Court will tackle MERS foreclosure issues,” by Brent Hunsberger, The Oregonian, July 19, July 20 (print edition), 2012.
For the decision AND an overview of Oregon’s nonjudicial foreclosure laws:
Rebecca Niday v. GMAC Mortgage, LLC (A147430) (from Clackamas County Circuit Court)
“In Oregon, a trustee may foreclose a trust deed by advertisement and sale–also known as nonjudicial foreclosure–only if the beneficiary of the trust deed has publicly recorded “any assignments of the trust deed” in the county mortgage records. Today the Court of Appeals held that using Mortgage Electronic Registry Systems, Inc. (MERS) as the nominal “beneficiary” and its private database for tracking beneficial interests in trust deeds does not satisfy the public recording requirement of Oregon’s nonjudicial foreclosure law….” [Link to full case.]
Link to the full case: Rebecca Niday v. GMAC Mortgage, LLC