ORS 545.679

Upon execution and delivery of a contract under ORS 545.671 to 545.679, the board of directors shall cause the contract to be recorded in the records of mortgages in the counties in which the lands covered by the contract are located. After recordation of the contract, the contract shall become effective in accordance with its terms. As of the effective date agreed upon in the contract, the rights, privileges, liabilities and obligations of all parties to the contract, as described in the contract, shall govern and control all the parties in lieu of all statutory rights, privileges, liabilities and obligations previously governing and controlling the parties in the premises.