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UNITED STATES NAT. BANK OF OREGON v. CHAVEZ

574 P.2d 647 (1978)

281 Or. 329

UNITED STATES NATIONAL BANK OF OREGON, a National Banking Association, Trustee for United States of America, Secretary of Housing and Urban Development, and Patricia Harris, Secretary of the United States Department of Housing and Urban Development, Respondent, v. Colegio Cesar CHAVEZ, an Oregon Nonprofit Organization, Fka Mt. Angel College, Appellant, and State of Oregon ex rel. Ross Morgan, Administrator of Employment, Defendant.

Supreme Court of Oregon.

Decided February 14, 1978.

Attorney(s) appearing for the Case

Don S. Willner, of Willner, Bennett, Riggs & Skarstad, Portland, argued the cause and filed briefs for appellant.

William M. McAllister, Portland, argued the cause for respondent United States of America. With him on the brief were Richard C. Josephson, and Davies, Biggs, Strayer, Stoel & Boley, Portland.

Before HOLMAN, P.J., TONGUE, HOWELL, BRYSON, LENT and LINDE, JJ., and GILLETTE, Justice Pro Tem.

HOWELL, Justice.

The issues in this suit originated in 1966 when Mt. Angel College and the Benedictine Sisters of Mt. Angel became co-obligors on bonds secured by an indenture covering certain real property. The bonds were purchased by the United States of America (United States) through the Secretary of Housing and Urban Development (HUD) with the plaintiff, United States National Bank of Oregon (Bank), as trustee for the bondholders. In 1973 the name of Mt. Angel...

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